Former MLB superstar Jose Canseco opens up about the series of unfortunate decisions that led to his financial downfall.
The U.S. Sun reports that the baseball legend has lost approximately $40 million through failed marriages and unsuccessful business ventures, forcing him to sell personal possessions on Facebook marketplace.
The 60-year-old two-time World Series champion's financial troubles began with his tumultuous marriage to his first wife Jessica in the mid-1990s. Their three-year union ended in 1999 amid allegations of infidelity and domestic battery charges, resulting in Canseco receiving one year of probation after pleading no contest.
Canseco revealed to The U.S. Sun that his two divorces cost him between $7 to $8 million. The former Oakland Athletics star admitted his lack of financial planning and experience managing wealth contributed significantly to his losses.
The baseball icon's financial struggles reached a critical point in 2008 when his California mansion went into foreclosure. That same year, he faced additional legal troubles with a drug charge resulting in another 12-month probation sentence.
In a candid conversation about his past mistakes, Canseco shared:
If I could go back, I'd do a few things differently. No early marriage, no blind generosity. Get a financial planner. Protect yourself. I had no idea what I was doing. I was a kid with millions and zero experience.
Despite his past setbacks, Canseco is working to rebuild his fortune through a new invention called the PX 40/40 batting aid. The device, which has been in development for two years, aims to improve batting mechanics and golf swings.
The innovative training tool focuses on proper arm extension and swing mechanics, designed to help both amateur and professional athletes. Ken Griffey Jr. has endorsed the product, adding credibility to Canseco's latest venture.
Canseco explains the technical aspects of his invention:
Your left arm is your power and guide if you're a right-hander. Most people don't use the left arm as a power and guide—they let the right arm dominate, roll over the ball, or push through it. So, basically, the way this thing functions is it forces you, every single time, through the pressure system on the outside, to extend your hand through the zone and realize that your left arm is both power and guide.
Canseco's daughter Josie has defended her father amid public scrutiny of their family's financial situation. In 2023, she addressed misconceptions about their wealth through an Instagram post, emphasizing that she had to work hard to maintain both the family name and pay her own bills.
The former MLB star's identical twin brother, Ozzie Canseco, has been helping sell various items on Facebook marketplace, including a custom-made poker table, a 2021 Triumph Rocket 3 GT motorcycle, and leather boots to fund the PX 40/40 venture.
The family continues to support each other through their financial challenges, with Josie maintaining her loyalty to her father despite their past struggles.
Jose Canseco, the first player in MLB history to achieve 40 home runs and 40 stolen bases in a single season, has experienced both the highs and lows of professional sports stardom. His $40 million fortune disappeared through a combination of failed marriages, poor financial planning, and unsuccessful business ventures. The former baseball superstar is now focusing his efforts on the PX 40/40 batting aid, hoping to revolutionize baseball training while rebuilding his financial stability. With support from his family and fellow baseball legend Ken Griffey Jr., Canseco aims to transform his latest venture into a successful comeback story.
