Poker Pro Michael "The Grinder" Mizrachi Loses Home Over Unpaid TaxesMay 13, 2010 7:05 am
Professional poker player Michael “The Grinder” Mizrachi has enjoyed better times after having his Hollywood, Florida home and another in Miramar foreclosed by the government in order to pay off his $339,000 bill in back income taxes.
The Team UB.com sponsored pro has earned over $6.7 million from live tournament winnings since taking to the circuit in 2004, but his career first kicked off online where he still continues to grind his opponent’s out of their hard earned bankrolls.
However, it would appear that just being a top winning poker pro these days is not enough and having a first class accountant to manage your affairs is considered equally an integral part of the business.
Unfortunately, Mizrachi’s accountant seems to have slipped up along the way which has resulted in the 29 year old being hit with the massive $339,711 lien from the Internal Revenue Service.
Commenting on the matter, Michael Mizrachi would only say that his previous accountant was “doing a bad job” and that he had now “hired a better one” and was working on settling the liens.
Financial stability is always going to be important to a poker player, as they are then able to focus their attentions on playing the game without all the extra pressures associated with cash flow problems.
The current money management crisis will surely come as a major shock to Mizrachi’s financial well-being, especially as his Hollywood and Miramar properties have been assessed as worth under half the value of their original purchase prices.
In the meantime, fellow poker pro Marc Levy of Boynton Beach was quick to draw attention to the financial difficulties faced by many professional poker players these days, away from the glamorized media reports poker fans usually hear about the game’s celebrities. As he explains:
“If you’re in a $10,000 event every other week, that’s $240,000 just for buy-in, not to mention all your expenses. There are plenty of guys I know who do well playing poker but still go through their money.”