NHL Defenseman Jack Johnson Filing for Bankruptcy

Despite a $30.5 million contract, Columbus Blue Jackets player says he's $10 million in debt after putting his parents in charge of his money.
1:40 | 11/24/14

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Transcript for NHL Defenseman Jack Johnson Filing for Bankruptcy
Now to a story for all the moms and dads who spent the weekend cheering on the kids from the sidelines. A cautionary tale about a star hockey player whose parents hymned him make it big and then lose it all. Here is the story. Reporter: He's an NHL defenseman with with $30 million contract and now 27-year-old jack Johnson is filing for bankruptcy. The big story, he put his parents in charge of his money. They look out high loans with huge interest rating putting Johnson at least $20 million in debt. That's right, his own parents. According to the dispatch, they bought a home near his residence in Manhattan beach, California. Spent $800,000 on renovations. They each bought a car and traveled extensively, often to see him play. Johnson seemed to trust him. Judging from the sentiments he expressed in this liberty mutual video. My parents, they wanted me to experience everything. They never pushed one sport in particular. Reporter: The parents may themselves have received bad financial advice. ABC news reached out to them. But the attempts were unsuccessful. If he had a heart surgery, he wouldn't go to them to do heart surgery. He would go to a cardiologist. Same thing here. He should have gone to a financial expert. Reporter: Playing defense and not just on the ice. David Wright, ABC news, new York.

This transcript has been automatically generated and may not be 100% accurate.

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