Back in 2008, Gilbert Arenas inked a six-year, $111 million guaranteed contract with the Washington Wizards.
When the former NBA All-Star shooting guard's career in the nation's capital was cut short due to injury, the Wizards wound up honoring the contract over eight years — with the final payment scheduled to be issued on October 31.
With the money not rolling in like it used to, Arenas claims that he's going to have to cut back a bit ... including on the private school tuition of his kids.
TMZ Sports is reporting that once the final payment of Arenas's $111 million contract is issued next week that the retired NBA star will earn $169,895 per year in investment income.
Arenas additionally told the celebrity site that the latter amount isn't enough to maintain his baller lifestyle and so, his kids' $91,600 per year in private school tuition cannot continue.
"I anticipate that the children will need to transfer to public schools in 2017 and beyond," Arenas said in a statement to TMZ.
Arenas saw this coming, too, talking to a TMZ cameraman about the contract back in 2013.
Arenas has been in a bitter public war with his ex/baby mama Laura Govan, who he shares four children with.
We can't help but wonder if that has anything to do with this decision or if Arenas really squandered the $160 million-plus that he reportedly earned across the lifespan of his NBA career.
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(Photo: Leon Bennett/WireImage)