SAN DIEGO (CBS 8) - Questions are being raised about Junior Seau's finances, now that his Mission Valley restaurant has shut its doors. Was he sinking into a financial hole in his final days, and will his children now have to pay the price?
People who had plans to eat dinner at Seau's the Restaurant were greeted with locked doors and a news release taped to the door that said, in part:
"Without Seau's charismatic leadership, it was felt that the future profitability of the restaurant could be in question."
But the restaurant may not have been profitable for years. According to divorce documents from 2009, Seau claimed that his gross monthly income of $15,000 wasn't enough to cover his monthly expenses of more than $27,000.
News 8 financial expert Brent Wilsey says money may have been a driving factor behind the trustees suddenly closing the restaurant.
"As big as it was, you get these misconceptions, 'Oh he's making lots of money,' but expenses, overhead, labor can kill the income and the bottom line," Wilsey said.
Junior is survived by his four children. Court documents show that he was paying his ex-wife Gina $17,000 a month in child support. She reportedly takes in over $1 million a year from investments and should be able to support the children.
Wilsey says Junior's family should be fine financially, and recommends they get a good investment banker.
"Take your time, sit down, think through things, make sure you have the children provided for and that this money can grow for you in the years to come," he said.
Wilsey speculates Junior's net worth is nearly $3 million. Without him around, the trustees of Seau's the Restaurant just can't afford to keep it open.
The estate has taken measures to ensure that all employee payroll and accrued vacation commitments are honored.