Jalen Rose bought $15K cell phone after signing rookie deal with Nuggets

Jalen Rose revealed that one of the dumbest purchases he made with his first NBA contract was a cell phone that cost him $15,000.

In an interview with CNBC's Jade Scipioni, Rose said he blew through his entire $2.2-million rookie contract with the Denver Nuggets after being selected No. 13 overall in the 1994 NBA Draft. He used some of that money on a luxury phone for "high-net-worth individuals" called Vertu.

"I paid $15,000 for a phone that I never used," Rose said. "That's a dumb purchase."

Though Rose may have regrets about that purchase, he wasn't the only rookie to spend money on frivolous items.

"Your first contract, you spend it all," he said. "Almost everyone spends it all."

Rose spent two seasons in Denver before joining the Indiana Pacers. He retired from the NBA in 2007 having earned over $100 million in salary.