Former NBA star Allen Iverson has lost his Atlanta mansion in foreclosure, according to TMZ on Feb. 6. Iverson allegedly defaulted on his $1.2 million mortgage.
Iverson went to court to try to stall the foreclosure, but he couldn’t stop it. Sources reportedly close to the sale claim that Iverson’s bank purchased the $4.5 million mansion yesterday for $2.5 million.
This has definitely not been Allen Iverson’s year. He’s been having severe money problems with more than just the mansion.
Sports Illustrated claims Iverson earns about $60,000 a month. That sounds pretty darn good to many of us except for the fact that he's currently spending about $350,000 per month. Admittedly, most of that money was being used on back mortgage payments and bills; however, he has other expenses, too.
“Allen says he blows a lot on other expenses too … like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants … and so on.”
And adding to the money woes are ex-wife and kid woes. Iverson owes ex-wife Tawanna Iverson a cool $3 million in a divorce settlement. And just last week, an Atlanta judge laid into Iverson for his bad parenting, ultimately giving both physical and legal custody of his five children to Tawanna.
Allen Iverson earned more than $154 million in his illustrious basketball career. In recent years, though, he's moved on to play in professional leagues in Turkey and China which has significantly dropped his income.
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Performing Arts Examiner
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Atlantic City Baby Boomer Examiner
Atlantic City Headlines Examiner
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