Allen Iverson Fights Foreclosure, Stalls Auction For Mansion
Allen Iverson’s $4.5 million Atlanta mansion was put into foreclosure last week and was scheduled to go on the auction block on December 4. The former NBA player has been able to stall the auction, however, by filing a lawsuit against his lender.
According to Vibe Magazine, Iverson filed a lawsuit saying that he never agreed to the terms of the loan. Iverson, who is currently in the middle of a nasty divorce with his wife Tawanna, claims that his wife purposefully agreed to financial terms that she knew Iverson couldn’t meet.
TMZ writes: “Iverson claims his estranged wife — with whom he’s going through a nasty divorce — signed for the mortgage in order to screw him … by agreeing to financial terms he couldn’t meet. The lawsuit has since put a hold on the foreclosure proceedings … buying Iverson some extra time.”
Iverson may have a little extra time to deal with his foreclosure but his money problems aren’t going to go away anytime soon.
The 11-time All Star’s divorce proceedings have shed some light on Iverson’s dismal situation. According to Sports Illustrated, Iverson is bringing in about $60,000 a month at the moment but he is also spending more than $350,000. Most of that money is being used for mortgage payments and to pay back creditors but Iverson also spends a lot on clothes, restaurants and entertainment.
SI writes:
“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.”
Iverson earned more than $154 million during his career in the NBA but his salary has dropped significantly in recent years as he’s moved on to play in professional leagues in Turkey and China.
Are you surprised that Allen Iverson is facing foreclosure?
Tags : Allen IVerson, Allen Iverson Broke, allen iverson divorce, Allen Iverson foreclosure, Allen Iverson mansion
Posted: December 9, 2012
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Dec 9, 2012
Typical….athletes turned loose on society w/o ever having had financial studies….give 'em cash, n' turn 'em loose…..
Dec 9, 2012
we used to watch Mr iverson sit at the detriot casino's for hours at the 3 card table playing max bet on every hand.
Dec 9, 2012
Lenny Dykstra thinks AI is irresponsible.
Dec 9, 2012
and this is the same clown who said he needed a raise of $100,000,000 so that he could feed his family.
Dec 9, 2012
we talking bout payments, payments. we talking bout payments, payments. Not a game, not a game. We talking bout payments.
Dec 9, 2012
Another tragic example of someone who is living far beyond his personal means, and sadly-his attitude does not seem to reflect a sincere desire to change his spending habits. If Iverson is currently earning $60,000 a month and is spending over five times the amount of income he earns in net pay on a monthly basis, he clearly is making foolish purchases on credit in the form of impulse buying. Obviously, this case is a clear indicator of a lack of self-control. Allen, I suggest you strongly consider studying economics or consumer mathematics in your spare time.
Dec 9, 2012
Hope that PUNK loose's everything.
Dec 9, 2012
wow just crazy.
Dec 9, 2012
Blacks as a percentage to whites do not no how to handle money. Look at our country with Obama, 1.5 triilion a year and counting every year this president spends.
Dec 9, 2012
He was always a train wreck.He hasn't got a clue and it's hard to feel any sympathy for him…
Dec 9, 2012
He was always a train wreck.He hasn't got a clue and it's hard to feel any sympathy for him…
Dec 9, 2012
maybe he can pawn some of those ugly tattoo's to pay his house note.
Dec 9, 2012
this is the NBA way , you go al! you are a class act , ask your coaches!
Dec 9, 2012
That was Latrell Sprewell and he is the same boat as Iverson
Dec 9, 2012
Sounds like his spending habits are just like Democrats spend as much as you can not matter how little you have.
Dec 9, 2012
Yea when a republican has his lips on your throbbing love missile
Dec 9, 2012
Sadly, looks like AI is headed back to the sam ghetto he came from.
Dec 9, 2012
that's fuck'd up ycant mf's manage yo money your rich! I come from nothing so all dat glam and glissin don't really mean shit 2 me.
Dec 9, 2012
just another spoiled nba player crying foul.
Dec 9, 2012
he should get a job with the govt., he likes to spend with too little income.typical black thug with his posse.they all go broke and the posse rides on to the next sucka.
Dec 9, 2012
perfect!
Dec 9, 2012
$60,000 a month? I don't make $60,000 a year…so tired of hearing of these athlete's "money problems" You've made more than $154 MILLION dollars in your career…why in the hell are you paying a mortgage!
Dec 9, 2012
I love how all these racist people with no skeltons in their closet love to kick peoploe when their down. AI is not perfect, but when you make as much money as he has you are going to have a lot of people that are going to screw you over for money ( his wife ). Unless you have walked in someone's shoes don't judge.
Dec 9, 2012
Didn't he realize he would eventually not be playing in the NBA? Doesn't he have a financial adviser? Shouldn't his NBA teams and the NBA counseled him about money?
Dec 9, 2012
THAT WHAT EVERYONE IS DOING MIKE SPENDING MORE THEN THEY GOT THAT WHAT THOSE PLASTIC CARDS ARE FOR.THANK GOD FOR PLASTIC..
Dec 9, 2012
always going to be a gangsta…what a loser.
Dec 9, 2012
Or, he could be a republican lemming loser that gave his heart, soul, and all his $$$ to Carl Rove to help show what a bunch of moronic twits right wingers are.
Dec 9, 2012
Idiot, another back streeter!
Dec 9, 2012
Jeff really?? you make some crazy comments here lately
Dec 9, 2012
frank yr a dumb *%#.
Dec 9, 2012
Maybe he can keep his "Tats"…
Dec 9, 2012
What a waste!
Dec 9, 2012
Ninja Please
Dec 9, 2012
A fool and their money shall soon part.
Dec 9, 2012
oh man, where can I get a co-signer? oh well without a co-signer he's just another thugball player…
Dec 9, 2012
6ok a month,,, that's more than I make in a year!—-so how's that hope and change workin out for ya ivy! hahahaha
Dec 9, 2012
I bet when he is an old man he will be living in the slums off of taxpayers money.
Dec 9, 2012
jusy wait till your boys tax increase kicks in then you really gonna scream!!!!!
Dec 9, 2012
Who needs a $4.5 million dollar house. That doesn't give anyone true happiness.
Dec 9, 2012
Obama will help him out. Haha
Dec 9, 2012
No sympathy here…..let him fall off his CLIFF……
Dec 9, 2012
Why would anyone need to live in a $4.5 million dollar house? That doesn't bring anyone true happiness.
Dec 9, 2012
f==k him!!!
good. he's a jerkoff!!!
Dec 9, 2012
I'm guessing he never made a plan B.
Dec 9, 2012
What a shame….I hate the NBA and the Over paid idiots who play in it….your so pathetic Iverson, I mean I could see NFL Players making this mistake here and there, it makes sense honestly, ESPN did a whole episode on how Life in the NFL is not all that glamorous unless your a STAR. Football Player's get paid the Least! 85% make less than a million a year after taxes. Also the average Career of an NFL player is less than 5 years, plus all will have some sort of serious injury in time while during there career or afterward guaranteed….
Dec 9, 2012
Iverson and obama must have gone to the same school of economics! Neither one has any idea of what a budget is.
Dec 9, 2012
Get over it Mike it's not even close to the same it's bullshit to bring politics into this.
Dec 9, 2012
don'tyou worry your pretty little head Obama won't do shit for him. He can fuck it up on his own.
Dec 10, 2012
Sounds like he is a perfect candidate to work in the Presidents cabinet.
Dec 10, 2012
I don't get it! Common Sense spending……SmH!
Dec 10, 2012
this monkey need a cage.
Dec 10, 2012
Typical n! gga…. always planning for the future.
Dec 10, 2012
Now you KNOW that's just plain stupid! He gets NO sympathy from me. $5K/month on restaurants and $10K/month on groceries?!?!?!? $180,000/year on food alone?!?! NO WAY…
Dec 10, 2012
that was latrell sprewell
Dec 10, 2012
I don't feel sorry for them, if i got a million dollars i'd buy a McDonald instead of a house or cars because it brings in 300,000 a year even in this bad economy and i never have to work again.
Dec 10, 2012
I wished he would have taken a closer look @ his money and spending
Dec 10, 2012
What people don't understand is his broke isn't the same as our broke. lol
Dec 10, 2012
people must know there limits. how can you spend more than you take in. are you stupid.
Dec 10, 2012
Well….I guess when he has to pay more taxes for being the evil rich….things will just get worse.
Dec 10, 2012
Allen needs to understand that he is the lender and the bank is the borrower! When he signed the contract the note became the money! The note was deposited into the bank just like money and the banks assets and liabilities both increased! Allen make the bank prove they loaned you their money and did not use your promissory note as the money! This is fraud at the highest level it allows the banks to steal the wealth of the American people for FREE!
Dec 10, 2012
You can take the overnight Hollywood stars, rap music, athlete's, lottery winners etc. that are broke in just a few short years and put them all in the same box. When you open it up, they are all uneducated and didn't know how to appreaciate what they had been given them.
Dec 10, 2012
I remember doing security for a Dallas game and how Deon and Michael Irwin look at me like I was a piece of crap. Fool cause someone pay you alot money to catch a football or shoot a ball through a hoop don't make you better than me or anyone else. See you when you reach you finish the circle of being broke just where you came from idiot. Idiots when you make 154 million in a lifetime and you don't own several houses or small businesses, you deserved to be BROKE. I feel sorry for your KIDS that have an LOSER for a father….all you dumb GHETTO IGNORANT GHETTO TRASH. No sympathy here….only DISGUST…
Dec 10, 2012
My friend owns 4 McDonalds, but she works her but off every day. You have no idea how McDs works.
Dec 10, 2012
ALL OF YOU PEOPLE THAT MAKE NEGATIVE COMMENTS ARE EVIL. THAT'S ALL YOU PEOPLE DO IS JUDGE ONE ANOTHER. WE ALL MAKE MISTAKES! DONALD TRUMP FILED FOR BANKRUPTCY NUMEROUS TIMES AND HE IS WAY WEALTHIER THEN ALLEN IVERSON! WHEN MR TRUMP'S MONEY WENT LOW NOBODY EVER MADE THESE NASTY COMMENTS. WE ALL FALL DOWN AND THEN WE GET UP, THAT'S APART OF LIFE, YOU CALL IT LIVE AND LEARN…THE PEOPLE LIKE YOU GUYS WITH ALL THE NEGATIVITY IS WHAT POLLUTES THE WORLD, YOUR JUST DIRT PILING UP.
Dec 10, 2012
JEFF ELLIS YOUR SHOWING YOUR TRUE RACIAL CHARACTER ONLINE. I WONDER HOW YOU WILL FEEL WHEN SOMEBODY SENDS THIS POST TO YOUR JOB! DOES YOUR EMPLOYER KNOW HE HAS A RACIST ON STAFF. SPEAKING ABOUT A BLACK PERSON OUT OF TERMS IS REALLY EDUCATED AND ETHICAL MR. ELLIS. BE A MAN AND SAY THAT COMMENT TO A BLACK PERSONS FACE AND NOT ONLINE. ALLEN IVERSON IS NOT A THUG AND NOR DOES HE HAVE A POSSE. WHEN YOUR BLACK AND YOU MAKE MORE THEN THE OPPOSITE RACE THEY HATE IT…WHY IS THAT? WHY IS HE LABELED A THUG? SO YOUR SAYING THE NBA HIRES THUGS? HOW DOES FINANCIAL ISSUES EQUAL TO A THUG. IGNORANCE CAN NEVER BE COVERED UP IT ALWAYS LEAKS OUT SOMEHOW….
Dec 10, 2012
Too bad he is one the people that supported Robmey
Dec 10, 2012
You think MadOff handled his investments? Perhaps maybe AGI?
Dec 10, 2012
$5000.00/month on restaurants…What is he eating?
Dec 10, 2012
I believe Mr Ivension forget to list how much he spends on drugs every month. Correct me If I'm wrong, but I believe he had a drug proble while he was in college and while playing in the Pros. I do feel sorry for him because he was a great talent and he let it go to H___.
Dec 10, 2012
he will become one of mitt rum-nee's 47% ers
Dec 10, 2012
No he is black.
Dec 10, 2012
Shut up stupid ass ass sniffer.
Dec 10, 2012
Typical nigger.
Dec 10, 2012
Of course you play the racist card, you moron. He created the situation he's stuck in and if his wife is screwing him as you claim, they're even. He was screwing her before, right?
Dec 10, 2012
idiot
Dec 10, 2012
Rick facts are facts you Obama dick sucker1
Dec 10, 2012
Sounds like Obamas spending habits..Fallin is like flying for a little while…….
Dec 10, 2012
Just another negro with no financial knowledged..This a typical scenario of every dumb sport player around the sports… $154 million and he's having money problem? Good for him…He'll be a felon in the near future..Another talented has been individual wasted..
Dec 10, 2012
These nba finacial wizards are amazing, who wastes their time going to these games anymore.
Dec 10, 2012
Rob Farr another tea petier asshole
Dec 10, 2012
If he would have saved the money he paid to have custom corn rows on his head, and tatoos all over his body, he probably would have had the mansion paid off by now…………
Dec 10, 2012
man yall sound like haters??? i dont blame no man whether postal worker construction worker
mcdonals employee home depot cashier, or whatever job a person may have asking for a raise especially if pre promised one… and it seem like jobs dont want to give us raises
Dec 10, 2012
I thought he was always a pretty good player actually
Dec 10, 2012
you must be part of his wife family lol
Dec 10, 2012
wheres the last mansion you owned
Dec 10, 2012
right on top of you
Dec 10, 2012
he never left the slums get yo facts straight. he stayed in the hood and was always giving back! answer this, how many olympic medals you got?
Dec 10, 2012
he done blew mo money than all of yall worth combined! dropoped 30 or better on every nba team , came from the slums , did his way, put it like this , if he ever have to work he'll only need his name . how many references you had to use to get your job ??? lmbo
Dec 10, 2012
see you under estimate street money …dem boys been doing things in these streets you know nothing about… thats why the nba hated him but you sound silly because the typical black thug dont make it to the nba and damn sure not college but not because he cant . i could tell you more but naw
Dec 10, 2012
how many olympic medals you got?
Dec 10, 2012
He pisses away more money in a month that hard working people make in a year. 154 million made in a career yet a 4.5 million dollar house is getting foreclosed on? When you larger than life you never stop and think about what happens when the money stops coming in. 15K total in food a month? Does he have 20 kids? 15k for food when your still skinny is insane. WTF did he do, buy twinkies on ebay?
Dec 10, 2012
Why is this tragic? The man is an idiot.
Dec 10, 2012
He was a great player but obviously his skill on the court has not enabled him to know how to manage money. If he were a great humanitarian we could feel sorry for him but he's not. Looking at his monthly expenses its pretty plain.
Dec 10, 2012
spend 15k on food in a month and still skinny? I get the paying the people around you, (friends, bodyguards, Family) agent fees, lawyer fess ect It doesn't seem he ever stopped to think of the day he would no longer be larger than life…He might have tax problems as well. Pro sport players have vultures lurking around them at all times. When the money is gone so to will be the friends. What is it 60% of all professional athletes are bankrupt 4 years after they are done playing. Wish some of these guys would stick around college a little longer. Late teens and early 20's +a lot of money makes them easy targets for predators.
Dec 10, 2012
I guess his 350K in monthly expenses was spent on his house in the slums and the shops and restaurants there too.
Dec 10, 2012
nice race card…..
Dec 10, 2012
"the nba hated him" lol by far the most ignorant statement ive read on here
Dec 10, 2012
I respected Iverson when it was said that he helped raise younger siblings. To criticize his spending, however, is not racist. He's still spending like he has his money. Also, Mike McBride, stop the political put downs. You lost. Get over it. My republican friends, some of them, do the same thing.
Dec 10, 2012
Working with athletes, http://www.dksportsfinancial.com…I have a letter dated in 1995 from an attorney in Washington stating Allen doesn't need any help.
Dec 10, 2012
as red forman would say "what a dumb ass".
Dec 10, 2012
stupid is as stupid does.
Dec 10, 2012
Iversons' spending makes it very hard to feel sorry for him. This guy needs a crash course in personal finances. FYI, I've always thought the guy was the altimate "me first" jerk. So this couldn't have happened to a nicer.
.
guy
Dec 10, 2012
Forgot to mention his gambling.He and his 'posse' used to come into the casino I worked at. They all acted like thugs and treated the help like shit. What goes around…
Dec 10, 2012
Aside from the fact that any mortgage agreement must be signed by both parties, if married, I'm not sure I'd believe anything that came from Iverson's mouth. Another person for whom we mistake athletic ability for true character. Add 'em up folks; T.O., Sprewell, Vince Young, Iverson, Dykstra.
Dec 11, 2012
Anoinated: What does that have to do with anything? Guess you just like saying that>>>
Dec 20, 2012
Dumb piece of shit loser. I'm glad this moron thug is in finacial trouble