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.
“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?