Posted in: Basketball

Allen Iverson Fights Foreclosure, Stalls Auction For Mansion

allen iverson

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?

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Comments

107 Responses to “Allen Iverson Fights Foreclosure, Stalls Auction For Mansion”

  1. Anonymous

    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.

  2. Anonymous

    we talking bout payments, payments. we talking bout payments, payments. Not a game, not a game. We talking bout payments.

  3. Cale Morrone

    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.

  4. Bruce Tooker

    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.

  5. Steve Apfelbaum

    He was always a train wreck.He hasn't got a clue and it's hard to feel any sympathy for him…

  6. Steve Apfelbaum

    He was always a train wreck.He hasn't got a clue and it's hard to feel any sympathy for him…

  7. Anonymous

    maybe he can pawn some of those ugly tattoo's to pay his house note.

  8. Anonymous

    Sadly, looks like AI is headed back to the sam ghetto he came from.

  9. Jeff Ellis

    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.

  10. Stephanie Bracks-Patterson

    $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!

  11. Jeff Thomas

    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.

  12. Elliot Silber

    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?

  13. Clyde Hodge

    THAT WHAT EVERYONE IS DOING MIKE SPENDING MORE THEN THEY GOT THAT WHAT THOSE PLASTIC CARDS ARE FOR.THANK GOD FOR PLASTIC..

  14. Rick Mason

    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.

  15. Jeffrey Thomas

    oh man, where can I get a co-signer? oh well without a co-signer he's just another thugball player…

  16. Donna Boucher

    Who needs a $4.5 million dollar house. That doesn't give anyone true happiness.

  17. Donna Boucher

    Why would anyone need to live in a $4.5 million dollar house? That doesn't bring anyone true happiness.

  18. Matthew Kubis

    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….

  19. Mary Sommer Irwin

    Iverson and obama must have gone to the same school of economics! Neither one has any idea of what a budget is.

  20. Michael Eatros

    Get over it Mike it's not even close to the same it's bullshit to bring politics into this.

  21. Michael Eatros

    don'tyou worry your pretty little head Obama won't do shit for him. He can fuck it up on his own.

  22. Leilani Vibrant Bush

    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…

  23. Kenny Kuang

    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.

  24. Anonymous

    Well….I guess when he has to pay more taxes for being the evil rich….things will just get worse.

  25. Anonymous

    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!

  26. Mike Davis

    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.

  27. Barry Champ

    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…

  28. Ann Kennedy

    My friend owns 4 McDonalds, but she works her but off every day. You have no idea how McDs works.

  29. Anonymous

    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.

  30. Anonymous

    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….

  31. Louis Sartorio

    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___.

  32. Anonymous

    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?

  33. Tim Johnson

    Sounds like Obamas spending habits..Fallin is like flying for a little while…….

  34. Joe Rosado

    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..

  35. Doug Fussell

    These nba finacial wizards are amazing, who wastes their time going to these games anymore.

  36. Craig Schwartz

    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…………

  37. Anointed Won

    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

  38. Anointed Won

    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?

  39. Anointed Won

    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

  40. Anointed Won

    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

  41. Josh DeSotel

    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?

  42. Arnie Teppo

    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.

  43. Josh DeSotel

    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.

  44. Arnie Teppo

    I guess his 350K in monthly expenses was spent on his house in the slums and the shops and restaurants there too.

  45. Vicki Walker

    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.

  46. Mark Wheatland

    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 :-).

  47. Glenn Viggiano

    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…

  48. David Peters

    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.