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?
