Allen Iverson lost his $4.5 million home in Atlanta to foreclosure after the former NBA star’s last ditch attempt to save his mansion fell short.
The former NBA All-Star had defaulted on a $1.2 million mortgage and was seeking an auction to prevent the foreclosure . Allen Iverson had another chance to forestall the foreclosure by getting back into basketball, but refused an offer from the NBA D-League Texas Legends, the Philadelphia Inquirer reported.
Though other athletes have had money problems post-retirement (or, in the case of Michael Vick, due to legal circumstances), Allen Iverson is far from broke. He had a trust fund worth $32 million that he can’t touch until he turns 55, and draws a $1 million annual stipend.
But he has also run into some big costs, like a $3 million settlement he paid to ex-wife Tawanna in a divorce settlement. The divorce also cost Allen Iverson some of his reputation after a judge said he “does not know how to manage the children; has little interest in learning to manage the children and has actually, at times, been a hindrance to their spiritual and emotional growth and development.”
Allen Iverson actually claimed that the foreclosure was in part Tawanna’s fault. He said she purposefully agreed to a loan she knew he 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.”
This is not the first foreclosure for Allen Iverson. In 2011 his Colorado home also went into foreclosure after he stopped paying the mortgage.
