Skip to comments.Now We Know How NBA Basketball Superstar Allen Iverson Managed To Go Broke
Posted on 12/10/2012 11:33:21 AM PST by SeekAndFind
It's been less than a year since we learned former NBA star Allen Iverson was broke, despite a $150 million career.
Now we know why.
TMZ has obtained court documents from Iverson's ongoing divorce proceedings that clearly show a man drowning in debt.
Though he still earns $750,000 per year, Iverson is bleeding an estimated $360,000 each month.
About a third of his debt is owed to creditors his bank account was seized last year when he couldn't come up with $860,000 he owed to a jeweler and another chunk goes to his mortgages.
But there are a few creature comforts, 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," according to TMZ.
On top of that, his $4.5 million Atlanta mansion is in foreclosure. At least he can drive to and from court in style Iverson reportedly kept his Maybach, which he paid off before all of the money drama.
He's not the first NBA multi-millionaire star who has fallen from grace.
(Excerpt) Read more at businessinsider.com ...
The sad thing about this is that compared to the Obamadork, he’s still scrooge.
See also here:
10 Of The Ugliest Celebrity Bankruptcies In History
A fool and his money are soon parted. At least he paid off the car. Maybe he can use it as collateral for a loan for party money.
It’s the maintenance costs that kill. Too many of these superstars think all they have to do is lay out $35 million for it their mansion, then they’ll be done. They don’t think of the income needed to pay for the upkeep or taxes, after their career winds down.
don’t they teach basic math at his college?
Another sad chapter in the book titled “Suddenly Rich.” Very sad.
Couldn’t have happened to a nice guy!
I’m sure they did, but superstar athletes aren’t really required to attend classes.
“About a third of his debt is owed to creditors”
I would have thought that all his debt is owed to creditors, isn’t that the definition of creditor.
RE: dont they teach basic math at his college?
He went to Georgetown, the alma mater of Bill Clinton and the now celebrated Sandra Fluke.
I see that he’s already bought his own hearse.
One thing I learned, when you want something, you have to work for the money to pay for it but however, what is not mentioned is you continually have to keep working to keep the item whether it is taxes on the item like cars or insurance or maintenance.
He no longer got da skills to pay da bills.
I see no mention of gun or motorcycle collecting. He could have cut the time needed to go broke in half.
He could be hiding his money from his wife too.
It’s not just maintenance, he has mortgages. This guy was famous for an entourage, posse, or whatever of hangers on.
I often wonder how some of these fools ever hooked up with the money in the first place.
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