Just last week Allen Iverson declined an invitation to play for the Dallas Mavericks' D-Leauge affiliate, and this week he lost his mansion in Atlanta. Iverson defaulted on the $1.2 million mortgage, thus sending the mansion into foreclosure. TMZ has learned from source that Iverson's bank has apparently purchased the mansion for $4.5 million. Back in December Iverson bought some time when he filed legal papers saying he never consented to the loan. Iverson said then that his wife - with whom he's currently going through a bitter divorce with - actually agreed to the loan knowing that Iverson wouldn't be able to meet the financial requirements. Also, back in 2011 another mansion of Iverson's went into foreclosure in Cherry Hills, Colorado.
However, when you really think about the fact that Iverson is reportedly broke it's more than crazy. Throughout his 14-year career in the NBA Iverson made around $154 million, and that's not even including endorsement deals. There is some good news though, Iverson was actually a bit wise when it came to money management, or he just understood that he might not be able to manage his fortune, but Iverson has tens of millions of dollars locked away in a trust that he can't access until he is 55-years old. Iverson is currently 37-years-old and he'll turn 38 in July.
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