Just one week after declining an invitation to join the Dallas Mavericks’ D-League affiliate as he continues his thus-far unsuccessful pursuit of a return to the NBA and days after a family court judge lambasted his parenting during divorce proceedings, former All-NBA guard Allen Iverson has now reportedly lost his Atlanta mansion to foreclosure.
The grim news comes, as it so often does, from TMZ:
Iverson allegedly defaulted on a $1.2 million mortgage which sent the $4.5 million home into foreclosure. He briefly fought off an auction … but ultimately, he couldn’t stop it.
Sources close to the sale tell TMZ … Iverson’s bank purchased the mansion [Tuesday] for $2.5 million.
This isn’t the first time a mansion owned by Iverson has gone into foreclosure. Back in March 2011, the six-bedroom, nine-bathroom, 6,848-square-foot mansion he’d purchased in Cherry Hills, Colo., while a member of the Denver Nuggets “slip[ped] into foreclosure” after Iverson quit paying a mortgage on which he still reportedly owed $2,572,914. Iverson also met with some strife when parting with the six-bedroom mansion in Villanova, Pa., he’d owned while a member of the Philadelphia 76ers; it sat on the market for three years after he listed it at $6.3 million before eventually selling for just $2.6 million in 2010.
Iverson’s personal finances have long been a matter of inquiry — since his last NBA stint with the 76ers ended in February 2010, there have been reports that, despite earning more than $154 million in salary over the course of his 14-year NBA career, plus plenty more in endorsements, the 2000-01 NBA Most Valuable Player is broke.
Those reports picked up steam last January, when a Georgia judge garnished Iverson’s wages to settle a reported six-figure jewelry bill, leading to fast-money/publicity-grab offers for the former 76ers, Nuggets, Detroit Pistons and Memphis Grizzlies guard to play basketball in Puerto Rico and indoor soccer in Rochester, N.Y. They waned shortly thereafter, thanks to the revelation that Iverson actually has tens of millions stashed away in a trust, the lion’s share of which he can’t access until age 55 (Iverson turns 38 in June), and that he receives a $1 million annual stipend with which he can do as he pleases.
This latest round of reports, however, indicates that in spite of the funds he has available and in reserve, Iverson wasn’t able to stay above water with the bank. His continued real-estate-centric turmoil, however, pales in comparison to the strife detailed in the final decree of a messy, long-term divorce between Iverson and his ex-wife Tawanna, which resulted in Iverson reportedly agreeing to a$3 million settlement late last month. The details on the decree:
TMZ.com reported that the [Atlanta family court] judge, who was not named by the website, blasted Iverson, who was married to Tawanna for 11 years. The couple have five children together.
The website, citing the couple’s final divorce [decree], reported that the judge wrote, “[Iverson] 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.
“For example, he has refused to attend to an obvious and serious alcohol problem, which has caused him to do inappropriate things in the presence of the children while impaired.
“He has left the children alone without supervision. He has left his young daughters in a hotel room with men who are unknown to the mother.”
According to TMZ, the judge ordered Allen Iverson to see a psychiatrist, and to attend Alcoholics Anonymous meetings for a year.
The website also reported that the judge awarded Tawanna custody of the children and that Allen can visit them under certain conditions.
Among them, according to the report, is that he can’t drink alcohol within 24 hours of visiting.
All of this, obviously, is awful. As much as I once wanted to see Iverson return to the league on the off chance that he could, just for a moment, showcase the same singular spark of brilliance that made him so endlessly watchable and inspiring on the court during his time at Georgetown, in Philly and (to a lesser extent) in Denver, I’ve come to accept that his on-court life, at this stage, is likely over; now I only hope he can find some stability and balance in his off-court life. Continually reading and writing about his unsuccessful attempts thus far just hurts my heart.
Source: Yahoo Sports – By Dan Devine | Ball Don’t Lie
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