NBA legend Allen Iverson has reportedly lost his Atlanta mansion to foreclosure, according to TMZ. Iverson is currently in the middle of a nasty custody battle after a recent divorce while considering making a return to professional basketball.
TMZ reports that Iverson attempted to prolong the auction over his house for a short period before finally succumbing to the laws of bankruptcy and foreclosure.
“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.”
The foreclosure isn’t much of a surprise for anyone who is aware of Iverson’s history of losing expensive properties. Iverson was forced to auction off a 6,848 square-foot mansion he purchased in Colorado back in March of 2011.
He also had to part ways with a six-bedroom mansion in Pennsylvania that he owned during his prime as a member of the Philadelphia 76ers. Iverson put the Villanova palace on the market for $6.3 million but had to sell it for just $2.6 million in 2010.
Someone tell me how a man who was making more than $150 million a year somehow goes broke within a matter of years.
Nothing conquers a rich man like divorce these days.
Sean Levinson | Elite.
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