Iverson Loses Atlanta Mansion To Foreclosure, Maybe He Should Have Practiced
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.