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Now We Know How NBA Basketball Superstar Allen Iverson Managed To Go Broke
Business Insider ^ | 12/10/2012 | Mandi Woodruff

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 ...


TOPICS: Business/Economy; Sports
KEYWORDS: alleniverson; bankruptcy; basketball; insanity; nba
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1 posted on 12/10/2012 11:33:29 AM PST by SeekAndFind
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To: SeekAndFind

The sad thing about this is that compared to the Obamadork, he’s still scrooge.


2 posted on 12/10/2012 11:34:57 AM PST by Da Coyote
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To: SeekAndFind

See also here:

http://www.businessinsider.com/ugliest-celebrity-bankruptcies-2012-11?op=1

10 Of The Ugliest Celebrity Bankruptcies In History


3 posted on 12/10/2012 11:35:02 AM PST by SeekAndFind
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To: SeekAndFind

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.


4 posted on 12/10/2012 11:37:03 AM PST by Ruy Dias de Bivar (SAVE THE SUMATRAN RAT MONKEY!)
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To: SeekAndFind

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.


5 posted on 12/10/2012 11:38:07 AM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: SeekAndFind

don’t they teach basic math at his college?


6 posted on 12/10/2012 11:38:54 AM PST by Mr. K (some days even my lucky rocketship underpants don't help...)
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To: SeekAndFind

Another sad chapter in the book titled “Suddenly Rich.” Very sad.


7 posted on 12/10/2012 11:40:40 AM PST by Sunshine Sister
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To: SeekAndFind

Couldn’t have happened to a nice guy!


8 posted on 12/10/2012 11:41:58 AM PST by Cowboy Bob (Greed + Envy = Liberalism)
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To: Mr. K

I’m sure they did, but superstar athletes aren’t really required to attend classes.


9 posted on 12/10/2012 11:42:03 AM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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Comment #10 Removed by Moderator

To: SeekAndFind

“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.


11 posted on 12/10/2012 11:47:49 AM PST by FewsOrange
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To: Mr. K

RE: don’t they teach basic math at his college?

He went to Georgetown, the alma mater of Bill Clinton and the now celebrated Sandra Fluke.


12 posted on 12/10/2012 11:47:49 AM PST by SeekAndFind
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To: F15Eagle

I see that he’s already bought his own hearse.


13 posted on 12/10/2012 11:48:41 AM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: SeekAndFind

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.


14 posted on 12/10/2012 11:49:28 AM PST by CORedneck
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To: SeekAndFind

He no longer got da skills to pay da bills.


15 posted on 12/10/2012 11:56:10 AM PST by 2 Kool 2 Be 4-Gotten
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To: SeekAndFind

I see no mention of gun or motorcycle collecting. He could have cut the time needed to go broke in half.


16 posted on 12/10/2012 11:57:59 AM PST by CrazyIvan (Obama's birth certificate was found stapled to Soros's receipt.)
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To: SeekAndFind

He could be hiding his money from his wife too.


17 posted on 12/10/2012 11:59:40 AM PST by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: CORedneck

It’s not just maintenance, he has mortgages. This guy was famous for an entourage, posse, or whatever of hangers on.


18 posted on 12/10/2012 12:01:03 PM PST by Andrei Bulba (No Obama, no way!)
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To: SeekAndFind

for later


19 posted on 12/10/2012 12:01:13 PM PST by Doctor 2Brains
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To: Ruy Dias de Bivar

I often wonder how some of these fools ever hooked up with the money in the first place.


20 posted on 12/10/2012 12:04:38 PM PST by PeaceBeWithYou (De Oppresso Liber! (50 million and counting in Afghanistan and Iraq))
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