Allen Iverson Loses Atlanta Mansion, Bank Buys House After Iverson Fails To Make Payments

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Feb 06, 2013 04:03 PM EST
Allen Iverson loses Atlanta Mansion.
Philadelphia 76ers guard Allen Iverson smiles as he warms up before playing against the Denver Nuggets in their NBA basketball game in Philadelphia, Pennsylvania, December 7, 2009. Iverson has returned to the 76ers after being traded to the Nuggets in 2006. REUTERS/Tim Shaffer (UNITED STATES SPORT BASKETBALL)(Photo : Reuters) "

Allen Iverson's bad week continues to get worse as TMZ reports the former NBA guard has been forced to foreclose on his Atlanta mansion. Iverson failed to make payments on his mortgage forcing a bank to purchase it. The mansion has a $1.2 million mortgage Iverson failed to pay. The bank purchased the $4.5 million home this week for $2.5 million.

The news of Iverson's foreclosure comes one week after he declined the Dallas Mavericks' invitation to join their D-League affiliate. This now prolongs his unsuccessful pursuit to return to the NBA. Just days ago, a family judge ripped into Iverson, calling him a bad parent while Iverson is working out a divorce. According to TMZ, Iverson briefly fought off the auction, but in the end he could not stop it.

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This is not the first time Iverson has been forced to foreclose on a mansion. Back in March of 2011, a six-bedroom, nine-bathroom, 6, 848-square-foot mansion purchased in Cherry Hills, Colo. was bought by a bank. Iverson was a member of the Denver Nuggets at the time. He also quit paying money on a six-bedroom mansion in Villanova, Pa., which he owned while a member of the Philadelphia 76ers. He put the house on the market for $6.3 million and was eventually able to sell it for $2.6 million in 2010.

Iverson earned more than $154 million during his 14-year NBA career, not including numerous endorsements. However, reports began to surface that he was now broke, a claim Iverson denied. According to reports, Iverson has millions of dollars stashed away that he cannot access until he is 55, but receives a $1 million stipend yearly.

Iverson's financial turmoil only adds to his troubles. His ongoing divorce battle with ex-wife Tawanna could have Iverson paying a $3 million settlement. Iverson continues to express interest in returning to the NBA after retiring in 2010. He hinted at playing overseas in the Chinese Basketball Association but has yet to follow through. He spent a brief period of time playing in Turkey, but seems to be waiting on an NBA team to call before he steps back on the court. 

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