Allen Iverson has never been all too savvy of a businessman throughout his life. Over the course of 14 seasons, AI earned over $150 million but would soon lose almost all of it due to poor financial planning and extravagant purchases.
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Unlike his fellow NBA legends like Kobe Bryant, Shaquille O’Neal, Dwyane Wade, and the rest, Iverson never truly delved down the path of investments and endorsements. A lot of his spending and subsequent loss of money came from him being too generous with his multi-million wealth.
He would take the entirety of his crew out for clubbing or any other activities on a weekly basis. His crew could sometimes reach to about 50 people at a time. This explains why a single outing could’ve burned a $10,000-20000 hole in his pocket on any given night.
Allen Iverson lost $2 million on his custom mansion
Allen Iverson and his wife had purchased a mansion that they would go on to custom in Atlanta, Georgia in the late 2000s. The total cost of building and customizing the mansion came out to around $4.5 million.
Mere 4 years later, the bank would buy the house for $2.5 million, leading to Iverson incurring a $2 million loss. He would lose his house to the bank out of foreclosure. Originally, AI wanted to sell the house to the highest bidder, but unfortunately did not get a chance to.
This all happened when he was in the midst of his divorce with his ex-wife, Tawanna Turner. She would receive $3 million from the 2001 MVP as a part of the divorce settlement.
Reebok keeps Iverson’s bank account in check
Allen Iverson signing a lifetime deal with Reebok is what is keeping his bank account in check and allowing him to live a somewhat lavish life. They pay him $800,000 each year as a part of the lifetime deal.
Along with this, they are also keep a fund for him worth $32 million that he will only be able to access once he reaches the age of 55, which will happen in another 8 years.
