Shattered Dreams: 7 Reasons Why Allen Iverson Went Broke

- By Bossip Staff Categories: For Discussion, For Your Information, Multi

Allen Iverson

Allen Iverson went from globally-adored NBA icon to broke, divorced, exiled sports tragedy struggling to afford a McDouble. Known as the face of a generation, A.I. earned over $200 million during his 15-year NBA career and blew it all. Seems impossible, but that’s what made the 11-time All-Star shine on the court—him doing exactly that.

Here are seven reasons why Allen Iverson went broke. Take a look.

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Financially-reckless

He traveled everywhere with a 50-person entourage and showered “friends”/family with extravagant gifts, houses, cars and boats they’ll never use. Every day, he woke up, hungover, in a new Bugatti, Bentley or Maybach and blew millions on jewelry and lavish mansions.

His monthly expenses AFTER declaring for Bankruptcy? $10,000/month on clothes. $10,000/month on groceries. $10,000/month on entertainment/dining out. $1,000/month on dry cleaning.

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Pro athletes and rappers learn from MC Hammer? Nope.

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Terrible Asset Management + Financial Illiteracy

The best pound-for-pound NBA player, maybe ever, signed a six-year max contract worth $70.9 million in 1999 along with a $50 million lifetime endorsement deal with Reebok. In ’09, he earned $20 million just to skip practices and party in Atlanta while “injured” after being traded from Denver to Detroit.

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15 years. $200 million. But no savings, trust funds or key investments? Incredible.

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Too Rich, Too Fast

He literally started from the bottom in Hampton, Va and rose to superstardom. For years, he was the NBA’s most popular player with a top-selling jersey and no idea how to manage millions.

21-year-old face of a franchise from the slums with guaranteed millions? Rarely ends well.

Photo credit: Instagram

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Obsessive Gambling

He blew over $1 million in a single evening of gambling in Atlantic City on several occasions until he was banned due to unpaid debts. After years of reckless gambling while wasted, he spiraled into a $150 million hole.

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Mortgage Crisis Casualty

He purchased his lavish six-bedroom, nine-bathroom Denver mansion for $3.875 million in 2008 (before his career crumbled) that later fell into foreclosure, and sold for $2.85 million. Do the math.

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Last year, his foreclosed Atlanta mansion sold for $2.5 million. A.I. purchased the home for $4.5 million in 2010. SMH.

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Nasty Divorce

His ex-wife Tawanna demanded alimony and child support for their five children after years of emotional-abuse and cheating during last year’s divorce proceedings. In a December 2012 court filing, A.I. revealed that his monthly income is $62,500 with monthly expenses over $360,000.

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Of that $360k, approximately $125,749.33 goes to various creditors, jewelers and past-due mortgage payments.

Allen Iverson

Pride

After his steep fall from grace, several NBA teams offered him small roles but he declined, still believing he was a starter. Soon, teams stopped calling and the greatest small guard ever was left unemployed and broken.

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Allen Iverson’s estimated net-worth in 2013? -$1 million dollars.

But let’s remember AI in his better times with these pics…

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Allen Iverson and Mom

Suspect Kobe Bryant LA Lakers

"Allen Iverson Gets in a Fight"

Carmelo Anthony Allen Iverson

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