Baller Falls Behind On Mortgage Payments For Georgia Manse
Allen Iverson has lost another home to foreclosure, BOSSIP has learned.
Wells Fargo sued the NBA great to foreclose on his Alpharetta, Ga. mansion last year, alleging he failed to make payments on his $1.7 million mortgage and went into default on the palatial spread, according to the bank’s paperwork.
The bank contends that it gave Iverson a month to clear the debt, but he never managed to settle up, court records state.
Iverson purchased the seven bedroom, eight bathroom home for $2,190,000 in 2006, which boasts a two story living room, a media room and a pool area.
It was unclear Tuesday whether Iverson’s federal tax liens of $616,068 would have to be paid as a condition of the mansion’s sale.
The home – located in the prestigious “Country Club of the South” development – was sold at auction late last year, where the bank snapped it up for $1.5 million, according to public records. An Atlanta judge finalized the foreclosure order last month, court records show. It’s now on sale for $1.1 million, according to Zillow.
It’s not the first time Iverson has lost homes to the bank because of not paying. In 2013, another of Iverson’s Atlanta-area homes went into foreclosure after he’d purchased in 2009 for $4.5 million, according to the Atlanta Journal Constitution. And in 2011, Iverson lost a $3.8 million home with a built in spa in Colorado, where he was playing for the Denver Nuggets.