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Another report Allen Iverson is hemorrhaging money

Dec 5, 2012, 7:25 PM EDT

Boston Celtics v Philadelphia 76ers - Game Six Getty Images

We had this same discussion a couple years ago.

When Allen Iverson was playing in Turkey, a report came out of Philadelphia about how Iverson was just hemorrhaging money and was broke. Which is stunning for a guy who made an estimated $154 million in NBA salary alone. Other reports have echoed this.

That was followed by a counter report (out of New York) that Iverson was not that bad off because a wise financial advisor and friend had essentially put Iverson’s money in a trust that paid him a yearly allotment and he couldn’t touch the rest. I want to believe the latter report, but the truth likely is somewhere in the middle.

Now out of Iverson’s divorce proceedings come some numbers that suggest he is losing $3.5 million a year. Of course, TMZ had the papers (hat tip to SI’s The Point Forward).

According to docs, Allen brings in $62,500 in monthly income, but his expenses are FAR, FAR, greater … costing him a cool $358,376.66 PER MONTH!!!!…

A large chunk — $125,749.33 to be exact — is spent paying off various creditors (like his jeweler) … and some goes to his mortgages (but not for long, since his ATL crib is about to be auctioned off).

But Allen says he blows a lot on OTHER expenses 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 … and so on.

Those figures need a disclaimer — be careful trusting the numbers lawyers use in a divorce case. Or any case. The goal here is for Iverson’s lawyers to make him as destitute as they can, therefore reducing what he has to pay his soon-to-be ex-wife.

My guess is Iverson is living way, way beyond his means anymore. I hope that a smart financial advisor did leave a safety net there for him.

In the end, who knows what is real. But this is the kind of controversy that has shadowed Iverson since he was in high school, it’s part of what has made him a polarizing figure. Which is a shame, because his game was so much fun.

  1. dannymac17 - Dec 5, 2012 at 7:31 PM

    I beat myself up when i spend over 4k a month and thats on my mortgage, bills, and necessities.

    This guy spending a month what most people make in a year and hes unemployed.


  2. mrlaloosh - Dec 5, 2012 at 7:50 PM

    Alan who?

    • bigmeechy74 - Dec 6, 2012 at 1:24 AM

      Iverson. He played for Georgetown in college then became an all star several times for the Philadelphia 76ers and one year he even led them to the finals all by himself basically. He was one of the most exciting players and best scorers ever. You don’t know who he is? Weird

      • fanofevilempire - Dec 6, 2012 at 6:57 AM

        I know Allen, who is this mrlaloosh fella………………….

  3. larrybrown43 - Dec 5, 2012 at 7:54 PM

    It’s a shame this overrated player didn’t spend some time and money on education. In particular, a few classes on economics.

  4. rayray5227 - Dec 5, 2012 at 7:57 PM

    Of all athletes it’s just sadder seeing Allen Iverson go broke. Guy was a warrior on the court.

  5. seanb20124 - Dec 5, 2012 at 7:59 PM

    Hope works out for him and his kids

  6. BigBeachBall - Dec 5, 2012 at 8:26 PM

    Yo allen, you do know socks don’t need to be dry cleaned right? You can just toss those babies in the washing machine….

    • bougin89 - Dec 6, 2012 at 10:24 AM

      This is exactly what I was thinking. But how do you spend $10K a month on clothes and $1K a month on dry cleaning. I guess I’m assuming if you spend $10K a month on clothes you never wear anything twice. In the end this really makes me realize how cheap I dress, haha.

  7. mj1818 - Dec 5, 2012 at 8:32 PM

    Don’t feel one bit of sympathy. Maybe he needs to practice how balance a checking account… But then again we’re talking about practice, not actually balancing it, but practice balancing it.

  8. genericcommenter - Dec 5, 2012 at 9:19 PM

    Does it mention assets? When I’m retired I plan to spend more than I earn per month, also. I will be using a formula to spend down my assets by a certain % each year. He’s bringing in about 3/4 mil from somewhere. Maybe he has $50 million or something he’s earning on, then he’s eating $3.5 mil a year. That’s way too much, obviously, but there is a lot more to the picture. There’s nothing that indicates he blew all of his earnings, just that he’s not earning much now. And, sadly, if he did blow his earnings, he’s already cut his spending a lot if he’s “only” spending about $4 million a year.

  9. freemantowilliams - Dec 5, 2012 at 9:23 PM

    Sorry A.I. But its time to suck it up and join us all at walmart. Tostinos pizzas great. You just grab an extra bag of cheese and a can of jalapeños and voila! a circle of deliciousness!

    • badintent - Dec 5, 2012 at 11:34 PM

      Or go with the sun dried tomatoes,capers and anchovies !!
      Owns his jeweler for all the chains he both for himself and his posse.Dat sh*t is funny, I thought Notorious Big had the lock on that number. Must go to Vegas Pawn Shop to see the stuff.

  10. metalhead65 - Dec 5, 2012 at 9:58 PM

    no sympathy what so ever for him or any other athlete who made as much as he did and blew it all. this not a case where he signed a contract and got taken advantage of. the guy is living in a fantasy world and needs a reality check. people like him should not be able to file bankruptcy while those of us in the real world have no choice but to when we lose our jobs and can’t pay their bills. we are not allowed to keep spending money as if we still have a job if we file so why should this clown be able to get away with it?

  11. n2thaizzo - Dec 5, 2012 at 10:12 PM

    y’all need to let that man live. I haven’t seen any stories about him begging for food, committing any crimes, or anything else. if the man wants to spend 10k a month on bologna sandwiches, so what. That’s his life.

    • bluestar4ever - Dec 6, 2012 at 4:46 AM

      It’s not possible to spend 10K a month if you’re buying things like bologna. That’s the entire point of this article, he is spending lavishly and way beyond his means. Probably buying lobster and steak every night or something similar. If he was buying bologna maybe he wouldn’t be in so much trouble.

    • manchestermiracle - Dec 6, 2012 at 9:57 AM

      I think the simple math shown above, if anywhere near accurate, proves he’s eating far better than bologna. And if he’s going into debt to the tune of millions per year, and then declares bankruptcy, that affects all of us.

      My gut reaction is that since this involves a divorce, the chances of these financial statements being accurate are pretty remote. He and his attorney(s) are just fabricating data to keep his wife from getting anything. Sad.

  12. illcomm - Dec 5, 2012 at 10:21 PM

    do some research kurt. overdone gave over 30 mil to his financial adviser which he cannot withdraw from. its like an annunity that pays him a little over 1 mil per year till funds run out over about 35 years.

    • cosanostra71 - Dec 6, 2012 at 12:04 AM

      Yeah, that was mentioned in this article.

  13. pellypell - Dec 5, 2012 at 11:12 PM

    10k a month on clothes? This dude deserves to be broke.

  14. fanofevilempire - Dec 6, 2012 at 6:55 AM

    A few day’s ago it was reported his people had him stash a few mil and that he was living of interest
    and had his pension from the NBA………………what is the real story MSNBC.

  15. skids003 - Dec 6, 2012 at 8:03 AM

    I wish I made $62,500 a month to do nothing. I might be able to get by on that.

  16. necr0philia - Dec 6, 2012 at 12:02 PM

    I have the same spending habits too. But I spend a lot more then that on HOOKERS alone. Then there’s my wife “WOW” man she knows how to Blow my MONEY!!! Well I’m Probably 20 times richer them him also. Allen here is some advice take the ” Dave Ramsey” coarse!!

  17. mungman69 - Dec 6, 2012 at 1:49 PM

    If I had that money I’d spend it too. Money ain’t worth nothing till you spend it.

  18. ndrick731 - Dec 6, 2012 at 2:39 PM

    Who cares. It’s only a matter of time until he’s wearing state issued khakis anyway

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