Skip to content

Another report Allen Iverson is hemorrhaging money

Dec 5, 2012, 7:25 PM EST

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.

Latest Posts
  1. Rip Hamilton finally, formally announced retirement

    Feb 26, 2015, 8:15 PM EST

    Rip Hamilton

    Yes it’s a little late in coming, but it’s worth remembering what a quality player he was.

  2. Derrick Rose scheduled for surgery Friday, will have all or part of meniscus removed

    Feb 26, 2015, 5:45 PM EST

    Derrick Rose Derrick Rose

    He is having all or part of the meniscus removed, which makes for a faster recovery.

  3. Reports: Kings’ Darren Collison to have surgery, likely done for season

    Feb 26, 2015, 5:00 PM EST

    Golden State Warriors v Sacramento Kings Getty Images

    While in theory he could return for a few games, in practice that’s not going to happen.

  4. Heat sign Michael Beasley to 10-day contract

    Feb 26, 2015, 1:11 PM EST

    San Antonio Spurs v Miami Heat - 2014 NBA Finals Game Three Getty Images

    This will be Beasley’s third stint with Miami

  5. Would Rajon Rondo leave the Mavericks for the Lakers?

    Feb 26, 2015, 12:29 PM EST

    Los Angeles Lakers v Dallas Mavericks Getty Images

    Reports emerging Rondo ‘unlikely’ to re-sign with Dallas

  6. This is the fear: Is Derrick Rose on his way to the Penny Hardaway, Bill Walton club?

    Feb 26, 2015, 11:12 AM EST

    Chicago Bulls' Derrick Rose waits for the start of a media interview at the start of the team's training camp at the Berto Arena in Chicago, Illinois Reuters

    It’s too early to say with Rose what hs legacy will be.

  7. Jusuf Nurkic gets most-polite technical foul (video)

    Feb 26, 2015, 9:08 AM EST

    Phoenix Suns v Denver Nuggets Getty Images

    Nuggets center just handed ball to Markieff Morris

Featured video

Is Derrick Rose the next Penny Hardaway?
Top 10 NBA Player Searches
  1. K. Durant (8551)
  2. M. Carter-Williams (8395)
  3. C. Bosh (8190)
  4. D. Howard (7542)
  5. S. Curry (7250)
  1. P. George (7095)
  2. D. Rose (7061)
  3. A. Davis (6691)
  4. B. Beal (6392)
  5. I. Canaan (5959)