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Report: Allen Iverson loses Atlanta mansion in foreclosure

Feb 6, 2013, 11:42 AM EDT

Allen Iverson

There have been a lot of reports over the years about the state of Allen Iverson’s finances, some suggesting he is in a serious hole.

This latest report — that he lost his Atlanta mansion, which was foreclosed on and auctioned off — seems to back that side of the tale up. From TMZ.com (via SLAM):

TMZ broke the story … Iverson allegedly defaulted on a $1.2 million mortgage which sent the $4.5 million home into foreclosure. He briefly fought off an auction … but ultimately, he couldn’t stop it.

Sources close to the sale tell TMZ … Iverson’s bank purchased the mansion yesterday for $2.5 million.

I want to believe the previous reports that Iverson has a trust set up and he gets a certain amount of money every year, that he is not broke. If course, getting an annual stipend doesn’t have anything to do within your means. Iverson also didn’t come off well in his divorce proceedings this week.

Iverson says he wants one more shot in the NBA but has turned down a path back to the NBA through the D-League. After his performance on and off the court his last year in the NBA before, teams are not going to give him a chance unless he goes to the D-League or Europe and proves he is physically and mentally right. I think the end result is Iverson will never be back in the league as a player. A consultant, maybe. But not a player.

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