Allen Iverson Net Worth

Allen Iverson Net Worth : $1 Million

Profile

American Professional Basketball Player

Nationality

United States

Source of Wealth

Basketball

Years of Experience

15 years

Date of Birth

June 7, 1975

Education

Attended Georgetown University for 2 years

Marital Status

Divorced

Children

5

Allen Iverson’s Income & Total Net Worth

Despite bankruptcy, Allen Iverson still maintains a total net worth of $1 million. This American athlete is a professional basketball player, who plays as the point guard and shooting guard. After thriving in the high school as a dual sport athlete, Iverson also attended the Georgetown University for two years.

Career

In the year 1996, Iverson got the opportunity to join the National Basketball Association in Philadelphia 76er. Between the years of 1998 to 2005, he was the top scorer for four times, throughout his NBA career. He also made the record for scoring 2nd highest game average, after Michael Jordan. He became 11 time NBA all star, and was rewarded with the title of the ‘NBA Rookie of the Year’ in 1996-97.

In 2008, ESPN positioned him as the 5th best NBA player of all times following George Gervin, Jerry West, Kobe Bryant and Michael Jordan (in the given order).

Throughout his entire basketball profession, Iverson has also played for the Detroit Pistons, Denver Nuggets and Memphis Grizzlies. During the years 1996 – 2000, Iverson played for the 76ers. However, after 9 years, he went back to Philadelphia 76ers.

Allen Iverson’s Bankruptcy

February 14th, 2012, brought us a shocking revelation of this richest basketball star’s insolvency. The Georgia court’s judge passed the order to seize all of his bank accounts, when he was found guilty for not paying the huge sum of approximately $900,000 to a Georgia jeweller. In December 2012, in court filing at Georgia, Iverson told that his income was around $62,500 per month, but his expenditures were $360,000.

From this earned amount, he paid $360k and $125k to different creditors and, a big part of it went to mortgages. He also admitted that, even though, he use to spend $10,000 per month on clothes, $10,000 monthly on entertainment/restaurants and $10,000 on groceries. However, these figures do not comprise the money, he made through endorsing and merchandising deals from various huge brands, which is an estimated amount of $30 to $40 million.

His extravagant lifestyle and his money splurging habits on his friends and family led him to this unfortunate state. The player, who used to earn over $20 million per annum is now going through the bad phase of bankruptcy. He has a debt of over a million dollars.

However, still some hope is left for Iverson. According to a report, Iverson has a bank balance of $32 million, but he can procure the principal money, only when, he will turn 55 years of age. In the mean time, it provides him $1 million per annum.

Earnings Made

  • He still owns a decent sum of money in his account, even after spending lavishly about $218 million, during his ruling career.
  • He accumulated around $250 million throughout his 14-year of professional journey.
  • He earned a huge amount of money in year 2008 -2009. During the same time, he received $20.8 million from the Detroit Pistons.
  • He gained largest contracts of his career, which included six-year deal worth $71 million in 1999 and a four-year deal in 2003, worth $77 million.
  • He has secured a better future through the NBA pension. On turning 45, he will receive a monthly pension of $8,000, which will provide him $96,000 annually.

Private Fortune

  • Iverson paid $2.6 million for the mortgage of his Lakefront Estate, till it was sold. The house encompassed six bedrooms, a safe room, six bathrooms, a home theatre and an oversized wine cellar.
  • Iverson also made an investment in purchasing 10,445 square foot, six bedrooms and six bathrooms house in Denver, Colorado. Consisting of sports multiple fireplaces, a safe room, a media room, an outdoor playground space, a wine room and a massive kitchen, the house cost about $3.875 million to him. Reportedly, it has been sold for about $2.85 million.
  • Being a member of the Philadelphia 76ers, he also had a six-bedroom mansion in Villanova, Philadelphia. Eventually, this house also got sold in 2010.
  • In January 2008, as a member of the ‘Denver Nuggets’, Iverson also bought 6,848 square foot residence, having 6 bedrooms and 9 bathrooms, for $3.875 million, in the Buell Mansion subdivision, Cherry Hills, Colorado. This mega-mansion is under contract.

Philanthropic Activities

  • He supports ‘The Choose Life Foundation’, which raises awareness on the importance of learning how to experience life in a right way.
  • Allen’s charitable foundation, Crossover Promotions, support to build courts in the internal cities and provides assistance to the ‘Boys and Girls Clubs’ and HIV/AIDS Awareness groups.
  • He played for the ‘Hampton Celebrity-Charity’ Basketball game. He also gave scholarships to two lucky kids for their education, who otherwise were unable to afford.