It’s A Wrap: Allen Iverson Retires From The NBA, Broke

04
Nov

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According to reports, former NBA star Allen Iverson has retired from basketball, dead broke….

How can Allen Iverson be broke after he earned over $200 million during his 15-year NBA career, and a Reebok endorsement scored him $50 million?

The Inquisitr reports:

It turns out Allen Iverson lived lavishly, showering friends and family with gifts, houses, and cars, and boats. He regularly traveled around with a 50-person entourage and treated himself to expensive jewelry and his former home was a $4.5 million mansion. His second mansion sold for $2.85 million, as well.

Allen Iverson even managed to blow $1 million during one night in Atlantic City and was banned due to unpaid gambling debts. To make matters worse, when Allen Iverson divorced his wife Tiwanna he ended up paying $1.2 million in alimony. His wife alleged emotional abuse and cheating so there’s likely to be no support from the family.

We found out from Allen Iverson’s bankrupty that even though he was broke and in debt he was still spending roughly $10,000 a month on clothes, $10,000 a month on groceries, $10,000 a month on entertainment and dining out, and $1,000 a month on dry cleaning. All in all, he was spending over $360,000 a month on a $62,500 income and managed to dig a financial hole that was $150 million deep.

Stay Tuned.