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Allen Iverson Newest Financial Woes

by Minority Fortune

Allen Iverson at the prime of his basketball career was unstoppable. Despite his dark past, the 11-time NBA All-Star had a shining reputation on the court. At his height in the late 90s-early millennia, no one would have dared to think that Iverson would one day vanish from glory.

It is now 2011, and when Iverson makes this news these days, you can bet on it not being a good thing. Iverson has faced various difficulties in his personal and financial life. As of recently, it seems that he is dealing with mortgage and car difficulties.

The Denver Post gives the details on the mortgage:

Former Nuggets star Allen Iverson’s Cherry Hills mega-mansion is under contract and expected to close on April 8, but not before Iverson quit paying the mortgage.

Iverson, who bought the 6,848-square-foot six-bedroom, nine-bathroom spread for $3.875 million in January 2008, let the property in the Buell Mansion subdivision slip into foreclosure on an outstanding balance of $2,572,914 owed to Wells Fargo Bank, according to a Notice of Election and Demand for Sale filed Feb. 28 in Arapahoe County.

Luxury real estate expert Edie Marks, who represents a buyer slated to purchase the Iverson estate, said the property went under contract before Iverson defaulted on the loan. The sale is expected to close in early April for a price that “was close” to the asking price of $2.85 million, Marks said.
With this recent turn of events, what happens to the pending sale? It can still go through as planned, but someone is going to be on the hook for attorneys fees, foreclosure costs and default interest, according to Denver real estate attorney Alan D. Sweetbaum — and that someone likely will be Iverson.

There is no reveling in this man’s troubles. Hopefully, highlighting Iverson past his prime gives some insight into the future we see for the mini-Iverson’s out there. There is life past your professional career. Therefore, one must honor that and preserve their wealth. Otherwise, your get yourself into a lifetime of chaos as Iverson and many others continue to showcase.

Iverson has always had an additional layer of psychological issues, and we don’t say that to ridicule him. He has just genuinely always needed help in the same way that Mike Tyson did. Of course when money is around, suddenly all flaws vanish to the people around you. However, this is when people are in need of other people guiding them the most. There’s psychological, emotional, and financial aspects to money. With a  broken psychology comes broken finances. This is the only reason as to why we bring this up.

Iverson, it’s never too late to get help. If you might feel too judged in the States, seek help elsewhere in Europe since you’ve been playing ball over in Turkey. Everyone should know that wealth is an ever-evolving journey. Manage what you have well.

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