Allen Iverson Net Worth: How did a former NBA player almost lose $200 Million due to bankruptcy? 

0
1664
Allen Iverson Net Worth
Image credit: Sixer Wires USA Today, Getty images, and Ezra Shaw

In the past decades, the media and people have come across so many NBA controversies relating to its well-known players that it seems like their lives are never without trouble. But, one thing is for sure, NBA players, even the former ones, are wealthy, and they do not like to hide their money at all. Talking about money and the NBA, how can we forget Allen Iverson net worth?

To begin with, Allen Iverson or shortly known as Al or The Answer is one of the legendary NBA players who retired in 2013 after pursuing basketball for 17 years at the international level. To your surprise, in the early 2000s, he was also one of the top-paid basketball players in the NBA. So, what went wrong? 

Allen Iverson Net Worth
Image credit: Sports Illustrated

Today, we are going to talk about Allen Iverson Net Worth which has seen a rollercoaster since 2010. In the past few years, many controversies concerning Allen Iverson’s wealth, personal life, health, lawsuits, and others have followed.

But the fans or the critics never got to know the truth. Do you want to know how this basketball player almost lost every penny in his bank account? If yes, then let’s get started.

#1: Allen Iverson almost blew his career before it began!

Born in Hampton of Virginia, Allen Iverson was a simple kid in a small town. However, we researched Allen’s Wikipedia and came across the fact that, in Allen’s lifetime, he has been pardoned by many almost(s).

To begin with, as you have read before, back in 2012, Allen Iverson, 46 years old former NBA player, almost lost his 200 million USD Bank balance because of investment. More details about that later. Let’s go into flashback. 

Do you know? In 1993, Allen Iverson was in high school and still exploring his passions. However, things went wrong when during a party, Mr. Iverson (only 17 at the time) got into a fight with a group of white people while he was accompanied by his black friends.

Image credit: Complex

According to Iverson’s charges, he hit a woman in the head with a heavy chair. As a result, he got arrested and charged for deforming another person by the mob. Even though at the time Allen was only 17 years old, he was approached into the trial as an adult. 

Thanks to Douglas Wilder, the Governor, Allen received clemency and got released in four months. Sounds like an almost, right? 

At the time, Allen Iverson Net Worth was zero. But, little did he know, he would turn it around in just a span of 3 years! Want to know what his current net worth is? Let’s find out. 

#2: Allen Iverson Net Worth – always a rollercoaster!

According to the latest celebrity and sports star’s net worth estimation, Allen Iverson Net Worth 2022 stands at $1 Million. How come an amazing former and successful NBA player has such less net worth compared to others? Well! You will find out about the reasons later. 

Talking about Allen Iverson’s career beginning, it sounds like a movie. In 1993, Allen was arrested. But, Allen did not give up. According to the inside details, while Mr. Iverson was in the correction facility, he continued his education, and his coach, John Thompson, kept his basketball coaching ongoing.

Image credit: Sixer Wires USA Today, Getty images, and Ezra Shaw

After multiple efforts, Iverson got admitted to Georgetown University on a sports scholarship. 

Only after 2.5 years of college did the NBA approach Iverson for more calls in basketball as a career line, for which he left early. So, yes, the NBA in 1996 was the beginning of building Allen Iverson’s net worth into millions of dollars. 

Rumor Alert: Recently, news in the media about Allen Iverson being broke and bankrupt is going around. No confirmation from Allen’s side has been received yet. Fans, keep your hopes up!

#3: Allen Iverson Net Worth/total NBA Salary – 150 to 200 Million USD, where did it go? 

In the bygone years, thanks to the internet, fans, and critics of basketball players have learned that NBA and team sponsors pay a ton of money to these players. Do you know? In 1996, Allen Iverson signed a 2.2 Million Dollar contract with the Philadelphia 76ers. In 1997, the deal increased by 1 Million Dollars. By the end of 1999, Allen’s contract was up to 9 Million USD with the same team. 

Later on, in 2005, Iverson’s contract value with the Philadelphia 76ers was worth 16 Million Dollars approximately. In 2006, he joined the Denver Nuggets NBA, which increased the deal to 17 Million Dollars. Within a span of 3 years, the Denver Nuggets were paying Allen Iverson 20.8 Million Dollars per year. 

Image credit: People

In total, during his 17 years NBA career timeline, Allen Iverson earned upto 200 Million Dollars. To the reader’s surprise, according to our estimation, back in 2010, Allen’s net worth was much more than 200 Million because he had many brand deals, including Reebok. 

But, if you view Allen Iverson Net Worth history, by the end of 2010, Allen Iverson’s salary and NBA deals were drastically lowered. He joined the Philadelphia 76ers yet again for only 1 Million Dollars approximately. In simple words, he was back to square one. Where did Allen’s money go? Read ahead to find out. 

#4: How did he lose all his money? 

Presuming that, you have saddened by the fact that your once-upon-a-time favorite basketball player is now not rich enough. Let’s clear up the fog for you a little. According to many interviews of Allen Iverson in 2012, when banking institutions declared him bankrupt, Allen Iverson did not lose 200 Million Dollars to any form of fraud, contract gone wrong, alimony, or theft. Instead, Allen Iverson’s net worth in 2012 went down to zero because he spent all the money without caring for financial management. 

Back when Allen’s career in the NBA was up and running, he was earning millions. However, Allen’s statement describes him as a very, very generous person. So, back in the time when Allen was a millionaire, he used to pay all the expenses of his squad. From household servants to guests, family, friends, and whatnot. Shockingly enough, his monthly expenditure for clothing, food, and groceries was 30K alone. 

Allen Iverson net worth
Image credit: USA Basketball

One of my favorite Allen Iverson spoiled rich stories is when he forgot where he parked his enormously expensive car at Airport. So, he just bought a new one instead of finding it. Another story that gives goosebumps is when he let the cops take his Lamborghini (because he did not have papers, probably, forgot at home). He said, “Take it, I have 10 more!” 

There have been many instances where Allen let people take away assets that are worth hundreds of thousands of dollars. Thus, after years of generosity, Allen Iverson found out in 2012 that he did not have any money in the bank or in cash. So, he couldn’t pay a debt of 900K USD. As a result, he went bankrupt. 

#5: Allen Iverson Net Worth – is it going to increase again? 

Thanks to 2013 – 2016 basketball details, Allen Iverson managed to improve his net worth upto 1 Million USD and live a life without having to sleep on the streets. But, do you know why Allen is so calm after draining 200 Million USD? Well! Here is an answer, Allen got saved by Reebok Deal. That’s right! According to the latest media chatter, back in 2010, Allen Iverson signed a promotion/investment deal with Reebok. To the reader’s surprise, the deal gives a payback when Allen turns 55. 

Allen Iverson Net Worth
Image credit: Sixer Wires USA Today, Getty images, and Ezra Shaw

Reebok will pay up to $32 Million USD to Myr. Iverson when he turns 55. Apart from this, the annual compensation of 800K will also be received by the NBA player Iverson. 

Remember when we said Allen Iverson has always saved by “almost(s)?” This is yet another almost that saved him. What do you think? 

#6: Does Allen Iverson have a wife? 

The answer is not definite. In 2001, after Allen Iverson had approached the highlight of his career in basketball, he also decided to marry Tawanna Turner, his sweetheart from high school. According to the inside details, Allen Iverson and Tawanna had known each other since childhood. In 2001, the couple tied knots. 

But, in 2013, after 12 years of marriage, Tawanna Turner filed for divorce because of Allen Iverson’s alleged ignorant behavior towards her and the kids. To the reader’s surprise, she took away $3 Million as a divorce takeaway, 100% custody of kids, and an alimony deal. 

Image credit: Media Referee

Yet, the media was most shocked when within a span of months, Tawanna and Allen got together. Technically the divorce between the couple went through. However, after 10 years, they are still together as a couple raising kids together. But, what’s more, surprising is that they never tied knots again. What’s that all about? 

Allen Iverson and Tawana Turner have five kids together named: Allen Iverson Jr/II, Messiah Lauren Iverson, Tiara Iverson, Isaiah Rahsaan Iverson, and Dream Alijha Iverson. 

FAQ:

1. Who was Allen Iverson?

A. Allen Iverson was an American former professional basketball player nicknamed “The Answer”. He played 14 seasons in the National Basketball Association (NBA) at both shooting and point guard positions.

2. What are Allen Iverson’s career highlights?

A. NBA Rookie of the Year (1997)

11-time NBA All-Star (1997-2006, 2008, 2010)

NBA MVP (2001)

NBA Scoring Champion (1999, 2001, 2002, 2005)

NBA All-Defensive Second Team (1999)

Naismith Memorial Basketball Hall of Fame inductee (2016)

3. What was Allen Iverson’s playing style?

A. Allen Iverson was known for his explosive crossover dribble, quickness, and scoring ability. He was a fearless player who often took the ball to the basket and drew fouls.

4. What was Allen Iverson’s impact on the NBA?

A. Allen Iverson was a revolutionary player who helped to popularize hip-hop culture in the NBA. He was a role model for many young people and inspired them to be themselves.

5. What is Allen Iverson’s legacy?

A. Allen Iverson is considered one of the greatest basketball players of all time. He was a pioneer who helped to change the game of basketball and was an inspiration to many.

Epilogue

So, this was the complete story of Allen Iverson. His rise, fall, and rise again when the Reebok deal comes through is definitely aspiring. Currently, Allen Iverson is living in Georgia in a nice neighborhood. Do you know? Allen Iverson net worth bought a 2.6 Million Dollars Worth 6000 ft mansion in Georgia. It has now sold for 700K only. 

Want to know more about pitfalls and rises in the career of your favorite sportsperson, celebrity, politician, influencer, or else? Keep us in your bookmarks and get daily updates!

LEAVE A REPLY

Please enter your comment!
Please enter your name here