Allen Iversion – Net Worth, Money and More

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Net Worth: – $1 Million

Retired Professional Basketball Player

You are probably wondering, how someone’s net worth can be in the negative. You are probably even wondering who Allen Iverson is. First let’s focus on Allen Iverson then we will get to his jaw dropping net worth.

WHO IS ALLEN IVERSON?

Iverson

I have to admit even I didn’t know who Allen Iverson was until I chose to write this article. Turns out he is a retired NBA star.

Allen Iverson was born on 7th June, 1975 in Virginia, USA. Famously know as A.I, The Answer, and King Cross he is a former professional basketball player. Iverson completed his schooling from Bethel High School in Hampton, Virginia where he was a dual-sport athlete. Playing both football and basketball he was awarded the Associated Press High School Player of the Year award, and won the Division AAA Virginia state championship in both sports. After completing his high school, Iverson went to college to Georgetown University for two years, where he won Big East Defensive Player of the Year awards both years and set the school record for career scoring average (22.9 points per game).

In 1996 after two successful years at Georgetown Iverson declared eligibility for NBA Draft. He was immediately selected by the Philadelphia 76ers with the number one pick.  He was named the NBA Rookie of the Year in the 1996–97 season. Iverson was an eleven-time NBA All-Star and won the All-Star MVP award in 2001 and 2005.

Iverson won the NBA scoring title four times in his entire career (1998–99, 2000–01, 2001–02 and 2004–05 seasons). A man of small stature (listed at 6 feet, 0 inches) he is regarded as one of the most prolific scorers in NBA history. He held a regular season career scoring average of 26.7 points per game which is sixth in all-time ranking. and his playoff career scoring average of 29.7 points per game is second only to Michael Jordan. Iverson was also the NBA Most Valuable Player of The 2000–01 season when his team reached the NBA finals Iverson was name the NBA Most Valuable Player of the season. Iverson also represented the United States at the 2004 Summer Olympics, winning the bronze medal. He has also played for the Detroit Pistons, Memphis Grizzlies and the Denver Nuggets before ending his NBA career with the 76ers during the 2009–10 season. In 2008 ESPN rated him the fifth greatest NBA shooting guard of all time.

IF HE WAS SO FAMOUS, HE WAS PROBABLY RICH TOO!

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That’s correct. Before going bankrupt Allen Iverson was amongst the richest NBA players. His total career earnings are estimated to be around 155 million USD. Below is a compilation of his career earnings.

YEAR NBA TEAM EARNINGS AND SALARY
1996-97 Philadelphia 76ers $ 2.2 Million
1997-98 Philadelphia 76ers $ 3.1 Million
1998-99 Philadelphia 76ers $ 3.5 Million
1999-00 Philadelphia 76ers $ 9 Million
2000-01 Philadelphia 76ers $ 10.1 Million
2001-02 Philadelphia 76ers $ 11.25 Million
2002-03 Philadelphia 76ers $ 12.3 Million
2003-04 Philadelphia 76ers $ 13.5 Million
2004-05 Philadelphia 76ers $ 14.6 Million
2005-06 Philadelphia 76ers $ 16.4 Million
2006-07 Denver Nuggets $ 17.1 Million
2007-08 Denver Nuggets $ 19 Million
2008-09 Detroit Pistons $ 20.8 Million
2009-10 Philadelphia 76ers $ 1.029 Million
2009-10 Memphis Gizzlers $ 161 Thousand

 

Total Career Earnings: $155 Million

Iverson also tried his luck in the music industry. During the 2000 off-season, he recorded a rap single called “40 Bars”. But apparently, the single was single was never released as it was criticized for having controversial lyrics. His album, Jewelz, was alleged to have made derogatory comments about homosexuals. After criticism from activist groups and NBA Commissioner David Stern, he agreed to change the lyrics, but ultimately never released the album.

TROUBLE IN PARADISE

So how does a man go from earning $ 155 Million to bankruptcy? Beats me too, but guess what it happens and unfortunately it happened to Allen Iverson.

In 2012, Iverson filed for Bankruptcy after claiming that he was flat out broke. Subsequently, on 14th February 2012 a Georgia Judge ordered the seizure of all of Allen Iverson’s bank accounts. This certainly comes as a shock given that his total career earnings were $ 155 Million as mentioned above. The figure of $ 155 Million is just through his earnings as a basketball player. It is believed that Iverson earned an additional of $ 30- $ 40 Million through endorsements and merchandising deals. Iverson certainly isn’t the first professional athlete to face such a financial ordeal. It is alleged that he travelled with an entourage of as many as 50 people at times. He had a habit of showering his friends and family, especially his mother, with jewelry, cars, expensive vacations and houses. Iverson’s most recent financial trouble came when he was ordered by a judge to pay $ 900,000 to a Georgia jeweler but apparently he doesn’t have a single dime to his name.

The Bankruptcy that Iverson filed in December 2012 with the court, in that he told a Georgia judge that his monthly income is $62,500 but his expenses are $360,000! Mortgages and debt owed to various creditors comprise of almost $ 125k of that $360k. Iverson also admitted to the judge that his current spending involves $10,000 a month on restaurants/entertainment, $10,000 a month on clothes and an additional $10,000 on groceries. That’s a lot of spending by a guy who has filed for bankruptcy, is flat out broke and his net worth is – 1 MILLION USD.

 NOT A FAIRYTALE ENDING

Allen Iverson

Iverson realizing that his NBA career was close to over signed for a Turkish Basketball league team Besiktas in 2010. He signed a two year contract with them, which gave him a $ 4 Million net income for those two years. Iverson officially announced his retirement from professional basketball on October 30, 2013.

In August 2013, Iverson’s former wife Tawanna demanded $ 1.2 Million from him for child support. When he couldn’t pay he was dragged to court by his wife. According to court documents cited by TMZ, he said that he doesn’t have enough money for the child support. While Iverson was one of the most decorated players of his generation, he certainly didn’t do a good job saving money from his career.

Sadly enough, Iverson’s post-NBA career has been filled with controversies and stories of divorce, financial ruin, and alcohol abuse. Certainly not an ending a decorated sports star should deserve.

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