Allen Iverson Visits Jinjiang

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Hey may have denied it in a recent interview with Gayle King, but Allen Iverson is reportedly far from being financially comfortable nowadays.

In the new book “Not a Game,” author Kent Babb explores the former NBA all-star’s transition from a talented, controversial athlete who earned nearly $21 million playing for the Denver Nuggets and Detroit Pistons during the 2008-09 season to a guy who eventually spent much of that in addition to his $155 million fortune.

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According to Babb, Iverson Iverson’s penchant for spending and living beyond his means over the years resulted in him going broke. Nevertheless, he tried to keep his broke status a secret from his then-wife Tawanna, who discovered Iverson’s secret after she caught him calling friends to ask them to lend him money.

Iverson’s situation is the latest in a long line of similar circumstances experienced by many athletes who adapt a lavish lifestyle after coming from humble beginnings, Babb wrote in an excerpt from “Not a Game” that appeared in the New York Daily News.

“He had a $4.5 million gated estate in northwest Atlanta that spanned nearly 10,000 square feet, had a massive bar and a gourmet kitchen, and rain gutters made from pure copper,” Babb mentioned while pointing out Iverson’s like of chain restaurants and expensive jewelry as well as “first-day friends” who had “always believed in him.”

“But heavy spending is coupled with a lack of financial literacy and sound money management advisors. Iverson’s wife, for instance, paid insurance on 14 cars — five of which belonged to Iverson, two to herself, and the rest to friends and family members whom Iverson supported. Each month $12,000 in car insurance was billed to Tawanna’s AmEx. She also paid for a $25,000 gambling debt Iverson never paid to Caesars Palace, $50,000 to reimburse the family’s personal assistant, and tens of thousands each month to cover Iverson’s security detail and the family’s household staff.


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