After $154M, Allen Iverson may be broke

Allen Iverson in October, 2011

/ Ethan Miller/Getty Images

At one time, there was no more famous nor more sought-after basketball player than Allen Iverson. Dubbed "The Answer" to a Michael Jordan-less NBA, Iverson scored numerous record-setting deals and endorsements.

In NBA salary alone, he earned about $154 million, according to basketball-reference.com.

Now, a judge in Georgia has ordered Iverson to pay the $860,000 he apparently owes a jeweler, The Philadelphia Inquirer reports. The problem is, he didn't have the cash to pay the jeweler, so the judge has ordered his bank accounts commandeered and his earnings garnished.

Rumors about Iverson's insolvency began as far back as 2010, when an Inquirer reporter visited the guard in Turkey, where he was apparently playing on a two-year $4 million contract for a non-elite team.

"The 76ers' former all-everything guard is broke - by all accounts except his own - and playing here in Istanbul for a number of reasons, none of which is to become an ambassador for Turkey's solid, but often overlooked, professional league," wrote reporter Kate Fagan in November, 2010.

Iverson's financial woes are rather common among former big-earning NBA players. The NBA Players' Association reportedly reminds its rookies every year that 60 percent of NBA players go broke five years after their last basketball-related paycheck, reports The Toronto Star.

Scottie Pippen, Antoine Walker, Kenny Anderson, and Derrick Coleman are just a few of the bigger names to have had major financial woes after leaving the NBA, according to Yahoo! Sports. Even the great Julius "Dr. J" Erving reportedly has struggled with money in his post-basketball life.

Iverson fame went well beyond having the most devastating crossover dribble in NBA history, and he spent money like the superstar he was. He was known for having an entourage as big as 50 people. He helped popularize in the NBA the hip hop fashion sense of neck tattoos and absurdly large diamond jewelry. He traveled with a hair stylist, and spent lavishly on everyone around him.

Now, The Answer may be headed to play basketball in anywhere from Puerto Rico to Iran to the Philippines in order to pay his bills.

[ugly_zeke]

At least he never tried to strangle his coach.

[baileyccc]

Lack of education equals this............

[read_more]

he is far from broke. balldontlie he is atleast worth 32 million. and did people forget about the nba pension policy which maxes out at 10 years... he was in the nba for longer than 10 years. he is richer than the journalist who wrote this and far richer than any of us!!!

[endrepubs]

I have such sympathy for him. How awful.

[BarryObongo]

TNB ..... Dumb "*******" and their money are soon parted.

[piercetheval]

WHO? Never heard of Him...

[Forty-Four]

He's one of them there Ball-in-hoop people

[credibility2]

I haven't any sympathy for pro athletes who squander their egregious salaries and who lack any discipline to hire competent financial experts. Clearly guys like this live beyond their means and are ignorant. You can't dole out this kind of money to an undisciplined individual until you first teach them something about self-restraint.

[Forty-Four]

Anyone realize how poor the Pistons have been doing? Worst trade we ever made was Billups for Iverson. The thing was going downhill to begin with, but was managable. Trade our best guy for Iverson and the thing became a giant sinking ship.

Iverson, you may as well follow Darren McCarty and go work at the pawn shop on Hardcore Pawn

[Forty-Four]

I don't care about Bball either...except for March Maddness, and if the Pistons make the playoffs.

[kljdsfkj]

Where is the love and forgiveness people? The people that should receive the anger is those around him that did not look after his best interests; only their own while they capitalized on his success. The guy was duped by his supposed friends and particularly his agents.

[train99]

Anyway, he was a nice little guy.
And you know, money isn't everything! Well, he proved it. Gave it what it deserved!

[jose_z1]

$154,000,000 / 60 months = $2,566,666 average spent per month...
.
had he only spent $100,000 per month, the money would have lasted him 128 years
.
no pitty from me
.
.

[Nate650]

It's even more shocking when you break it down like that.

[ELWTSN]

@Jose_z1 I love your way of thinking...you are so correct! Sadly, our pro sports is like giving immature kids an instant lottery ticket. They don't have a clue until its all gone.