Allen Iverson Net Worth: How did a former NBA player almost lose $200 Million due to bankruptcy?
Allen Iverson, an 11-time NBA All-Star, earned nearly $200 million during his basketball career through contracts and endorsements. However, poor financial management, lavish spending, and a series of bad investments led to his near-bankruptcy. Iverson was known for his extravagant lifestyle, spending millions on jewelry, cars, and luxury items. Additionally, he faced significant legal fees, divorce settlements, and child support payments that further drained his finances.
One of the major issues was his lack of proper financial advisors. His entourage often exploited his wealth, and Iverson, trusting friends over professionals, saw his money quickly diminish. By 2012, he was deeply in debt, with reports of unpaid bills and creditors seeking compensation. However, Iverson avoided total financial ruin thanks to a trust fund set up by Reebok that guarantees him access to $32 million at age 55, safeguarding his future finances.
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