Allen Iverson is Drowning in Debt

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    According to court documents filed in Georgia divorce court, former star NBA guard Allen Iverson is living well beyond his means. It’s unfortunate that things are ending this way because he was a true talent.

    Pound for pound, Iverson can be considered one the NBA’s greatest players. Selected as the No. 1 pick in the 1996 NBA draft by the Philadelphia 76ers, the prolific guard went on to be named the Rookie of the Year in his inaugural season.

    During the course of his 15-year career, Iverson has been an 11-time All-Star, four-time scoring champion, and two-time All-Star Game MVP. His playoff scoring average is 29.7 points per game—second only to Michael Jordan — and he took his team all the way to the NBA Finals in 2001 but lost to the Los Angeles Lakers in five games. Despite never winning a championship, Iverson was rated the fifth greatest NBA shooting guard of all time by ESPN in 2008.

    But the former basketball superstar is mired in debt. Iverson and his wife have publicly battled each other, then reconciled, but this time it seems like it’s over. The two are in the middle of a nasty divorce and are working out the details of the settlement, but according to documents filed in Georgia, Iverson has little to offer because he spends way more than brings in.

    According to the documents, Iverson brings in $62,500 a month, but he spends $358,376.66. He spends $125,749.33 paying his creditors – like his jeweler and his mortgage (which is scheduled to be auctioned off today) back. But, his personal expenses are the killer. Iverson spends $10,000 a month on clothing, $10,000 on grocery, a stack on dry cleaning, $5,000 on entertainment, $5,000 on eating out and other stuff — all according to TMZ.

    The silver lining in all of this – he still has his Maybach, which is paid off and worth around $300,000 to $400,000.

    Um, swag?

    He’s spending like he still has the $150 million he made during his career, but alas that is gone. Now, he finds himself $295,876.66 in the hole each month.

    TMZ’s got the full story.

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