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NBA’s Allen Iverson Loses $4.5M Home to Foreclosure

He defaulted on a $1.2 million mortgage


foreclosureBasketball star Allen Iverson’s Atlanta, Ga., mansion has been sold in a foreclosure auction, according to TMZ.

Iverson purchased the estate for $4.5 million back in 2010, which was also the last year he played for an NBA team. He defaulted on a $1.2 million mortgage, setting the stage for the auction.

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The basketball star sued to stop the sale, arguing that his former wife, whom he is currently divorcing, had agreed to the mortgage without his consent. But the court ultimately okayed the auction.

Iverson’s estate was purchased by the bank which backed the mortgage for $2.5 million.

Article printed from InvestorPlace Media, http://investorplace.com/2013/02/nbas-allen-iverson-loses-4-5m-home-to-foreclosure/.

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