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

He defaulted on a $1.2 million mortgage

   

foreclosure NBA's Allen Iverson Loses $4.5M Home to 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.

CashStack185 NBA's Allen Iverson Loses $4.5M Home to Foreclosure
NFL Quarterback Asking For $20 Million a Season

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/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.