by InvestorPlace Staff | February 16, 2012 10:11 am
Allen Iverson should be good with numbers. He’s an 11-time NBA all-star. He earned $154 million over his career in the NBA (not including lucrative endorsement deals). He’s 17th on the all-time scoring list for the modern-era NBA.
He’s also bankrupt. A Georgia judge seized Allen Iverson’s accounts this week to pay outstanding debts.
It makes you wonder, how did Iverson lose so much after making so much?
His friends say that part of the problem was… well, his friends. He had one of the biggest entourages in all of the NBA, regularly traveling with dozens of pals and inviting as many as 50 folks to home basketball games, according to reports in the Philadelphia Inquirer. That included “staff, ” like the hair stylist A.I. took on the road with him.
Then, of course, there’s the bling. Some of his current bad debt includes $860,000 to a jeweler. But don’t think it was all for show and vanity. Iverson apparently also loved to buy jewelry for his beloved mother, Ann.
This is not the worst celebrity bankruptcy of all time. When you look at the recent list of 10 most EMBARASSING celebrity bankruptcies of all time, the mayhem of other athletes like Mike Tyson and Lenny Dykstra appear much worse. After all, these stars managed to not just squander their fortunes but wind up in the slammer, too.
Well, there was that bowling alley fight in 1993 where Iverson was involved… And a 1997 arrest for carrying a concealed weapon and for possession of marijuana. He pleaded no contest and was sentenced to community service.
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