Former NBA star’s Atlanta home auctioned in foreclosure action
Former NBA star Alan Iverson’s home in Atlanta, Georgia, was auctioned recently as a part of a foreclosure action by a bank that Iverson owed an estimated $1.2 million to on the mortgage.
The former basketball star has been facing financial struggles for quite some time, experiencing a foreclosure on a home in another part of the country in 2011. He has faced various other financial troubles according to recent reports, including an incident last year when a judge in Georgia garnished a portion of his wages to pay off a jewelry debt.
Matters for Iverson are complicated by an ongoing divorce negotiation between him and his ex-wife of 11 years with whom he has five children. He recently experienced a setback in that respect as well when his wife was awarded full custody.
Many Atlanta readers might be surprised to hear that someone with such a successful career could fall onto financial hard times the way that Iverson has. While it is true that the basketball player has a very high income, still making as much as $60,000 a month, he also has a tremendous amount of debt and financial obligations. Like other Georgia homeowners, the professional athlete purchased his property at a time when he expected to continue to earn at a high rate and when he may have expected property values to increase. Sometimes a miscalculation or an unexpected job loss can result in the inability to pay off all of one’s debts. Some publications have estimated that the basketball player has more than five times his income worth of financial obligations each month.
Source: Examiner, “Allen Iverson’s money woes continue; loses Atlanta mansion in foreclosure,” Carla Ives, Feb. 6, 2013.
More information about the foreclosure process in Atlanta is available on our website.