Allen Iverson Broke, Will Retire As A Philadelphia 76er

As Allen Iverson retires it’s been revealed he’s broke. So what’s the good news about Allen Iverson’s NBA career?

As previously reported by The Inquisitr, LeBron James says Allen Iverson is the best “pound-for-pound” NBA player he’s ever seen.

You might be wondering what could make Allen Iverson broke if he’s such a great basketball player. After all, he earned over $200 million during his 15-year NBA career, and a Reebok endorsement scored him $50 million, so where could all of that money have gone?

It turns out Allen Iverson lived lavishly, showering friends and family with gifts, houses, and cars, and boats. He regularly traveled around with a 50-person entourage and treated himself to expensive jewelry and his former home was a $4.5 million mansion. His second mansion sold for $2.85 million, as well.

Allen Iverson even managed to blow $1 million during one night in Atlantic City and was banned due to unpaid gambling debts. To make matters worse, when Allen Iverson divorced his wife Tiwanna he ended up paying $1.2 million in alimony. His wife alleged emotional abuse and cheating so there’s likely to be no support from the family.

We found out from Allen Iverson’s bankrupty that even though he was broke and in debt he was still spending roughly $10,000 a month on clothes, $10,000 a month on groceries, $10,000 a month on entertainment and dining out, and $1,000 a month on dry cleaning. All in all, he was spending over $360,000 a month on a $62,500 income and managed to dig a financial hole that was $150 million deep.

Still, as Allen Iverson retires he’s be honored for his basketball performance even though his personal and financial performance was lacking. The Philadelphia 76ers and the Miami Heat will be going at each in tonight’s NBA game. Prior to the start of the game Allen Iverson will official retire as a Sixer, marking an end to Allen Iverson’s career.

[Allen Iverson Image via Sports Illustrated]