Published February 16, 2013
Will former NBA All-Star Allen Iverson’s real estate loss be a nice gain for one lucky Atlanta home buyer?
The bank that recently took Iverson’s $4.5 million upscale suburban Atlanta house through foreclosure must think so. Just look at the marketing pitch being used now to sell the 6-bedroom, 9-bathroom house at 675 W Paces Ferry Rd NW, Atlanta, GA 30327: “Make Us An Offer!”
Iverson defaulted on a $1.2 million mortgage, according to TMZ. Now the house is listed for $2.8 million, a $200,000 price cut since Jan. 8, almost exactly three years since Iverson’s house was first listed for sale back in 2010.
So much of Iverson’s stock has fallen since then it’s tough to keep track of his fall from superstardom. He is currently making noise about wanting to finish his career in the NBA, but he turned down a spot on the Dallas Mavericks’ developmental team.
This is hardly the first house Iverson has lost to foreclosure. The same plight took place in Colorado, where Iverson lost his $3.87 million Cherry Hills mansion to the bank.
However, despite a messy breakup with his wife and his quest to get back to the NBA, reports have surfaced that Iverson may be short on cash but solvent in the long term, thanks to a trust account set up for him by an adviser who sought to protect Iverson from his to-the-limit spending habits.
Peter Vecsey, then of the New York Post, reported that Iverson’s $250 million earned in salary and endorsements wasn’t all blown or given to friends and family. There’s a trust with $32 million in Iverson’s name, of which he draws $1 million in interest each year.