The news was reported by TMZ: “Iverson allegedly defaulted on a $1.2 million mortgage which sent the $4.5 million home into foreclosure. He briefly fought off an auction ... but ultimately, he couldn't stop it. Sources close to the sale tell TMZ ... Iverson's bank purchased the mansion [Tuesday] for $2.5 million.”
This does not mark the first time that the mansion owned by Iverson has been sent into foreclosure. In march of 2011, the same mansion slipped into foreclosure after Iverson discontinued paying a mortgage on it. Reports noted he still owes over $2.5 million on the mortgage payments. Iverson has been met with strife when handling the loss of his six-bedroom mansion in Villanova, PA, which he had owned while a member of the Philadelphia 76ers. The house sat on the market for over three years, and its final selling price was under half of what he was initially asking, falling to $2.6 million from $6.3 million at its start.
Iverson has had a long list of financial woes since his last stint in the NBA, which ended on February of 2010. Since then Iverson has somehow managed to squander more than $154 million he earned over a 14-year NBA career, plus the money earned from endorsement.
Reports of Iverson being sans funds came to light in January, where a George judge garnished Iverson's wages in a six-figure jewelery bill settlement. The former NBA Most Valuable Player went to play basketball in Puerto Rico in what became a media stunt, as well as playing indoor soccer in Rochester, New York. The media stint waned fast when it was found that Iverson had tens of million stashed into a trust which the 38-year-old player is not granted access to until he is 55 years old. Iverson also reportedly gains a $1 million annual stipend which he has full access to.
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