Allen Iverson Net Worth 2016: Is the Basketball Hall of Famer Broke? NBA Career Earnings and Financial Problems

Weeks ago, Allen Iverson was inducted into the Naismith Memorial Basketball Hall of Fame, an honor he truly deserves in the sport. In his 14-year NBA career, he was a four-time scoring leader, a three-time All-NBA first-teamer and an 11-time All-Star. He was also the 2001 NBA MVP and a cultural icon who inspired legions of fans to play and dress like him.

After a successful and colorful career in the league, how rich is the basketball Hall of Famer? Is the retired basketball player broke?

Iverson's Net Worth 2016

Per Celebrity Net Worth, Iverson earned an estimated $155 million throughout his NBA career. He also netted an additional 30 to 40 million dollars from endorsement deals and merchandising.

Despite the lucrative career earnings, the Philadelphia 76ers legend's 2016 net worth is projected at $1 million only. According to the website, the 41-year-old basketball icon spent almost all of his wealth on his entourage composed of more than 50 people, homes, cars, jewelry and other luxurious possessions. Although he still earns around $62,000 per month, his estimated monthly expenses is over $360,000.

Despite claims in the past years that Iverson is on the verge of getting broke, a report of NBC in 2012 debunked the speculations. A close friend of Iverson said that the former NBA superstar has an account containing $32 million, but he is prohibited to withdraw the money until he reaches 55. In the meantime, he will receive $1 million per year.

The Richest reflected the amount on their projection of Iverson's 2016 net worth. The website listed the basketball star's net worth at $1 million this year. However, he will receive a $1.4-million pension in 2021 and a $32-million trust fund in 2030.

Financial Troubles

Just like other net worth sites, Tyler Carlson of Gazette Review projected Iverson's wealth at $1 million this year. He said that the Hall of Famer spent a big chunk of his NBA earnings in personal problems and legal troubles from 1997 to 2005. These include traffic violations, illegal possession of deadly weapon, casino incidents and personal injury battles.

In 2010, reports surfaced that Iverson is in big financial trouble because of his drinking and gambling problems. In a 2012 divorce proceeding, he reportedly yelled at his now ex-wife that he is broke and does not even have money for a cheeseburger.

Amid alleged money troubles, Iverson maintained in an interview last year that he is not hurting financially. "That's a myth," he stated.

In addition to the 76ers, Iverson played for the Denver Nuggets, Detroit Pistons and Memphis Grizzlies. He officially retired in January 2013.

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