Is Former NBA Star Allen Iverson Broke?
Allen Iverson, the former Philadelphia 76er's point guard known for fast drives, sharp shooting, killer cross-overs, as well as neck tattoos, elaborate hair, and large diamonds, may have just run out of money.
The Philadelphia Inquirer reports that a judge in Atlanta Georgia has ordered the former NBA star to pay a jeweler approximately $860,000 for jewelry, court costs, interest, and legal fees. Apparently the jewelry store Aydin & Company Jewelers sued Iverson back in 2010 because he failed to pay a $375,000 charge he owed them. And over time and with added legal fees, Iverson's debt to Aydin & Company ballooned up to $860,000.
Though Iverson was called "The Answer" on the basketball court, it seems he has no answer in the court of law. Iverson is either refusing, or unable, to pay the jewelry store. The Georgia judge has ordered that his bank account be commandeered and his earnings garnished in order to pay back the store.
According to basketball-reference.com, Iverson's NBA earnings totaled approximately $154 million. That's a rather impressive amount of money to work through. But Iverson isn't the first millionaire athlete to struggle financially.
Sports Illustrated reports that, "Within five years of retirement, an estimated 60 percent of former NBA players are broke." And running out of money isn't just a basketball phenomenon; Sports Illustrated stated that NFL and MLB players have similar troubles.
Michael Seymour, founder of UNI Private Wealth Strategies, tells Sports Illustrated that professional athletes may have post-retirement financial problems because they "have a different set of challenges from, say, entertainers. There's a far shorter peak earnings period [in sports] than in any other profession, and in many cases [athletes] lack the time and desire to understand and monitor their investments."
Despite how common retired athlete financial trouble may be, owing a jewelry store upwards of $800,000 -- and not being able to pay it -- is certainly a shocking way for the former 11-time all star to re-enter the news.
