From Multi-Millionaire To Broke, Here's How Former NBA Star Allen Iverson Lost It All

What is Allen Iverson's net worth, career earnings, and salary?

Retired professional basketball player Allen Iverson has an estimated net worth of $1 million as of 2023, according to Celebrity Net Worth. Despite making over $200 million in earnings, Iverson lost it all due to his poor off-the-court conduct. He was once considered to be one of the greatest basketball players of all time. He consistently led the NBA in season scoring and is only second to Michael Jordan in scoring during playoffs. However, his NBA career ended prematurely as he was reportedly difficult to work with, and he had some glaring issues with alcohol and gambling.

Sources of Income

Career in Basketball

Iverson was recruited straight from a Virginia jail cell by Georgetown University head coach John Thompson. He was also a member of the 1995 USA World University Games Team. However, he left Georgetown early against Thompson's wishes to start a career as an all-star NBA point guard. He earned a spot in the playoffs with the 76ers in 1999 and went on to play in all ten playoff games.

In 2000, Iverson signed a six-year, $70 million contract extension with the team. However, during the offseason, the 76ers tried to trade Iverson after his numerous arguments with coach Larry Brown. After the trade failed, Iverson led the team to the finals in 2001 and was named the Most Valuable Player.

In 2003, he became a member of Team USA for the 2003 FIBA Americas Olympic Qualifying tournament in Puerto Rico. The team won the gold medal and enjoyed a perfect 10-0 record in the tournament. He was also part of the 2003 USA Senior National Team. In the NBA, he stayed with the 76ers for 10 years after which he was traded to the Denver Nuggets, where he played for two years. After brief stints with the Detroit Pistons and the Memphis Grizzlies, he returned to the 76ers for one year.

However, towards the end of his career, after several off-the-court issues, Iverson was shunned by American NBA teams forcing him to lace up for the Turkish Basketball League and the Eurocup. However, he failed to forge a consistent career there and retired from basketball altogether in 2013.

Career Earnings

Iverson had earned nearly $155 million in NBA salary alone, and over $95 million of it came from the Philadelphia 76ers, according to Celebrity Net Worth. Apart from his salary, Iverson is estimated to have made an additional $60+ million from endorsement and merchandising deals. However, Bleacher Report pegs Iverson’s total earnings to be around $250 million. Further, the report claims he has lost about $218 million in legal fees and expenses.

How did Allen Iverson go broke?

At the peak of his career, Iverson spent millions on his lavish lifestyle. He allegedly traveled with an entourage of 50 people at times and friends and family, especially his mother. He owned expensive cars, jewelry, houses, and went on expensive vacations as well.

In 2010, Iverson officially declared bankruptcy after failing to pay his debt to a jeweler, after a Georgia judge ordered him to pay $900,000 to the jeweler. In a 2012 court filing, Iverson told the judge that his monthly income was $62,500, but his expenses were $360,000, as per Celebrity Net Worth. In 2012 the judge ordered the seizure of all of his bank accounts following his claims that he was flat broke.

Iverson’s Safety Net, The Reebok Trust Fund

Iverson signed a lifetime endorsement deal with Reebok in 2001 and bagged three stunning benefits for his life. The lifetime deal featured a pay of $800,000 per year for life and a pay of $5 to $10 million per year throughout his NBA career. However, the biggest benefit was the deal according to which Reebok reportedly set aside $32 million in a trust fund that would be inherited by Iverson on his 55th birthday.

Social Media Following

Personal Life

Iverson married his high school sweetheart Tawanna Turner. The couple welcomed five children before filing for divorce in March 2010. The divorce was finalized in 2013, but they got back together just one month after it. He also had an on-and-off relationship with rapper Da Brat, according to Celebrity Net Worth.

Awards

2001 BET Award: Sportsman of the Year

2016 NBA Hall of Famer

2001 NBA Most Valuable Player

4 times NBA scoring champion

11 times NBA All-Star

2 times NBA All-Star Game MVP

7 times All-NBA

1997 NBA Rookie of the Year

1997 NBA All-Rookie First Team

1997 NBA Rookie Challenge MVP

FAQs

How old is Allen Iverson?

Allen Iverson is 48 years old.

How old was Allen Iverson when he retired?

Allen Iverson left the NBA at the age of 34 in 2010, which unexpectedly became his retirement from the American NBA as he never made it back.

Is Allen Iverson retired?

Allen Iverson officially retired in October 2013.

How much money did Allen Iverson lose?

As per Bleacher Report, Allen Iverson has lost about $218 million in his career.

What is Allen Iverson’s net worth?

Allen Iverson has an estimated net worth of $1 million as of 2023, according to Celebrity Net Worth.