ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NET WORTH

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

Allen Iverson is estimated to have earned nearly $155 million in NBA salary alone
PUBLISHED NOV 3, 2023
Allen Iverson honored during the Denver Nuggets 2000's Night halftime presentation| Getty Images | Photo by Timothy Nwachukwu
Allen Iverson honored during the Denver Nuggets 2000's Night halftime presentation| Getty Images | Photo by Timothy Nwachukwu
Name Allen Iverson
Net worth $1 million
Salary N/A
Annual income N/A
Sources of income Basketball, endorsements
DOB 7 June 1975
Age 48 years
Gender Male
Nationality United States of America
Profession Retired Basketball Player

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.

Allen Iverson of the Philadelphia 76ers  during an NBA game | Getty Images | Photo by Ezra Shaw
Allen Iverson of the Philadelphia 76ers during an NBA game | Getty Images | Photo by Ezra Shaw

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.

Allen Iverson attends Allen Iverson 2001 All Star Mitchell & Ness Jersey Release Party | Getty Images | Photo by Gilbert Carrasquillo
Allen Iverson attends Allen Iverson 2001 All Star Mitchell & Ness Jersey Release Party | Getty Images | Photo by Gilbert Carrasquillo

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.

Allen Iverson looks up through the net of the basketball hoop during a photoshoot | Getty Images | Photo by Al Bello
Allen Iverson looks up through the net of the basketball hoop during a photoshoot | Getty Images | Photo by Al Bello

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.

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.

Allen Iverson hugs his mother, Ann, as he accepts the NBA's 2001 MVP award | Getty Images | Photo by M. David Leeds
Allen Iverson hugs his mother, Ann, as he accepts the NBA's 2001 MVP award | Getty Images | Photo by M. David Leeds

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 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.

Paul Fireman, Chairman and CEO, Reebok International LTD presents Allen Iverson with a diamond studded RBK shoe | Getty Images | Photo by Thos Robinson
Paul Fireman, Chairman and CEO, Reebok International LTD presents Allen Iverson with a diamond studded RBK shoe | Getty Images | Photo by Thos Robinson
Instagram 14.8 Million
Twitter 1.2 Million
Facebook 4.8 Million

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.



 

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

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.

MORE ON MARKET REALIST
The legendary lead vocalist of the celebrated rock band U2 has built a vast empire and is now the second richest rockstar on the planet.
Oct 3, 2024
Trump's impressive car collection includes McLaren Mercedes SLR, Rolls-Royce, and even an exclusive Cadillac.
Sep 27, 2024
The nursing student from Georgia found his trading account balance rise to a whopping $1,309,245,148,628.7
Sep 26, 2024
Nicholas Puech, who owned a 5.7% stake in the luxury brand, has claimed he has nothing left in bank.
Sep 25, 2024
Is it surprising that the billionaire isn't a frequent shopper at the grocery store?
Aug 31, 2024
The pay gap led to her passing over the role and it ultimately went to a newcomer.
Aug 20, 2024
American businessman Charles Francis Feeney was called the "James Bond of Philanthropy" by Forbes.
Aug 14, 2024
Swift's partner Travis Kelce is estimated to be worth $70 million and the cat is richer than him
Aug 5, 2024
He spent his teenage years earning just $1 per hour by offering tourist tours
May 14, 2024
The rapper earns primarily from album and mixtape sales, endorsements, concerts, tours, live performances, and shows.
May 3, 2024
From real estate mavens and fashion PR queens to content creators and resilient entrepreneurs, these women bring a diverse range of experiences to RHONY.
Apr 27, 2024
For two years, soaring inflation eroded most workers' wage gains but recent data from the Bureau of Labor Statistics suggests that the tide is turning.
Apr 7, 2024
From global show to international tours, delve into the singing maestro Taylor Henderson's net worth
Apr 7, 2024
Today, many artists don't limit themselves to one art form but expand by launching their fashion lines or tieing up with charitable organizations
Mar 24, 2024
Take a look at how the financial maestro Carlos Slim Helubuild himself and his generations a legacy
Mar 24, 2024
These changes represent significant adjustments to the program, impacting millions of recipients across the United States.
Mar 16, 2024
Corporate brands usually rely on popular software to smooth operations but major software malfunctions have also spelled disaster for companies and consumers.
Mar 10, 2024
The scammers went to great lengths to make their scheme convincing, even going as far as creating a fake SpaceX YouTube channel with 180,000 subscribers
Mar 10, 2024
Leveraging technology to take on small jobs and tasks can help you earn extra cash quickly.
Mar 5, 2024