Allen Iverson, a former National Basketball Association most valuable player and 11-time All- Star, has stopped paying the mortgage on his 6,848-square-foot house in Cherry Hills, Colorado, the Denver Post reported.

Iverson, 35, who purchased the property in 2008 for $3.88 million, let the six-bedroom, nine-bathroom home slip into foreclosure and owes more than $2.5 million to Wells Fargo Bank, the Post reported, citing a Notice of Election and Demand for Sale filed in Colorado’s Arapahoe County on Feb. 28.

The house was for sale and scheduled to close for about the asking price of $2.85 million, according to the newspaper. Though the sale is allowed to continue, Iverson may be forced to pay attorney fees, foreclosure costs and default interest, real estate attorney Alan D. Sweetbaum told the Post.

Iverson, who won the 2000-01 NBA MVP award, played for four NBA teams in his 14-year career. He played for the Denver Nuggets in 2006 to 2008. In October, he agreed to a two-year, $4 million contract with the Turkish basketball club Besiktas.




http://www.bloomberg.com/news/2011-03-04/allen-iverson-s-six-bedroom-home-in-colorado-foreclosed-denver-post-says.html



Wow, this dude has had a time with his homes.  He JUST sold the home in Gladwyne (PA) like a year ago, if not two.  They hadn't lived in that home in years.  Even the home they were living in while he was playing with Philly before going to Denver is on the market, and that just happened about three or four months ago.  It's empty, but it's definitely for sale.  Then, there are the two homes in Atlanta that he has because I'm more than certain he didn't sell the one they were living in before Tawanna filed for divorce.  I wonder why he purchased a home in Denver.  Surely he wasn't expecting to be there for the long run......or was he?   I'm saying though.  Many professional athletes rent homes during the sports season so....I guess.

Oh yeah, and the house that Ann was living in down in VA went into foreclosure this past summer too.  I almost forgot about that.  Man, I sure hope the rumors aren't true about AI being broke.  However if they are, I really hope he gets it together.  I really hope that he at LEAST put something away for his children.