How Allen Iverson's net worth nosedived following claims of bankruptcy
According to Celebrity Net Worth, Allen Iverson's net worth is estimated at only $1 million in 2022. This is a far cry from his value as an NBA player considering that he made more than $154 million from his contracts alone.
In 2012, two years after his last game in the league, Iverson filed for bankruptcy. Unlike many of his peers, the former MVP did not make smart investments with his money, which proved costly.
This article reveals all you need to know about Allen Iverson's net worth and how it nosedived after his claims of bankruptcy. Fortunately for Iverson, his contract with Reebok will save him and skyrocket his value in 2030.
Allen Iverson's net worth nosedived after 2012
The 11-time All-Star made more than $154 million from his NBA contracts and at least $50 million from endorsements. When he retired, Iverson's net worth was estimated at $200 million.
Unfortunately for Iverson, the point guard blew through all of his savings just two years after his last NBA game. He failed to pay an amount close to $900,000 owed to Aydin and Company Jewelers.
While the court gave permission to the company to charge the bill directly from Iverson's account, it did not have enough money and Iverson filed for bankruptcy.
Shortly after filing for bankruptcy, Allen Iverson's net worth nosedived and it was believed that the basketball legend was broke. It appeared that spending more than $20,000 on clothes and restaurants caught up to him.
You may be interested in reading: Allen Iverson's net worth will skyrocket when his deal with Reebok kicks off in 2030: All you need to know
According to Matt Barnes, who was Iverson's teammate in Philadelphia, the point guard was very generous when visiting strip clubs:
“Allen was the first guy that showed me how NBA players spend money in strip clubs. That guy went hard. He’d throw $30,000, $40,000 every time we went."
Matt Barnes says Allen Iverson used to throw $30,000 - $40,000 routinely at strip clubs. http://t.co/MiyWBgd2qi
Iverson officially retired from the NBA in 2013. However, his Reebok deal saved him. When almost everybody wrote the former MVP off, it was revealed that he would receive $32 million from Reebok when he turns 55.
Iverson's deal with Reebok is amazing
In 2001, Allen Iverson was arguably the most influential player in the NBA. Due to this, Reebok signed him to a deal that would bail him out. Iverson receives $800,000 per year from his deal with the footwear company.
You may be interested in reading: How does Allen Iverson's net worth compare to some of the yesteryear NBA legends that he played with including Carmelo Anthony, Chris Webber, and more?
Reebok set up a trust fund for the former All-Star, which he cannot access until he turns 55. The trust fund is worth $32 million and will skyrocket Iverson's net worth.
The basketball legend also receives $8,000 a month from the NBA's pension fund.