Allen Iverson, former NBA All-Star who is now playing in the Turkish Basketball League, is in foreclosure on his Cherry Hills mega-mansion, an affluent suburb of Denver, CO. After reports of alcohol abuse, a gambling addiction, and marital troubles derailed Iverson’s highly decorated professional career in the United States, the father of five left to pursue basketball opportunities across the pond. Unfortunately, Iverson did not button up his personal finances before leaving town.
According to the Denver Post, Iverson quit paying his mortgage and let his 6-bedroom, 6-bathroom home slip into foreclosure. Iverson purchased the 10,445 square foot home in 2008 for $3,875,000 during his tenure with the Denver Nuggets. The property includes an extensive security system, gourmet kitchen, safe room, open media area, wine room, seven gas fireplaces, outdoor play area, and lake views. He first listed the home for sale in April 2009 for $3,750,000 — nearly $1 million less than the last recorded listing price.
A buyer is expected to close on the property in early April for a price that “was close” to the current asking price of $2.85 million. Still, Iverson is responsible for attorney fees, foreclosure costs, and default interest.
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