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Allen Iverson Ran Through Over 140 Million Bucks in His Career… shocked? I’m not.
One of Jay-Z’s iconic records was, “When The Money Goes Will The Honey’s Stay?” and it’s clear the former basketball superstar’s fall from NBA grace has answered that question for us all with a resounding ‘NO’.
[FLASHBACK: WATCH ESPN's 30 for 30 "BROKE" Documentary + Former Falcon Bob Whitfield Shares Input... (VIDEO)]
Iverson’s ex-wife Tawanna went to court last month, asking a judge to force him to pay $1,272,000 into a trust fund for child support. She wants the money in a lump sum because she was sick of chasing him every month.
The contentions sports player raked in over $140 million during his career, but now claims he’s a pathetic shadow of the man he once was (at least financially), and filed an answer demanding that his ex-wife drop her unrealistic child support demands.
Details below…
Allen’s attorneys filed court documents scoffing at his ex’s demands because he simply doesn’t have the dough….right now.
Iverson claims the only steady source of income he has is his Reebok deal and while it’s unclear exactly how much he pulls in from the shoe brand, he claims it’s nowhere near enough to meet his ex-wife’s demands.
Allen also says he resents his Tawanna’s claims that he’s a deadbeat dad, boasting that he has paid over half-a-million in support this year alone. The judge has yet to rule on the current issues.
Some of you may be aware that Iverson has a LIFETIME deal with Reebok [cue violins for Ricky Rozay UOENO]. ”Lifetime”… meaning Iverson reportedly receives $62k per month from the shoe brand.
And before his pity party begins, lets review career highs:
During his 15 seasons in the NBA, Allen Iverson was an 11 time All Star, league MVP, rookie of the year and a four time NBA scoring champion.
In 2008, ESPN ranked him as the fifth best NBA player of all time behind George Gervin, Jerry West, Kobe Bryant and Michael Jordan (in that order). As an NBA player, Allen Iverson made $154.5 million in salary alone. His peak earning season was 2008-2009, when he was paid $20.8 million by the Detroit Pistons. His largest career contracts include a $71 million six-year deal in 1999 and a $77 million four-year deal in 2003. Now thats a LOT OF DOUGH!!!
In a December 2012 court disclosure, Iverson told a judge that his monthly income was $62,500 but his expenses were $360,000!
Of that $360k, $125k went to paying back various creditors and another a large chunk goes to mortgages. Iverson-owned homes in Denver and Atlanta were eventually lost to foreclosure and a Georgia judge ordered him to repay nearly $900,000 to a local jeweler.[Source]
This is where things get a bit tricky. While Iverson certainly raked in a ton of dough, the divorce proceedings taught us that he was essentially millions in debt and losing more than $200,000 every month.
[FLASHBACK: Iverson's Wife Explains Decision to Divorce... ]
During the divorce, Iverson’s ex also spilled the tea in court about his continuing struggle with alcohol, his tricking off thousands of dollars in expensive gifts for his jumpoffs, and his inability to maintain a job. But despite all the bad news, we also learned that Iverson is actually still a very rich man with millions in the bank…. but he can’t touch any of it until 2030!
It turns out that back at the peak of his playing days, Iverson signed a lucrative endorsement contract with shoe company Reebok. $30 million from the contract was set aside as a rainy day trust fund that Allen will inherit when he turns 55.
Unfortunately, even though he desperately needs the money now, he wont get a dime for 17 more years. And to make matters worse, when he does finally inherit the trust it will be $15 million less than he originally planned. (The existence of this trust fund came to light after it was revealed in divorce disclosures that his ex-wife Tawanna was awarded 50% of the rainy day fund, to be delivered at the same future date).
In the meantime, Allen is in a deep hole that’s getting deeper every month. His potential for earning more income is quickly diminishing and he has a ways to go before he will ever be rich again.
Iverson’s financial plight could be an important lesson to us all about the importance of financial planning and while he certainly contributed more than his fair share to his ex-wife & kids, does he owe them his rainy day fund as well?
Is Twanna out of bounds for trying to squeeze blood from a turnip?
or is Iverson a prime example of the “BROKE” athlete who mismanaged his millions?
Remember, Jesus paid it all… I am an advocate for men paying child support when COURT ORDERED, but chile, Twanna can´t cash a check that will bounce.
I just got my life off this comment. Yeesss. I’ve seen your comments before and you reads to the gawds and the heavens above.
MAN I SAY ‘F’ TWANNA B/C SHE WAS SPENDING THE $$$ RIGHT ALONG WITH A.I., HIS MAMA & FRIENDS AND WAS PUTTING NOTHING ASIDE FOR HER KIDS. SHE’S BEEN WITH HIM SINCE JR HIGH AND WELFARE CHECKS SO LIKE ANY WOMAN KNOWS IF ISH HITS THE FAN 9 TIMES OUT OF 10 THE WOMAN WILL GET THE KIDS AND BULK OF RESPONSIBILITY FOR CARING FOR THOSE KIDS WITH OR WITHOUT CHILD SUPPORT AND SHE STILL CHOSE NOT TO PUT MILLIONS AWAY. CALL SHAUNIE O’NEAL WHAT U WANT BUT YOU CAN’T CALL HER STUPID B/C SHE HAD $10 MILL IN AN ACCOUNT THAT SHAQ FOUND OUT ABOUT DOING THEIR 1ST DIVORCE HEARING. A.I., TWANNA AND HIS MAMA ALL SPENT THE $$$ AND THOUGHT LESS ABOUT THE FUTURE B/C THEY NEVER THOUGHT HE’D BE CUT OR THE $$$ & THE GOOD TIMES WOULD RUN OUT. WELCOME BACK TO THE REAL LIFE IDIOTS!!!……….JENNY JONES!!!
AND IF HE DID HAVE THE $$$ THE CHILD SUPPORT ORDER OF $8K/MO.IS BASED ON 5 KIDS BUT THAT # WILL GO DOWN EACH TIME A KID REACHES 18 SO WHY SHOULD SHE GET A BULK PAYMENT BASED ON 5 KIDS? CHILE PLEASE. DON’T TRY TO GET SOME SENSE NOW WHEN YOU DIDN’T HAVE ANY THE 15 YRS HE WAS IN THE LEAGUE & THE $$$ WAS ROLLING IN……..JENNY JONES!!!
The bulk payment is calculated based on child support for each of their kids only until he/she turns 18.
She’s not asking for anything extra, because the Court wouldn’t agree to that. However, the Court may agree with a bulk payment since he paid exactly $0 of the $8K/mo that the Court just ordered him to pay earlier this year-until he was literally about to be thrown in jail & suddenly came up with all the back money. Huh, if he can come up with all that money at 1 time to keep out of jail he’s got money somewhere, somehow…so asking for a bulk payment isn’t that out of line.
Again, if he can come up with a big chunk of cash at 1 time why can’t he pay each month or just pay a bulk sum & not waste YOUR money-because it’s YOUR taxes if you live there, paying for him to be dragged to court every few months.
What happens if he comes up with money and it is spent up before the kids all turn 18? Since he fulfilled his child support requirements, will she be left to care for her kids alone financially? I hope she is because if not this is going to be a new tactic for all the babymothers out there.
Hey Jenny! I always enjoy your post! I agree except for Shaunie Oneil.She can be called stupid over and over again.Maybe not in this instance,but for soooo many other things.and as far as this season of her show bbws,shes the bully this season.I watched the first episode to see if it changed!It may have gotten worse.I have not watched since and I will not watch again.She is not a good example for anything.she better be careful,Marlon Yates is waiting for that pay out! smh….Keep the post comin @Jenny!!!!
@JRP
The last time someone asked for and got a bulk child support payment, it went to building a Chateau called "Neverland" and not the kids.
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She can´t get nothing from nothing.
Ctfu
Well he supposedly has a trust fund that he cant touch til he reaches a certain age…get it from there
Yes he should take care of his kids, but you can´t get blood from a turnip and hell she´s just as stupid as he was all those years helping waste that money and not putting some away somewhere, hell they been clowning for years.
Can´t wait to see where that money is gonna come from.
Gold digging ass, should have been cuffing instead of spending.
That´s why I wear two condoms…
Instead of the two condoms, try dealing with women on your level!
Wearing 2 condoms actually is less effective than wearing just 1-the friction from the 2 rubbing together increases chances that the condom(s) will break, and we all know how that ends!!
Just a heads up, to help keep the baby mamas away
Thats nonsense! Fuck these women out here just doing shit cause they can!
That´s old news
Allen has a fund that can´t kick in yet. Reebok will pay this dude multi millions. He just spends like yesterday never occurred.
She must know he got money somewhere. Why she gotta be gold digging? If he owe it to their children for support that has nothing to do with Gold Dogging. The has a contract with Reebok…
Girl you better off asking him to come home. SMH he ain´t got it no more.
She needs to get a job and Iverson needs to do right by his children not pay her.
Taking care of his kids does mean paying her because she’s the custodial parent. As long as those kids live with her, oh yes, he will pay her.
I know plenty of men who pay child support knowing that the money is not spent on the kids but on new weave, iphones, bottle popping and the like. No matter how much evidence they present in court of misuse of child support, they are still ordered to pay. Often times they come out of pocket in addition to paying child support. The child is still in need of sneakers since the baby mother used the child support money to get a new weave. The baby mother knows she can spend the money because if he does not give when his child is in need then she can scream "dead beat" and everyone will listen.
Iverson…take her ass back to court get custody….she doesn´t need that much $$$ to raise no one…and if she´s trying to keep up with the Joneses….break the news to her that them Joneses done change they last name and get foodstamps right now…and you in line
twanna pls. Ur ex is an has been not bill gates. Pls, sit down and apply for food stamps.
I don´t think she should get any of the Reebox Trust. she didn´t play basketball nor was she endorsed… That should be his money and his money ONLY, unless somewhere on the contract includes her name and signature.
Sorry to tell you but She is entitled to half that money because she was his WIFE when he signed the contract. Anything accumulated during the course of the marriage has to be split during the divorce. So no she didn’t physically play basketball but being his wife at the time of signing entitles her to a portion of that Reebok trust money.
Why wasn’t she setting up trust funds for these babies when the getting was good? She was just as financially irresponsible as he was. There is no way I’m married and watching money diminish and not do something about it. They need to get it together for their kids, this has got to be embarrassing for them. They are so messy and immature.
She was the lady of the house & as such she should’ve managed the finances. That’s what a Queen would do but unfortunately she’s no queen. I’m sure she balled out of control just as well. She should’ve thought about her children while doing all that frivolous spending. Like people said before, you can’t squeeze blood from a turnip. She need to get a job. I’m sure Allen is in hell already so there’s no need to kick him while he’s down & out. Poor kids.
people he is not broke he just dont want to give her any money
He just lost his mansion recently so he is having financial problems.
she want that Reebook Trust Money ….
Fathers pay state and federal taxes, tip bartender and strippers before they pay child support,,,something don´t add up..
Another stupid woman. She should have did all this when he had money. What’s the point in doing it now while he’s broke?
Wonder if he gonna cover up his tatoo on his hand that says Money Bagz
Ummmmm…What Jay Z song is that?????????
Money Goes, Honey Stay by Fabolous. JAY-Z is on the remix. It’s on the Loso’s Way album
@lovingthissite thanx for clearing that up
I never knew he was married until his marital problems were all over the news. He carried himself as a single man. I knew he had a baby mother, but what NBA player doesn’t. He doesnt seem like a deadbeat, but you can’t get blood from a rock.
This woman is the worst in not saying he shouldn’t pay child support but c’mon put your personal issues aside and give the man a break he’s broke for god sakes where the hell he gonna get 1 million to give her for child support that’s a lot of support and right now she being greedy everytime I turn around she taking him to court. Towanna all that time y’all been married you ain’t have a bank account with money set aside for rainy days I mean as a mother you would think you would be smart enough to do that but know you jut as bad as him spending all that Money like crazy on lavish shit I don’t feel sorry for you girl have a seat. Oh and may I ask what she does for a living and don’t say being a mom is her job that’s no excuse
An
And another thing tawanna your the women of the house why didn’t you take care of all finances instead of just spending and the main reason why she make me sick is why didn’t you set up trust funds / college funds for your children while they were babies as a mother you supposed to be on top of things like that especially your children’s future. there’s plenty of single women that go out and do what they have to do for their children even with out the help of the father girl stop waiting around for money from him.