Yep, so much for living large, Allen Iverson. Well, actually we’re presuming the days of living large are over for the former NBA star.
What we do know, courtesy of TMZ, is that Mr. Iverson is on the verge of losing his big ol’ Atlanta mansion because the bank that’s holding the loan is gearing up to sell the house at auction next week.
Iverson purchased the home back in 2010 for $4.5 million — but according to official records, he defaulted on his mortgage and the bank foreclosed. Now, the home is set to be sold at auction on December 4th along with all the crap inside.
Iverson’s currently going through a nasty divorce with his estranged wife, and he’s famously been dealing with money problems including a nearly-million-dollar debt to a Georgia jeweler.
He still has a chance to save it if he comes up with the cash before auction time … but the clock's ticking … fast. It was scheduled to be sold off to the highest bidder on Dec. 4. But before the sale took place, Iverson was clever and filed a lawsuit against the lender, claiming that he never consented to the loan, reports TMZ.
In court documents he says that his estranged wife actually agreed to the terms of the mortgage, though he could not fulfill the contract. The lawsuit has paused the foreclosure proceedings at this point.