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What happened to hoops great Allen Iverson's net worth?

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Allen Iverson | Phil Walter/Getty Images

Allen Iverson

Net worth: $1 million (as of February 2017)
  • Year of birth: 1975
  • Education: Georgetown University

How Allen Iverson's net worth was built

Despite legal troubles in his teen years, Allen Iverson earned a spot on the Georgetown University basketball team, where he helped them reach the Elite 8 in the NCAA Championship Tournament in his sophomore year. Shortly after, in 1996, he was the first overall pick in the NBA drafted by the Philadelphia 76ers. In his NBA career, he also played for the Denver Nuggets, Detroit Pistons, and Memphis Grizzlies. His salary from his professional basketball career totaled $155 million, not including endorsements.

He left from the NBA in 2010 and attempted to continue his basketball career in Europe before retiring completely. Unfortunately, Iverson is known for squandering his money and landing himself in expensive legal situations. In 2012, a judge seized his bank account to pay off debts. Additionally, he must pay hefty amounts to his ex-wife and their five children as part of the divorce settlement.

While some sources claim that Iverson is broke, he did sign a lifetime contract with Reebok in 2001. As part of that contract, he receives $1 million per year and will receive a lump sum of $32 million at the age of 55.

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What he's up to now

Allen Iverson continued to pursue a career in basketball after leaving Europe; however, he turned down an offer from the Texas Legends. He also received and turned down an offer to play on an indoor soccer league. In 2013, he officially announced his retirement from basketball after losing his desire to play.

In 2015, the Showtime network aired a documentary about Allen Iverson's life. He made television appearances in support for the film and to dispel any myths surrounding his life and legal troubles.


Accolades

Despite being one of the most controversial players in NBA history, Allen Iverson racked up several honors and accolades during his career. In his first year in the NBA, he was selected as Rookie of the Year and NBA Rookie Challenge MVP.

He was named 2001's Most Valuable Player in the NBA and an All-Star player 11 times. Three years after his retirement, he was inducted into the Pro Basketball Hall of Fame. In 2014, the 76ers officially retired his No. 3 jersey.

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