Allen Iverson has been living larger than his game, and the high life is finally catching up to him.
A Georgia judge is having the former NBA star's bank account commandeered over an $860,000 debt to a jeweler that he can't pay.
Who runs up nearly a seven-figure tab at a jewelry store? The answer is The Answer.
When Good Bling Goes Bad
Iverson is hardly first celebrity athlete to burn through all of his dough. Boxer Mike Tyson and baseball legend Lenny Dykstra filed for bankruptcy. Scottie Pippen's poor business decisions and golfer John Daly's gambling ways emptied out their coffers. (For more tales in that vein, check out Broke Stars: 11 Celebrities Who Went Bankrupt.)
However, it may be hard to top the mountain of money that Iverson squandered -- and the extravagant ways in which it went up in flames.
The free-shooting Philadelphia 76er amassed more than $154 million from his NBA salary alone. Throw in his Reebok shoe deal, smaller endorsements, business deals, and other opportunities to cash in on his fame, and you have an impressive nine-figure empire -- but one that quickly disintegrated to less than zero.
Hard to imagine, perhaps, but it's easy to explain when you realize that Iverson broke the cardinal rule of budgeting: Never live beyond your means.
http://www.dailyfinance.com/2012/02...broke-what-his-sinking-fortunes-can-teach-us/
A Georgia judge is having the former NBA star's bank account commandeered over an $860,000 debt to a jeweler that he can't pay.
Who runs up nearly a seven-figure tab at a jewelry store? The answer is The Answer.
When Good Bling Goes Bad
Iverson is hardly first celebrity athlete to burn through all of his dough. Boxer Mike Tyson and baseball legend Lenny Dykstra filed for bankruptcy. Scottie Pippen's poor business decisions and golfer John Daly's gambling ways emptied out their coffers. (For more tales in that vein, check out Broke Stars: 11 Celebrities Who Went Bankrupt.)
However, it may be hard to top the mountain of money that Iverson squandered -- and the extravagant ways in which it went up in flames.
The free-shooting Philadelphia 76er amassed more than $154 million from his NBA salary alone. Throw in his Reebok shoe deal, smaller endorsements, business deals, and other opportunities to cash in on his fame, and you have an impressive nine-figure empire -- but one that quickly disintegrated to less than zero.
Hard to imagine, perhaps, but it's easy to explain when you realize that Iverson broke the cardinal rule of budgeting: Never live beyond your means.
http://www.dailyfinance.com/2012/02...broke-what-his-sinking-fortunes-can-teach-us/
