Former NBA star Allen Iverson is going through a rough patch. The famous basketball player, who recently went through a divorce and custody battle, lost his Atlanta mansion in a foreclosure.
Iverson purchased the mansion in 2010 for $4.5 million. Failing to meet the mortgage payments, his home first went up for auction in December 2012. The player was accused of not making any payments towards the mortgage loan that had built up to around $1.2 million, reports TMZ.
However, Iverson denied consenting to any kind of mortgage loan and blamed his estranged wife for signing the mortgage papers in order to make life miserable for him. He then filed a lawsuit against the lender which put a hold on the foreclosure claim, buying Iverson some time to gather his finances, reports Toronto Sun.
Iverson could not do much in the stipulated time. The home was forfeited by the bank Wednesday. Iverson's poor financial condition has been the topic of discussion in the celeb world. The rumors of his deteriorating financial condition were confirmed when reports of his involvement in a million dollar debt to Adyin & Company, a Georgia based Jewellery company, made news.
Check out the pictures of his Atlanta Home on TMZ.
The divorce trial also did not go well for him. The judge of the family court called Iverson a bad parent and also advised him to take psychiatric help, reports Yahoo Sports. The divorce was finalized in January.
According to The Toronto Sun, the divorce decree reads:
"(Mr. Iverson) does not know how to manage (his five) children, has little interest in learning to manage the children and has actually, at times, been a hindrance to their spiritual and emotional growth and development," court documents acquired by the gossip site read. "He has refused to attend to an obvious and serious alcohol problem, which has caused him to do inappropriate things in the presence of the children while impaired."
