Allen Iverson is a retired professional NBA player known for a stellar basketball career and one of the top game scorers of all time, trailing only behind Michael Jordan. However, despite his lucrative career and many celebrity endorsements, Allen Iverson’s net worth is a mere $1 million today. A lavish lifestyle and mounting debt combined to knock the former superstar down a few notches, but Iverson seems to be in a better position now and as he ages will gain access to a trust fund that should help him retain a piece of his former lifestyle.
A Rough Start
Allen’s mom was only 15 when she had him and his father deserted the two early on. With little other choice, he grew up in the projects of Hampton, VA where drugs and crime were a way of life. In high school he focused most of his efforts on football and became the quarterback for the team, but interestingly enough it is basketball where he started to shine. For a few months, Allen went to Georgetown University but then he was drafted by the Philadelphia 76ers.
He Almost Went to Jail Instead of the NBA
Before he was even selected to play basketball for Georgetown University Allen was arrested following a bar fight. He could have received a lengthy sentence, but head coach John Thompson intervened and got the charges reduced in exchange for the promise that Allen would finish school, play for the team, and graduate. Allen broke the agreement when he left to play for the NBA with a lucrative $70 million contract that was too hard to ignore.
From Rags to Riches and Back Again
While in the NBA Allen is estimated to have made around $154.8 million from NBA salaries alone. He also received several high-paid endorsements. However, he was hard to coach and known for arguing with every team he played on. Eventually, teams didn’t want to put up with him and he was forced to play for a Turkish team. Throughout this time period, he spent lavishly showering his entourage with gifts and ignoring any type of wealth management. In fact, he is famously known for losing his car at the airport one day, and simply buying another in its place.
Reebok- His Saving Grace
The one-piece of financial stability in Allen’s life is his lifetime endorsement deal with Reebok which is virtually unheard of these days. In exchange for acting as their representative, Allen receives $800,000 a year and when he turns 55 he will be able to access a $32 million trust fund. While his ex-wife is entitled to have of the fund, there should still be enough to secure a comfortable future for him and his children.