Allen Iverson Isn’t Broke, He’s Just Really Really Bad With Money

Saw this article online and found it quite interesting. Do I believe it? Not hardly, but you decide.

 

Via SLAM

He is far from insolvent, at least in the real world, if not in harmony with his “nothing in moderation” lifestyle. Someone who cared a great deal for Iverson and grasped the extent of his habits, loyalties and generosity protected him to some degree from financial ruination, at 36, at any rate.

 

A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually.

  

At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).

 

If at all possible, Iverson will issue a restraining order against himself until he’s 62 or so. At that time, I’m told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per.

 

 

So essentially this is saying that A.I. has money, but he’s not allowed to touch it and he lives off a $1M a year allowance. The article also goes to specify that Allen made $150M playing for the NBA. But with all of Allen’s legal/financial troubles, lack of employment,  gambling problems and more, why hasn’t anyone brought up that Allen’s grown behind is on allowance? How did he manage to buy $800k worth of jewelry and still survive and take care of his children? I’m not saying this isn’t possible, I’m just saying I don’t know if I believe it. What say you?