Allen Iverson, the former NBA star who is trying to restart his career, has officially lost his home to foreclosure. The 10,000-square-foot mansion on Atlanta’s exclusive West Paces Ferry Road was on the market for $2.5 million.
Iverson built the home for $4.5 million in 2009 and lived there with his wife and five kids, but he and his wife recently divorced.
Don’t think this is the first time Iverson has lost a home to foreclosure. Back in 2011, when he was shooting for the Denver Nuggets, Iverson also lost his posh $3.875 million Cherry Hills, Colo., mansion to foreclosure after defaulting on the mortgage.
Luckily, a buyer had entered into a contract to buy the home before Iverson defaulted.
Iverson’s Atlanta home is quite the luxury estate, one you wouldn’t expect to see on the auction block. The listing calls it “one of, if not the finest, private gated estates ever to become available in Atlanta.” Iverson had sunk $4.5 million into building it with a custom bar, gourmet kitchen, master suite with “spa-like” bath and luxury accents such as copper gutters.
It’s hard to see anyone go through a foreclosure, including a former NBA star who’s down on his luck.