When news came out a few weeks back that a judge had seized one of Allen Iverson’s bank accounts in order to pay off his unpaid jewelry tab, folks speculated that he was broke.
Predictably sources emerged from the shadows and pointed to various examples of Iverson living an overly lavish, undeniably reckless lifestyle and noted that there was no other way for things to end for one of the NBA’s most polarizing talents ever. And as icing on the cake, an indoor soccer league team came out and actually offered Iverson a little deal, a win-win that would get them some publicity and Iverson some much-needed dough.
Heading into the month of March, Iverson being broke was all but an accepted fact. He was just the latest Terrell Owens-like cautionary tale, we figured. An athlete whose bad boy ways finally caught up with him when all was said and done. It was a fitting ending that perfectly jived with the narrative that everyone bought into a long time ago.
As it turns out, though, Iverson may actually not be broke at all. In fact, according to the New York Post, back when the former league MVP was rolling in money, someone close to him established a fund worth $32 million for him. This massive fund reportedly pays him $1 million annually, but has a principle that he isn’t allowed to withdraw until he turns 55. Furthermore, when you factor in the NBA pension that Iverson will be able to start drawing on at 45 – he’ll also be getting $8,000 per month from that.
Via the N.Y. Post
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.
For what it’s worth – this just another report. Just like the ones that insisted he was broke over the last few weeks. Then again, maybe those reports were not entirely erroneous. If a man earns upwards of $200 million over the course of his career and is purportedly reduced to living off an allowance, is that really solid financial footing? Basically, if this report is true, Iverson had to be protected from burning through his massive fortune by someone who cared enough about him to hide his own money from him.
That doesn’t exactly negate all the criticism Iverson has gotten, it’s moreso an indictment on the media that can’t seem to get the details of its Iverson is Broke story straight.