According to TMZ, the bank bought the house two months after Iverson defaulted on his $1.2million mortgage and even though he initially wanted to put it up for auction, the bank bought the home on Thursday.
The mansion, located in a gated community in Atlanta, is over 10,000-square-feet and has six full baths.
According to Yahoo Sports, basketball star Allen Iverson has reportedly gone from 11-time NBA all-star to financial deadbeat. The Philadelphia 76ers icon was recently ordered to pay over $860,000 to a jeweler, and he couldn’t cut a check.
A Georgia judge has ordered Iverson to be seized, so the relatively little money he has left will be garnished, reports the Philadelphia Inquirer.
Iverson was among the biggest superstars in the NBA, earning more than $154 million during a professional career that began back in 1996. (This doesn’t include endorsement money and other business deals.)
Iverson traveled with one of the biggest posses in professional sports. Bill Lyon of the Philadelphia Inquirer says the group has as many as 50 people for some Sixers home games. Iverson even took a hair stylist on the road and, also loved to buy jewelry for himself and his mother, Ann.