What Is Allen Iverson's Net Worth?
Allen Iverson is a retired American professional basketball player who has a net worth of $1 million. Allen Iverson is considered one of the greatest basketball players of all time. There was a moment in time when Allen Iverson was considered to be basketball's new demi-God. He regularly led the NBA in season scoring, is still second only to Michael Jordan in scoring during playoffs, and was named to the NBA All-Star team eleven times. Unfortunately, he was also difficult to work with, had some glaring issues with alcohol and gambling, and his marriage was less than ideal. In short, he was excellent on the court, but his behavior was so erratic that it made it hard to rely on him during a game or that he would even show up. Eventually, he burnt enough bridges within the NBA that his only option was to take a job overseas with a Turkish team in the second tier of the pan-European league.
After earning more than $200 million from salary and endorsements during his career, overspending, a divorce, and general life challenges have had a serious impact on Allen's finances. In the paragraphs below, we detail Allen's financial troubles, legal problems, and famous Reebok trust fund.
Early Life
Allen Iverson was born Allen Ezail Iverson on June 7, 1975, in Hampton, Virginia. Allen's mother, Ann Iverson, was just 15 years old when he was born. His father, Allen Broughton, left the family when he was young. He grew up in the projects of Hampton, surrounded by drugs and crime in the background. He was beloved by the neighborhood kids, and childhood friends often described him as looking out for the younger kids. Iverson attended Bethel High School and started as the quarterback for the football team. Iverson also played for the basketball team.
Basketball Career
Allen briefly attended Georgetown University before being drafted by the Philadelphia 76ers in 1996. He eventually went on to become an 11-time NBA all-star and one of the greatest point guards of all time. Iverson was a controversial player both on and off the court. He was originally recruited straight from a Virginia jail cell by Georgetown University head coach John Thompson. Iverson had been arrested for his involvement in a bar fight and faced a lengthy prison term. Thompson intervened and was able to convince a judge to release Allen into his custody with the agreement that Iverson would attend Georgetown, play basketball, and graduate. Iverson left Georgetown early against Thompson's wishes and began a very successful career as an all-star NBA point guard. In 1999, Allen earned his first trip to the playoffs with the 76ers. He started in all ten playoff games before ultimately losing to the Indian Pacers in the second round. Before the next season began, Allen signed a six-year, $70 million contract extension. In the 2000 offseason, the 76ers tried to trade Iverson after his numerous arguments with coach Larry Brown; however, the deal fell through. In 2001, Iverson led the team to the finals. That same year, he was named Most Valuable Player.
Allen played with the team for ten years before being traded to the Denver Nuggets, where he played for two years. He then did brief stints with the Detroit Pistons and the Memphis Grizzlies before returning to the 76ers for one year.
Towards the end of his career, Iverson had been largely shunned by American NBA teams and was forced to lace up for the Turkish Basketball League and the Eurocup. He retired from basketball altogether in 2013.
During his NBA career, he was the top scorer four times between 1998 and 2005 and holds the record for 2nd highest per-game scoring average behind Michael Jordan.
Getty
Allen Iverson Career Earnings and Salary
- 1996-97 Philadelphia 76ers $2.2 million
- 1997-98 Philadelphia 76ers $3.1 million
- 1998-99 Philadelphia 76ers $3.5 million
- 1999-00 Philadelphia 76ers $9 million
- 2000-01 Philadelphia 76ers $10.1 million
- 2001-02 Philadelphia 76ers $11.25 million
- 2002-03 Philadelphia 76ers $12.3 million
- 2003-04 Philadelphia 76ers $13.5 million
- 2004-05 Philadelphia 76ers $14.6 million
- 2005-06 Philadelphia 76ers $16.4 million
- 2006-07 Denver Nuggets NBA $17.1 million
- 2007-08 Denver Nuggets NBA $19 million
- 2008-09 Detroit Pistons NBA $20.8 million
- 2009-10 Philadelphia 76ers $1.029 million
- 2009-10 Memphis Grizzlies $161 thousand
Total Career Earnings: $155 million
National Team Career
Iverson traveled to Japan in 1995 as a member of the USA World University Games Team. The team also included Ray Allen and Tim Duncan. He led the USA team in scoring, steals, and assists. He helped the team achieve an undefeated record over the host country of Japan and won the gold medal. In 2003, he was selected to be part of Team USA for the 2003 FIBA Americas Olympic Qualifying tournament in Puerto Rico. They won the gold medal and enjoyed a perfect 10-0 record. The team qualified for a berth in the 2004 Olympics. Allen started in each of the eight games he played in. On August 25, the USA scored an Olympic-qualifying 111-71 victory over Canada. At the end of the tournament, Allen ranked overall tied for 10th in scoring, fourth in steals, seventh in assists, and ninth in field goal percentage. Unfortunately, Iverson missed the USA's final two games due to a sprained thumb. He was named to the 2003 USA Senior National Team on April 29, 2003.
Getty
Is Allen Iverson Broke?
On February 14th, 2012, a judge in Georgia ordered the seizure of all of Allen Iverson's bank accounts in the wake of the former superstar's claims that he was flat broke. This was a shocking revelation, considering that during his playing years, Iverson earned nearly $155 million in NBA salary alone. And that figure does not even include the amount of money Allen brought home through endorsement and merchandising deals which is estimated to be an additional $60+ million.
Iverson's financial troubles are an unfortunately familiar story for many professional athletes. He allegedly traveled with an entourage of as many as 50 people at times. He showered friends and family, especially his mother, with cars, jewelry, houses, and expensive vacations. Allen's most recent financial troubles occurred after a judge ordered him to pay $900,000 to a Georgia jeweler, but apparently, the former superstar does not have the funds to cut the check.
In a December 2012 court filing, Iverson told a judge in Georgia that his monthly income was $62,500, but his expenses were $360,000. Of that, $360k, roughly $125k went to paying back various creditors, and another large chunk went to mortgages. Iverson also admitted to the judge that he was still spending $10,000 a month on clothes, $10,000 a month on restaurants/entertainment, and an additional $10,000 on groceries.
Reebok Trust Fund
In 2001, Allen signed a lifetime endorsement deal with Reebok. The lifetime deal featured three impressive benefits:
#1) Reebok agreed to pay Allen $800,000 per year for life.
#2) For the remainder of Allen's NBA career, Reebok would pay him $5-10 million per year.
#3) Reebok set aside $32 million in a trust fund, which would be inherited 29 years in the future, on Allen's 55th birthday.
That magic day for point #3 is June 7, 2030. Below is a countdown clock to what we have dubbed "Allen Iverson Trust Fund Day":
Allen Iverson Trust Fund Countdown
The world actually learned about the Reebok trust fund after Allen's wife, Tawanna, filed for divorce in 2010. During the divorce proceedings, Allen claimed to be essentially broke due to his profligate spending over the previous decade. Tawanna conceded to this point but also brought to light his future $32 million payday.
Whether or not Allen ultimately gets the full trust fund or half is a bit murky. He and Tawanna did officially legally, divorce. Their divorce was finalized in 2013. However, according to Allen, he and Tawanna reconciled soon thereafter and remain together today. So maybe they will both still technically receive the full amount, with half going to him and half going to her.
Legal Troubles
Iverson was arrested for carrying a concealed weapon and possession of marijuana in 1997. In 2002, he and his then-wife Tawanna had a domestic dispute. He threw her out of the house and then threatened two men with a gun while he was out looking for her. He pleaded no contest and did community service.
In December 2006, after a win against the Charlotte Bobcats, Iverson visited the Trump Taj Mahal. He won at a three-card stud poker table and was overpaid by $10,000. When the dealer realized the mistake and requested the chips back, Allen refused, and an argument between him and the casino staff ensued. He was subsequently kicked out and told not to return. That same year, Iverson's bodyguard was accused of assaulting a man at a nightclub on behalf of Allen's entourage. The man suffered a concussion, a ruptured eardrum, and a torn rotator cuff, among many other injuries and emotional trauma. He sued Iverson and was awarded $260,000. Related, an Ohio man sued Allen for $2.5 million in damages after a bar fight with Iverson's security guard in Detroit in 2009.
In addition, In 2013, Iverson was accused by his ex-wife of kidnapping his own children. She later dropped the accusation.
In 2017, Iverson lost his mansion in Atlanta, Georgia, to foreclosure after defaulting on a $1.2 million mortgage. The $4.5 million upscale suburban home ended up selling in 2019 for $725,000.
Personal Life
At age 16, Allen began dating Tawanna Turner. They wed in Voorhees, New Jersey, at The Mansion on Main Street in August 2001. The couple has five children. Tawanna filed for divorce in March 2010. The divorce was finalized in 2013, but the couple got back together just one month after they finalized their divorce. Iverson had an on-and-off relationship with rapper Da Brat over the following years before she ended it for good over his infidelity.
In 2000, Iverson recorded a single under the moniker Jewelz called "40 Bars." He was not able to release it due to controversial lyrics involving derogatory remarks about homosexuals. He agreed to change the lyrics but never released the album.
In 2021, Iverson and former NBA player Al Harrington started a cannabis product line called "The Iverson Collection," and Allen helps with various business initiatives for Harrington's company, Voila Brands. The two also collaborate on educational efforts to reduce the stigma around cannabis use.
In January 2023, Iverson announced plans to open a seafood and soul food restaurant in his native Virginia, with plans to expand to Philadelphia.
