Allen Iverson's Denver Mansion In Foreclosure

NEWS

» by C. Vernon Coleman II March 9, 2011, 11:06am

AI's Colorado Digs To Be Sold

The $3.8 million Denver mansion of former NBA all-star, Allen Iverson has fallen into foreclosure after Iverson stopped making the payments, according to the Denver Post.

Iverson who bought the home toward of the end of his stint with the Denver Nuggets let the six-bedroom, nine-bathroom home fall into foreclosure owing an outstanding balance of $2,572,914 to Wells Fargo Bank, according to a Notice of Election and Demand for Sale filed February 28.

According to a local real estate expert, the home is expected to be sold by the bank in early April for a price that "was close" to the asking price of $2.85 million.

According to Denver real estate attorney Alan D. Sweetbaum, even though it seems as though the former NBA MVP has washed his hands of the property, he will still be on the hook for attorneys fees, foreclosure costs and default interest,

"I'm surprised that Iverson did that, but the sale can still occur," Sweetbaum tells the paper. "It's unusual, and (Iverson) will (likely) end up throwing away $10,000 on attorneys fees alone. He could pay or the buyer could pay the amount that hasn't been paid to reinstate the loan."

Iverson was playing with Besiktas of the Turkish League after not getting picked up by any NBA team as a free agent.

He left the team midway through the season due to a calcium deposit discovered in his right leg.

He is reportedly back in the United States awaiting surgery.

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