There’s no question that Allen Iverson is a basketball legend.
Over the course of his career, he earned the title of one of the greatest of all time, according to Celebrity Net Worth. He has earned that moniker from consistently leading his teams into the NBA playoffs, once to the NBA Finals, and even being named League MVP (Most Valuable Player) in 2001.
But thanks to a series of life challenges — including a public and messy divorce, spending above his means, and a series of personal troubles — Allen Iverson blew through his entire $200 million fortune in less than two years.
Today, however, we’re not talking about “yet another player” that went from having it all to being bankrupt. Rather, the story of Allen Iverson is one that talks about turning tragedy into triumph — who overcame his troubles to bounce back better than ever before — and whose wise investments today mean a financially secure future.
Let’s take a look at how the NBA legend bounced back from what seemed to be the impossible.
Editorial note: The net worth listed in this piece is a speculative estimate drawn from a variety of online sources.
Allen Iverson at His Peak
By the time his NBA career ended in 2010, ClutchPoints reports that Allen Iverson had a $200 million net worth. With wise investments, that would have been more than enough to live off of for the rest of his life. Unfortunately, things did not turn out that way for the former basketball great.
Just two years after he stopped professionally playing, Allen Iverson blew through his entire net worth. As AfroTech previously reported, Iverson’s money troubles stemmed from him spending far above his means, and as an end result, he even filed for bankruptcy when he failed to make a payment to a Georgia jeweler totaling more than $900,000.
Redemption — And a Bright Future Ahead
Just as all looked hopeless for Allen Iverson, things turned around for the better thanks to Reebok.
According to a 2012 report from Bleacher Report, the shoe company set Iverson up with a business account worth more than $32 million that he can’t “touch” until he turns 55, but still pays him $1 million in dividends per year without ever touching the principal. This account, combined with an $800,000 per year annual contract in perpetuity and other business ventures including NFTs and cannabis, has given Iverson a new lease on life from a business perspective.