Report: Allen Iverson is not broke because a friend was smart

[.infamous]

Someone in Allen Iverson’s inner circle was a true friend to the man.

We reported recently on a judge ordering Iverson to pay more than $850,000 to a jewelry store for goods received, and the judge needing to go into his bank account and get what they could.

If that happened to you or me, it’s a sign that we’re broke. There have been a lot of reports Iverson is busted. That is why he is willing to play in Puerto Rico or the D-League.

But like I said above — and as Peter Vecsey laid out in detail in the New York Post — someone in Iverson’s inner circle was a true friend. Someone recognized if just given the money he would burn through it, so…

A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually.

At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).

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.

Now, living with in those means may be a challenge for Iverson. But someone had the foresight to protect the man from himself, and that is going to save him. That is what a true friend does.

 

[RipCity32]

Shouldn't have been broke regardless. SMFH.

 

[playmaker7]

It's amazing how one can just burn through money like this lol. Tough situation to be in, but that account is gonna need to be tapped into haha.

 

[Elite]

Not really that hard to believe, you get big and you make it in the league then you hook up all your family and all your boys that were there for the ride

 

[cruzg24]

Gotta be smart with your money kids. Even if it means paying someone smart to do it for you. I think a lot of people can live on $1 million annually, its not that hard to do lol.

 

[RipCity32]

Gotta be smart with your money kids. Even if it means paying someone smart to do it for you. I think a lot of people can live on $1 million annually, its not that hard to do lol.

You can live on like 80 grand annually with nice comfort, if you do it right lol.

 

[Pugz]

You can live on like 80 grand annually with nice comfort, if you do it right lol.

shit, $65K is good enough to live on annually. lol. idk how player burn through all that money but its good he's got some set away.