Allen Iverson is spending about $359,000 per month on an income of $65,000 per month. The former NBA star is in debt yet he drives a Maybach. Something ain’t right? Check out the scoop!

From TMZ.com:

Former NBA star Allen Iverson is digging himself into a giant financial hole — with monthly bills that largely outweigh his monthly income — but the good news is … he’s still got his fancy-schmancy Maybach.

Allen recently filed docs in GA court as part of his nasty divorce battle with his ex Tawanna Iverson which outline his dire financial situation.

According to docs, Allen brings in $62,500 in monthly income, but his expenses are FAR, FAR, greater … costing him a cool $358,376.66 PER MONTH!!!!

So where does all his money go?

A large chunk — $125,749.33 to be exact — is spent paying off various creditors (like his jeweler) … and some goes to his mortgages (but not for long, since his ATL crib is about to be auctioned off).

But Allen says he blows a lot on OTHER expenses too … like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants … and so on.

All in all, Iverson — who reportedly made over $150 MILLION during his NBA career — says he ends up in the hole each month to tune of $295,876.66. Ouch.

Despite the mounting debt though, he’s still got his Maybach (which is fully paid off) … and reportedly worth between $340k – $400k.

Read more: http://www.tmz.com/2012/12/04/allen-iverson-divorce-financial-docs-debt-bills-maybach/#ixzz2E5teBav0

 

Iverson’s house is up for auction after the bank foreclosed on the Atlanta property:

 

Via TMZ.com:

Former NBA star Allen Iverson’s about to lose his massive Atlanta mansion — because the bank is gearing up to sell the house at auction next week, TMZ has learned.

Iverson purchased the home back in 2010 for $4.5 million — but according to official records, he defaulted on his mortgage and the bank foreclosed. Now, the home is set to be sold at auction on December 4th … along with all the crap inside.

Iverson’s currently going through a nasty divorce with his estranged wife, and he’s famously been dealing with money problems … including a nearly-million-dollar debt to a Georgia jeweler.

A.I. still has a chance to save it if he comes up with the cash before auction time … but the clock’s ticking … fast.

Calls to Iverson’s camp weren’t returned.

Read more: http://www.tmz.com/2012/12/01/allen-iverson-atlanta-mansion-home-foreclosure-auction/#ixzz2E5tjWhoZ