He’s an NBA Hall of Famer, an 11-time All-Star, a four-time scoring champ, and the man behind the memorable “practice” rant.
But he’s also the person who had to stand in the middle of a divorce proceeding and say that he can’t afford a cheeseburger.
Let’s check out some interesting (and cautionary) insights about Allen Iverson’s net worth.
Allen Iverson At a Glance
- Full Name: Allen Ezail Iverson
- Nicknames: The Answer, A.I.
- Birthdate: June 7th, 1975 (Hampton, Virginia)
-
- Height: 6’ (~180 cm)
- College: Georgetown University
-
- Position: Shooting/point guard
- Draft Date: June 36th, 1996 (1st Round, No.1 overall pick)
- Seasons With the NBA: 14
- Agent: Leon Rose
- Net Worth: Around $1 million
- Total Career Earnings: $154.7 million
- Retired as a Pro Basketball Player: October, 2013
Allen Iverson’s Contract Timeline
Before we dig into the details, here’s a glimpse into Iverson’s contracts:
Year | Team | Term | Avg. Salary | Contract Total |
1996 | PHI 76ers | 3 years | $2,977,547 | $8,932,640 |
1999 | PHI 76ers | 6 years | $11,813,333 | $70,880,000 |
2005 | PHI 76ers | 4 years | $18,372,656 | $73,490,625 |
2009 | MEM Grizzlies | 1 year | $3,099,729 | $3,099,729 |
2009 | PHI 76ers | 1 year | $1,029,794 | $1,029,794 |
Hefty Paychecks With the Philadelphia 76ers
Iverson got into Georgetown University on a scholarship and wore the Hoya uniform for two seasons (1994–96). During that time, he managed to snag the single-season record for both steals (124) and points per game (25).
So, it was clear why the Philadelphia 76ers (Sixers) chose him as their first overall pick in the 1996 NBA draft. It wasn’t an insignificant contract, either. The Answer got himself a nearly $9-million rookie contract!
His first “real” deal was even more substantial, at nearly $70.9 million for a six-year rookie extension contract signed right before the 1999–2000 season. By 2001, he had led the 76ers to the NBA finals.
It made every bit of sense for the 76ers to give Iverson a four-year veteran extension for an even higher salary.
A Welcome Shift to the Denver Nuggets
Surprisingly, the Sixers traded the four-time NBA scoring champion to the Denver Nuggets in 2006. Why? Well, the reason isn’t clear, but it seems like there was a disagreement between the All-Star guard and the coaching staff.
Iverson was the one to request the trade, though. He also seemed pleased with the situation, saying that Denver’s style of play is a good fit for his own strengths. He did average 25.6 points over 135 games for the Nuggets.
Trouble With the Detroit Pistons
Around two years after the Sixers-Nuggets traded off, Iverson was passed on to the Detroit Pistons. There, he had what some would describe as the “worst season of his career,” and Iverson seems to agree.
Short Stint at the Memphis Grizzlies (Then Back to the 76ers)
After the Pistons, Allen Iverson moved on to the Memphis Grizzlies for a short stint—I’m talking just three games here. Yet, he managed to make history during his time there by being inducted into the Basketball Hall of Fame!
Unfortunately, Iverson’s mutual agreement termination with the Grizzlies meant he only got a fraction of the contract total (more on that later on as we break down his career earnings).
A.I. took a short break and then circled back to the 76ers on a free-agent contract before officially retiring in 2013.
A Breakdown of Allen Iverson’s Career Earnings
Allen Iverson made $154,770,668 (yes, that’s a whopping $154.7 million!) during his 14-season NBA career. This puts him among the NBA players with the highest earnings of all time.
Here’s a quick breakdown of how much A.I. has made playing for each team:
- $97.29 million over 11 seasons with the 76ers
- $36.19 million over two seasons with the Denver Nuggets
- $20.84 million in just one season with the Detroit Pistons
- $437,609 in a season with the Memphis Grizzlies (that one with the mutual termination)
Estimating Allen Iverson’s Net Worth
So, The Answer’s NBA career added up to $154.7 million. But it’s worth noting that Iverson had more sources contributing to his net worth than just his NBA earnings.
For one, he did a few sponsorships that some believe would pump up the estimate to $250 million. Perhaps the biggest of those sponsorships was with Reebook.
Back in 2001, when A.I. was quite the MVP, he struck a lifetime endorsement and marketing contract with Reebok. It wasn’t a brand-new deal, either. Instead, it was an extension of a $50 million contract signed after the 1996 NBA draft.
As it happens, this lifetime endorsement would be one of the best deals Iverson has ever made.
You see, rather than go for a lump sum right then and there, he chose to receive $800,000 annually from the apparel company with a $32 million trust fund accessible when he turns 55.
So, when things got really bad financially for A.I., he still had the $800,000 to lean on. In fact, some people say it saved him from potentially going broke.
Iverson’s Current Net Worth
Sure, Iverson has a $32 million trust fund coming his way soon (2030), but for now, his net worth is only a million or so.
Plus, there are rumors that he won’t even get the full amount in the trust fund. Some people believe that when Iverson does turn 55, he’ll have to split the amount in half with his ex-wife as part of a divorce settlement.
How Bad It Got for A.I.?
You might think that saying something like “potentially going broke” about an All-Star NBA player like Allen Iverson is an exaggeration. But things got really close.
For one, there’s the no-money-for-a-cheeseburger incident.
Rumor has it that Iverson stood up during a divorce hearing, pulled out his pockets, and told his estranged wife that he didn’t even have enough money to buy a cheeseburger. His wife then handed him $61.
The divorce proceedings even showed even more financial troubles.
One bank statement revealed that the Iverson couple’s checking account was overdrawn by $23,000+. Iverson’s wife said her checks bounced, and she couldn’t pay the household expenses until she sold her daughter’s car.
Things got even more serious than that—his $4.5 million home in Atlanta was sent to foreclosure in 2013 after the former NBA player reportedly defaulted on his $1.2 million mortgage.
Iverson’s quirky style also got him in debt (nearly $860,000) to a jeweler. A court order allowed the store to recoup the amount directly from Iverson’s bank account.
By 2019, the guard had been hit with a tax lien.
How to Blow up $150+ Million: Allen Iverson’s Spending Habits?
Okay, how did Iverson go from making well over $150 million to this sort of financial trouble? The obvious answer would be “bad decisions.”
It looks like the 76ers superstar loved living a lavish life and was extremely generous.
Iverson Made Some Interesting Choices With His Cars
How generous, you ask? He had the sort of generosity that would drive a man to give his friend a Bentley. Oh, and it was just one of his Bentleys. According to Iverson, he’s nice but not nice enough to give up his only Bentley.
While we’re on the topic of his vast car collection, I should mention the traffic-stop incident. Back in 2011, cops stopped Iverson, who told them to “take the vehicle” because he had “10 more.”
Now, I need to make it clear that this wasn’t just any old car that Iverson was willing to give up easily—it was a Lamborghini.
There’s even a rumor that when he couldn’t find his car in the airport parking lot once, he simply decided to leave and buy a new one. I know folks who do this with headphones or chargers, but doing this with a car is a whole new level of luxury!
General Spending Patterns
The car collection wasn’t the only issue.
Matt Barnes said that Allen Iverson would sometimes spend $40,000 on a single night out.
Remember the bank statement from 2011? Well, it also showed that more than $23,000 was spent in one day. As you might have guessed, the spree did include a jewelry store.
Plus, there are reports that the former NBA player would even leave “garbage bags full of cash” around the house, and eventually, some would go missing. But it’s not clear if this actually happened, though.
Final Thoughts
Some would look at Allen Iverson’s life as a cautionary tale. But I like to think things will turn around for him in the upcoming years.
The trust fund will help him a bit, and hopefully, he’ll change his spending habits before then!