After the media ran with the story that Iverson ran through $150 large M’s and then the Georgia judge seized his account to pay off his $859,896.46 tab everyone thought he was broke.
According to a Peter Vecsy from the NY Post, the number is more like $250 million. Let’s not forget A.I’s numerous endorsements, specifically Reebok.
36 year-old A.I won’t be filling bankruptcy any time soon even though he lives a champagne campaign lavish life style blowing money fast. Someone who cared a great deal for Iverson and grasped the extent of his habits, loyalties and generosity protected him to some degree from financial ruination.
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.