Allen Iverson Mansion in Foreclosure..Owes 2.5 Million Dollars

I am seeing a lot of rich people doing this.

With the recession ongoing and the real estate market going into the dumps, they just stop paying for their mansions, let them go into foreclosure and then the banks have to deal with it.

I hope that is the case with Allen Iverson, who has told anyone who would listen that he has plenty of money and isn’t broke like some reports have said.

Iverson, who bought the 6,848-square-foot six-bedroom, nine-bathroom spread for $3.875 million in January 2008, let the property in the Buell Mansion subdivision slip into foreclosure on an outstanding balance of $2,572,914 owed to Wells Fargo Bank, according to a Notice of Election and Demand for Sale filed Feb. 28 in Arapahoe County.

Luxury real estate expert Edie Marks, who represents a buyer slated to purchase the Iverson estate, said the property went under contract before Iverson defaulted on the loan. The sale is expected to close in early April for a price that “was close” to the asking price of $2.85 million, Marks said.

Iverson will still be responsible for some money owed to Wells Fargo, how much is yet to be determined.  He is just lucky the house was sold or that bill could have been a lot larger.

A.I. is in the states recovering from a injury, no word if next year he will be returning to Turkey.

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