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Saturday, October 25, 2014

Allen Iverson reportedly has a friend who saved $35 million in an account for him

Hold the fort. It was fun to make fun of Allen Iverson for blowing all of his money, and it’s still fun to rip on him for blowing through more than $100 million in such a short span of time. Contrary to popular belief, however, it would now appear as though A.I. is not broke. Iverson was probably able to pay off his $850,000 jewelry debt with relative ease considering someone in his inner circle set aside a big chunk of change for him a while back.

According to the NY Post, Iverson still has a multimillion dollar bank account that he is not allowed to touch until he is 55. He is able to draw $1 million a year from it.

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.

In other words, dude’s all set. Iverson could have far more money if he didn’t buy new clothes every time he went on a road trip during his career, but if the Post’s source is correct he is by no means broke. Thanks to Iverson’s mystery friend, we’ll have to find another athlete to make fun of for blowing every dime they ever made.

H/T Pro Basketball Talk



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