Allen Iverson Loses His ATL Mansion To Foreclosure

Foreclosure is real ya’ll.

Former NBA star Allen Iverson is learning this fact the hard way – his home in Atlanta has just been sold in a foreclosure auction.

The foreclosure process started a few months ago when Iverson’s bank alleged that he defaulted on his $1.2 million mortgage.  Iverson attempted to stop the process by suing the bank – claiming that he never consented to the loan!  A.I. alleged that the mortgage was a setup orchestrated by his estranged ex-wife Tawanna -  who intentionally signed the house right out from under him by agreeing to financial terms she knew he couldn’t meet!

Although Iverson’s lawsuit stalled the process, ultimately it didn’t work.    Sources close to the sale say that the bank purchased A.I.’s home yesterday for $2.5 million (it’s worth $4.5 million).

[Show as slideshow]

This is more bad news for Iverson in what’s already been a bad week.  Earlier this week his divorce to Tawanna was finally finalized…but he lost custody of all 5 of his kids in the process.

The judge overseeing his divorce case declared that Iverson did “not know how to manage the children; had little interest in learning to manage the children and had actually, at times, been a hindrance to their spiritual and emotional growth and development.”

Ouch.

No mansion, no kids, no NBA career…do you think that A.I. has finally hit rock bottom?

[Source: TMZ]