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allen iverson broke maybach

Former NBA star Allen Iverson answers questions after announcing that he agreed to a two-year $4 million contract to play for the Turkish basketball team Beskitas Friday, Oct. 29, 2010 in New York. (AP Photo/Stephen Chernin)

Allen Iverson‘s bank account is reportedly as dry as a desert, but the former NBA star is still making it rain.

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TMZ reports that A.I. brings in $62,500 in monthly income but his lifestyle is costing him $358,376.66 per month. The entertainment site reports that his dire financial situation is outlined in documents filed as part of his bitter divorce battle with his ex-wife, Tawanna Iverson.

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TMZ breaks down where all of his cash–or lack thereof–is going:

A large chunk — $125,749.33 to be exact — is spent paying off various creditors (like his jeweler) … and some goes to his mortgages (but not for long, since his ATL crib is about to be auctioned off).

But Allen says he blows a lot on OTHER expenses too … like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants … and so on.

All in all, Iverson — who reportedly made over $150 MILLION during his NBA career — says he ends up in the hole each month to tune of $295,876.66. Ouch.

But the good news is that his Maybach is paid off. It is reportedly worth $340k – $400k.

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