Allen Iverson, right, of the Philadelphia 76ers puts his arm around his wife, Tawanna, outside their Gladwyne, Pa., home Wednesday, July 10, 2002. Prosecutors will not decide until at least Thursday whether to charge Iverson for allegedly barging into a home with a gun and threatening two men while looking for his wife. (AP Photo/Rusty Kennedy)
Allen and Tawanna Iverson have finalized their drawn out divorce proceedings by agreeing to a $3 million buyout, TMZ reports.
Tawanna will receive the hefty sum, child support for their five children and pledges of any future monies from her soon-to-be spouse of eleven years. The former NBA star gets to hold onto his Maybach and the couple’s Georgia mansion– at least until the bank tries to seize it again. The home was in the throes of foreclosure when Iverson sued the lender trying to foreclose on his home, saying that he had never agreed to the loan in the first place; the legal move bought the former NBA point guard some more time.
The Iversons tied the knot back in 2001 and have been embroiled in a nasty divorce battle for over a year. There have been allegations of infidelity, money-hiding and petitions for restraining orders. Allen even accused his wife of ransacking their home while he was away and stealing furniture, art, memorabilia and a large chunk of cash. He wanted a judge to throw the mother of his five children in jail until the “stolen” items were returned.
Allen, who is reportedly deep in gambling and spending debts, owes millions of dollars. The future Hall of Famer has earned a reported $150 million in his NBA career.