March 4 (Bloomberg) -- Allen Iverson, a former National Basketball Association most valuable player and 11-time All-Star, has stopped paying the mortgage on his 6,848-square-foot house in Cherry Hills, Colorado, the Denver Post reported.
Iverson, 35, who purchased the property in 2008 for $3.88 million, let the six-bedroom, nine-bathroom home slip into foreclosure and owes more than $2.5 million to Wells Fargo Bank, the Post reported, citing a Notice of Election and Demand for Sale filed in Colorado’s Arapahoe County on Feb. 28.
The house was for sale and scheduled to close for about the asking price of $2.85 million, according to the newspaper. Though the sale is allowed to continue, Iverson may be forced to pay attorney fees, foreclosure costs and default interest, real estate attorney Alan D. Sweetbaum told the Post.
Iverson, who won the 2000-01 NBA MVP award, played for four NBA teams in his 14-year career. He played for the Denver Nuggets in 2006 to 2008. In October, he agreed to a two-year, $4 million contract with the Turkish basketball club Besiktas.
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