Now we know why.
TMZ has obtained court documents from Iverson's ongoing divorce proceedings that clearly show a man drowning in debt.
Though he still earns $750,000 per year, Iverson is bleeding an estimated $360,000 each month.
About a third of his debt is owed to creditors –– his bank account was seized last year when he couldn't come up with $860,000 he owed to a jeweler –– and another chunk goes to his mortgages.
But there are a few creature comforts, 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," according to TMZ.
On top of that, his $4.5 million Atlanta mansion is in foreclosure. At least he can drive to and from court in style –– Iverson reportedly kept his Maybach, which he paid off before all of the money drama.
He's not the first NBA star who has fallen from grace.
Former Chicago Bull Dennis Rodman has been in and out of the news recently for his reported alcohol and drug addiction and for owing more than $800,000 in unpaid child support.
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