Athletes Who've Lost Millions

Retired basketball star Magic Johnson recently made news with his purchase of the L.A. Dodgers for $2 billion. But not all professional athletes have maintained their fortunes. Dennis Rodman was the latest to go broke. Dozens of athletes have filed for bankruptcy, had their homes foreclosed or lost millions in other ways. Read on to see which athletes ended up broke at one point in their lives. --by Caroline Kim

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Allen Iverson

Former NBA player Allen Iverson holds the sixth regular-season career scoring average of all time and the playoffs average that’s second only to Michael Jordan. However, Iverson’s mansion in Cherry Hills, Colo., went into foreclosure in March 2011. He bought the 6,848-square-foot six-bedroom home for $3.88 million in January 2008. He quit paying the mortgage prior to the foreclosure and owed more than $2.5 million, according to The ... more
Allen Iverson

Former NBA player Allen Iverson holds the sixth regular-season career scoring average of all time and the playoffs average that’s second only to Michael Jordan. However, Iverson’s mansion in Cherry Hills, Colo., went into foreclosure in March 2011. He bought the 6,848-square-foot six-bedroom home for $3.88 million in January 2008. He quit paying the mortgage prior to the foreclosure and owed more than $2.5 million, according to The Denver Post.

Photo: Allen Iverson makes a move to the basket against Kirk Hinrich of the Chicago Bulls during a game on Feb. 20, 2010 in Chicago. less

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