Former Nuggets star Allen Iverson’s Cherry Hills mega-mansion is under contract and expected to close on April 8, but not before Iverson quit paying the mortgage.
Iverson, who bought the 6,848-square-foot six-bedroom, nine-bathroom spread for $3.875 million in January 2008, let the property in the Buell Mansion subdivision slip into foreclosure on an outstanding balance of $2,572,914 owed to Wells Fargo Bank, according to a Notice of Election and Demand for Sale filed Feb. 28 in Arapahoe County.
Luxury real estate expert Edie Marks, who represents a buyer slated to purchase the Iverson estate, said the property went under contract before Iverson defaulted on the loan. The sale is expected to close in early April for a price that “was close†to the asking price of $2.85 million, Marks said.
With this recent turn of events, what happens to the pending sale? It can still go through as planned, but someone is going to be on the hook for attorneys fees, foreclosure costs and default interest, according to Denver real estate attorney Alan D. Sweetbaum — and that someone likely will be Iverson.
“I’m surprised that Iverson did that, but the sale can still occur,†Sweetbaum said. “It’s unusual, and (Iverson) will (likely) end up throwing away $10,000 on attorneys fees alone. He could pay or the buyer could pay the amount that hasn’t been paid to reinstate the loan.â€
Meanwhile, Iverson reportedly is convalescing in the United States due to a calcium deposit in his right leg. Iverson was playing with Besiktas of the Turkish League after failing to receive an offer from a National Basketball Association team.
