*Allen Iverson’s Denver area (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 – when he played for the Denver Nuggets – 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.
Read MORE of this story at the Denver Post.