*Allen Iverson isn’t working, but he’s making a nice living – $62,500 a month.

But the former NBA star is living a lifestyle way beyond his means, spending $358,376.66 a month according to an entertainment watchdog website.

TMZ reports that more than $125,000 of his money is going toward paying off several creditors, including his jeweler and mortgages. And his Atlanta home is going to be auctioned off soon.

His spending is more than out of control. He spends $10,000 on clothing each month, along with $5,000 on entertainment and another $5,000 at restaurants.

Iverson made more than $150 million during his NBA career, but at the end of each month, he falls almost $300,000 further into debt.