Allen Iverson isn’t just refusing to practice playing basketball, but the tattooed sharp shooter is also refusing to practice paying his mortgage on time.

Denver Post reports that the 11-time NBA All Star walked away from a 6,848 sq. ft. six-bedroom, nine-bathroom mansion in Denver, Colo., which he purchased for $3.875 million in Jan. 2008.

“The Answer,” who played for the Denver Nuggets for two seasons, “let the property in the Buell Mansion subdivision slip into foreclosure on an outstanding balance of $2,572,914.”

He apparently had a buyer lined up, too, who was “close” to paying the asking price of $2.85 million.

The good news is that the sale can still go through as planned; however, Iverson — who signed a blockbuster $70 million contract before the 2000 season — will likely have to pay around $10,000 in attorney’s fees when all is said and done.

Sounds like a “strategic” financial crossover on the part of the prolific point guard, who is currently a member of Besiktas Cola Turka of the Turkish pro league.

That’s because he recently told Philadelphia Magazine that he still has money … “a lot.”

Hmmm …

Things continue to go from bad to worse for one of the biggest busts in the history of the National Football League (NFL) draft, JaMarcus Russell.

MSN.com reports that Russell, the first overall pick out of LSU in 2007, is facing foreclosure on his $2.4 million mansion in Oakland, California. He allegedly failed to make more than $195,000 in recent mortgage payments.

That may seem like a lot of money, but it’s really not all that much compared to the ridiculous $60 million contract he signed with the Raiders coming out of college just four years ago.

Perhaps Russell — who was recently cut by the Raiders because of his poor play on the gridiron — is cutting his own losses to prepare for a life that doesn’t include a bright future in football.

In 25 starts with the Raiders, according to ProFootballTalk.com, Russell, who has battled the waistline bulge, completed just 354 of 680 passes (52.1%) for 4,083 yards, with 18 touchdowns and 23 interceptions. He was also sacked 70 times and fumbled 25 times.

We might be adding one more completion to that list, a foreclosure, if Russell can’t get current on the payments owed to his lender.

World-renowned super model/actress Heidi Klum and her Grammy Award-winning husband, Seal, recently plunked down more than $13 million, purchasing a 12,000 sq. ft. foreclosed home in Brentwood, Calif., according to HollywoodReporter.com.

Here are just a few of the many luxurious amenities:

“The eight-bedroom home has a kitchen that includes a fireplace mantel imported from Scotland that dates to 1603. The formal dining room is from Paris’ famed Pierre Hotel, which the former owner purchased whole at auction and had shipped stateside. And the library fireplace is said to be from Napoleon’s farmhouse in France.”

The super couple, which has three children together, apparently won a “bidding war” to call the cushy Mediterranean resident their own.

By the looks of it, who can blame them?

To search foreclosed homes for sale in Brentwood and elsewhere in the surrounding area click here.

Jermaine Jackson is perhaps following in the foreclosure footsteps of his younger (and way more popular) brother, the late “King of Pop,” Michael Jackson.

TMZ.com reports that the original lead singer of The Jackson Five is living in a $2 million home that is scheduled for a foreclosure auction in Pomona County, Calif., on Jan. 21, 2011.

Jackson rents the five-bedroom, six bathroom home, which he has lived in for nearly two years. It’s unclear if he was aware of the owner’s delinquency. And there is no indication at this time if Jackson intends to vacate the premises before the auction date or if he’ll attempt to ride out the storm as long as possible.

Before his untimely passing in 2009, Michael faced foreclosure on his “Neverland Ranch,” which has been dubbed “The Most Famous Foreclosure Ever.”

Jermaine’s situation is a little different: He doesn’t own the home and it in no way, shape or form represents as much as Neverland did or will in the future.

Nonetheless, hopefully the result is the same and the owner (and Jermaine indirectly) is able to work out a deal to keep the property rather than letting the bank repossess it.

Stay tuned. In the meantime, to check out Jermaine Jackson’s foreclosure listing on Foreclosure.com click here.

It appears that the real estate troubles for NBA legend Julius Erving aren’t stopping with his Celebrity Golf Club International in Atlanta, Georgia.

TMZ reports that “Dr. J” is now on the verge of losing his 6,700 sq. ft. residential home in St. George, Utah, to foreclosure. He defaulted on the loan, which he describes as “substantially underwater,” last month.

The home — located at 2423 Granite Way — has several custom features, including:

• Incredible 180 degree views from most rooms that show off Zion and Pine Valley
• Large home theater with N. B. A. logo chairs and a 150-inch screen
• Five fireplaces
• Bathrooms in every bedroom and duel walk-in closets in the master bedroom suite
• Exclusively-designed basketball court
• Outdoor kitchen and sitting areas make for fun entertaining

Erving, who is a member of the NBA’s 50th Anniversary All-Time team and was inducted into the league’s Hall of Fame in 1993, has had the home on- and-off  the market for $2.5 million since 2008.

For more celebrity foreclosure-related news click here.