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NBA’s Iverson, Wallace houses are listed for less than they cost

01:00 AM EDT on Saturday, September 27, 2008



The Wall Street Journal

Two NBA All-Stars who listed their houses last year have cut their prices — Allen Iverson by 37 percent in the Philadelphia area, Rasheed Wallace by 6 percent in Portland, Ore.

Iverson and his wife, Tawanna, put their house on the market after the Philadelphia 76ers traded him in 2006 to the Denver Nuggets. Built in 1991, the six-bedroom, 14,000-square-foot house is in Villanova, about 20 miles northwest of Philadelphia. The four-floor French-style house has arched Palladian windows, a movie theater and a guest suite, according to the listing. The four-acre property includes a poolhouse and a stream.

The 33-year-old guard paid $5 million for the house in 2003, records show, and listed it for $6.3 million; he’s now asking $4 million. Chanel Overton of Long & Foster Cos., who has the listing, declined to comment, as did a representative for Iverson.

As for Wallace, the Detroit Pistons forward has lowered the price of his Portland home to $4.9 million from $5.2 million. He played for eight years with the Portland Trail Blazers before taking a six-year deal with the Pistons worth roughly $60 million.

Wallace, 33, bought the 1924 brick house, which sits on more than two acres, for about $3 million in 2000. The Tudor-style home has five bedrooms, five baths and a built-in saltwater fish tank. Wallace spent more than $1 million on improvements, says listing agent Tricia Epping, with Coldwell Banker, Barbara Sue Seal Properties. Wallace and his wife, Fatima, briefly listed the house in 2006 for $5.5 million before relisting it last year, Epping says.

Actor Modine buys NYC condominium

Actor Matthew Modine has purchased a condominium in New York’s Chelsea section for $1.7 million.

Modine, 49, starred as Private Joker in Stanley Kubrick’s 1987 film Full Metal Jacket and most recently has had a recurring role as a land developer on the cable-television series Weeds. The 1,600-square-foot condo, in a converted industrial building with a brick facade, comes with 2½ baths and a custom Italian kitchen. The doorman building includes a screening room and a gym.

Mark D. Friedman of Halstead Property represented Modine, while Stribling Marketing Associates represented the developer.

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