Allen Iverson's backpack with $500K in jewelry found

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A backpack belonging to former NBA star Allen Iverson that contained $500,000 worth of jewelry has been found after it was stolen.

Philadelphia police said Tuesday that a 21-year-old male turned himself in for the crime.

"As of today, the jewelry that was stolen from Allen Iverson has been found and the suspect has been apprehended," representatives for Iverson said in a statement. "Allen thanks the Philadelphia Police Department along with the people of Philadelphia for their support in this matter. Thank you."

The incident took place around 10:30 a.m. Monday at the Sofitel Hotel in Philadelphia.

Police are withholding the name of the man who turned himself in because he hasn't been formally charged.