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Chillmatic
http://sports.yahoo.com/box/news;_ylt=ApbD...p&type=lgns


By PAUL NEWBERRY, AP Sports Writer 4 hours, 5 minutes ago
ATLANTA (AP)—Maybe now we know why former heavyweight champion Evander Holyfield wants to keep fighting at age 45.

The “Real Deal” appears real broke.

His $10 million estate in suburban Atlanta is under foreclosure, the mother of one of his children is suing for unpaid child support, and a Utah consulting company has gone to court claiming the boxer failed to pay back more than a half million dollars for landscaping.

A legal notice that ran Wednesday in a small local newspaper said Holyfield’s estate will be auctioned off “at public outcry to the highest bidder for cash” at the Fayette County courthouse on July 1. The 54,000-square-foot home—located on Evander Holyfield Highway—has 109 rooms, including 17 bathrooms, three kitchens and a bowling alley.

Meanwhile, Holyfield’s handlers allegedly told the mother of one of his children that he will no longer be able to make his $3,000-a-month support payment. Toi Irvin claims the boxer has already missed two payments, so she has gone to court seeking restitution.

“My concern is there may be a lot of other mothers not be getting paid, and I would like my client to be at front of the line,” said Randy Kessler, Irvin’s attorney.

Kessler said Thursday evening he has yet to hear from Holyfield’s attorney and hopes to go before a judge in 30 days. He will request the boxer be jailed if he doesn’t pay up.

“This is such a small amount given the scope of what he has,” Kessler said. “If Evander Holyfield can get away with it, anybody can. There are guys making $15,000 a year who go to jail for missing a $100 payment.”

Holyfield, the only four-time heavyweight champion, has at least nine children.

Further compounding his financial woes, a federal lawsuit was filed about two weeks ago in Utah seeking repayment of $550,000 in loans allegedly made to Holyfield in late 2006 and early 2007 to pay for landscaping on his 235-acre estate.

The case, filed two weeks ago in U.S. District Court in Salt Lake City, said Robert Hall met Holyfield through a mutual friend and agreed to the loan, with the understanding it would be paid back, with interest, after the boxer’s next bout.

Since the initial transfer of $50,000 was made to Holyfield, he has fought four times but failed to pay back any of the loans, the suit claims. It also says he did not respond to a Sept. 10 letter demanding repayment.

Holyfield didn’t return a message left on his cell phone by The Associated Press. His attorney, Frederick Gardner, did not respond to an e-mail nor a call to his Atlanta office.

Holyfield’s apparent financial problems are a familiar story in boxing.

Joe Louis kept fighting well past his prime trying to pay off a crushing tax debt. Sugar Ray Robinson admitted he was broke by the time his long career ended. Mike Tyson has squandered most of the vast fortune he accumulated during a career that included two memorable fights with Holyfield.

Holyfield has likely made hundreds of millions of dollars during his 24-year boxing career, including a reported $34 million for his second bout with Tyson in 1997, the infamous “Bite Fight” that ended with Tyson being disqualified for gnawing off a chunk of Holyfield’s ear.

At the time, it was the richest fight in boxing history. Now, he’s defaulted on a $10 million loan to Washington Mutual Bank, which will auction off his home on the courthouse steps.

The child support case involves Holyfield 10-year-old son, whose mother was initially awarded $2,000 a month in support. A flight attendant, she lost her job when airlines downsized in the wake of the Sept. 11, attacks, prompting her to return to court seeking an increase.

In 2003, a Fayette County jury increased the payment to $3,000 after hearing evidence that Holyfield’s gross monthly income was $604,000, while Irvin was bringing in less than $2,600 a month.

But Holyfield’s earning power has been in steep decline since then. He went through a dismal six-fight stretch that produced only one win, prompting the state of New York to strip him of his license after a dismal 2004 loss to Larry Donald.

Resisting calls to retire, Holyfield returned from a nearly two-year layoff to land yet another title shot last October. He lost a unanimous decision to Sultan Ibragimov in Moscow for the WBO title, but still insisted that he would keep fighting until he’s the undisputed champion—a plan that appears downright ludicrous, even with the weak, muddled state of the heavyweight division.

Kessler said the boxer helped make a down payment on a Clayton County home for Irvin, set up a trust fund for his son and had been fairly consistent in his support payments until recently, when Holyfield’s representatives told her she was being cut off.

“It wasn’t like they told her, ‘Hold on, hold your breath, we’ll get it to you, we’re just having some accounting difficulties,”’ Kessler said. “It was like, ‘He’s not paying, and we don’t know if or when he’s going to pay you again.”’

Kessler said the foreclosure of Holyfield’s estate could actually be good news for his client, noting the 2003 trial uncovered evidence that the boxer had paid a $17,000 electric bill the previous December, largely because of an elaborate light display at the home.

“When people bring up foreclosure and bankruptcy, I’m not that concerned,” Kessler said. “What that does is free up money for child support. If they foreclose on his house, that means he doesn’t have to pay the mortgage. If he goes bankrupt, that frees up some other obligations.

“A $500,000 lawsuit, $10 million for his property, those are big deals. Child support of $6,000? The light bill is probably $6,000 at that place.”
The Original MrFactor
Well, it sounds more and more likely that there will be a Tyson vs Holyfield 3...
KingEugene
I'd like to see a third Tyson fight but I dont know if I'd pay to see it. I'd only be interested in the first few rounds. But besides all that...somebody should have introduced this man to a condom.
sweetchuck
But a condom takes away from the feeling, lol. People need to educate athletes on finances. It amazes me how many athletes in general end up broke after their careers because their managers, agents and everyone else there to "support" them don't show them how to best invest and keep track of their money. I mean if someone can make $50,000 a year and invest right and be set for the rest of their life in 30 years (that's $1.5 million) then some can show these athletes how to live right and be set for life after making several million dollars in 5 years.
caneman
http://www.wsbtv.com/news/16507028/detail...._11000206052008

it would seem that his $150-200 million is gone! dntknw.gif
HaydelHammer
I have a feeling he finally got an advisor that sit down and looked at everything and told him if he doesn't do (a,b,c and d) with the growing energy prices, his child support for his 900 kids..etc,etc...he'll be dead broke by year..etc,etc....getting rid of a house where you have to pay a $17,000 light bill would be a start.

Didn't he learn ANYTHING from his boy MC HAMMER....DAMN!!!
dj necrogenic
If Holyfield would just sell his house he'd be able to be rich again
Mean Mister Mustard
Man, that's real bad to hear. Just goes to mention that if you are rich and start banging women left and right, chances are 9 out of those 20 you hit up will come back looking to tear you a new one financially.
JLUVBABY
i seriously doubt there will be a tyson holyfield 3 fight... tyson looks like a good solid 300 pounds now and it looks like he may be getting his finances straight to where he can at least live out the rest of his life very comfortable... he has to be getting paid for this european luncheon tour he has been doing in the countries that will let him in and he finally got a spot on the ea game fight night round 4 so he is getting a lil money again... and as boxing savvy as he is i wouldnt be surprised to see him as an announcer for one of the big networks one of these days not to mention the movies and books people will want to do about him... i could be wrong but that is a fight i just dont see ever happening, matter of fact i dont see tyson ever getting back in the ring period, unless it is for some God awful amount of money.
JLUVBABY
some may not agree with me but it makes mayweathers choice of opponents look better an better every time you read something like this... better for him not the boxing fan let me add that.
Imperius3
I will never understand how some people can just squander millions upon millions of dollars. I would never live in a $10,000,000 mansion, paying outrageous utility bills. I'd be more happy living in a 1500-square-foot apartment.
Nay_Sayer
Holy Warrior?

Holy Shit...
gods son
solution : build a church and rob the followers.

dbdbdb
I hate to come off and rant this way, but holyfield is a f*ckin idiot and a total disgrace to those of us who struggle daily to make enough paper to feed our families and keep a roof over their heads. And he exalts the stereotypical image of foolish black figures who mindlessly waste millions upon millions of dollars on totally stupid sh*t.

Who the hell needs 109 rooms, including 17 bathrooms, three kitchens and a bowling alley. What the hell is wrong with these idiots. With all the needy kids in the world, who would have benefited from just a fraction of that wealth, this f*ckin fool just wasted it.

Another f*ckin idiot in boxing ........... This is a total disgrace!!!

No wonder nobody ever collects money for boxer's who end up broke ...... Look at what they do with their money when they have it.

This kind of sh*t burns me up. Let that idiotic fool starve.
sweetchuck
It's like all the other people who get large sums of money and then they're broke. You see all kinds of people where it happens to. It's like when you ask someone what they would do with a million dollars. They all have plans for the money and they say they'll put some of it away, but in reality if they get it, a lot of it is gone.

A house that is foreclosed on rarely can be sold and it might not be worth what the mortgage is on it. And why does he have a mortgage anyway, shouldn't he have paid it off by now unless this is because of property taxes. It's Evander Holyfield, I'm sure when someone read that and was wealthy they stepped in and helped him out.

D-MARV
dntknw.gif
Chillmatic
Per Fightnews...

Holyfield: “I’m Not Broke!”
By Lisa Scott

Despite recent reports that Evander Holyfield is broke, the former champ told The Atlanta Journal-Constitution, “I’m not broke. I’m just not liquid. I do feel kind of sad because things have always been positive and now everybody wants to jump on me like I’m the worst person in the world and I went out and blew all my money.” Holyfield’s lavish 109 room estate, which sits on 235 acres of land in a suburb outside of Atlanta (and is located on Evander Holyfield Highway), was reportedly scheduled for auction on July 1st. However, his lawyers are now claiming that the estate, valued at $20 million, is no longer up for auction. While he would not elaborate, Holyfield stated: “Everything is alright with the house now.” Regarding his alleged failure to make child supports payments, The Real Deal said: “Never. I would NEVER do something like that. That’s been a consistency in my whole life. I have always taken care of my children. It’s just one of the mothers who is saying something because she thinks it will embarrass me. I just have to roll with the punches in this situation.” Holyfield has always been known to persevere through adversity and has ‘rolled with the punches’ throughout his entire career. Fight fans are confident that boxing’s only four-time heavyweight champ will be able to win this bout too.
LeeGenius
Holyfield has been a complete and utter fraud, a roided up con man his entire career.
Spyder
LeeGenius must be one of Holyfield's kids NOT getting child support.

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D-MARV
QUOTE(Spyder @ Jun 8 2008, 01:00 PM) [snapback]391857[/snapback]
LeeGenius must be one of Holyfield's kids NOT getting child support.

laugh.gif

laugh.gif
Or one of the mothers
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