The former heavyweight champion appears to be in serious financial trouble. His palatial estate in Fayette County is under foreclosure, according to a legal notice that appeared in a local newspaper, and is set to be auctioned by Washington Mutual Bank on July 1. The home is worth an estimated $10 million. The home boasts 104 rooms, 54,000 sq ft and sits on 235 acres just southwest of Atlanta.
Also, the mother of Evander Holyfield's 10-year-old son -- one of 11 children he's fathered -- says the boxing icon has missed two child-support payments, filing a petition for contempt in the Fayette County Superior Court. Back pay is just around $6100.
[AJC]
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Comments (5)
This mortgage crisis is ver... (Below threshold)1. Posted by Paul Hooson | June 7, 2008 6:58 PM | Score: 0 (0 votes cast)
This mortgage crisis is very serious for everyone. I'm having great difficulty selling one of my homes that renters did $70,000 in damages to including throwing garbage in the furnace fuel tank, breaking the fireplace, breaking many windows, breaking and stealing parts off the furnace, stealing glass doorknobs, ruining the hardwood floors with a massive number of pets in violation of the lease terms. Having this problem property to deal with a real headache. Even buyers with A-1 credit can't seem to get a loan.
1. Posted by Paul Hooson | June 7, 2008 6:58 PM |
Score: 0 (0 votes cast)
Posted on June 7, 2008 18:58
2. Posted by Don in AZ | June 8, 2008 12:38 AM | Score: 1 (1 votes cast)
I don't feel the slightest bit sorry for Holyfield or, similarly, Ed McMahon. Both realized enormous financial windfalls in their lives and chose -- they were not forced -- to live beyond their means.
Holyfield earned something in the neighborhood of $250M in his career. With even simple investments he should have plenty of live from. A 104-room house doesn't seem like the mark of a prudent man, however.
As for McMahon ... the lament is he can't work because health issues. He's 85 years old and he's made millions in his lifetime ... where, exactly, are the savings and investments? And, more importantly, why is he taking out $4M+ loans at this stage in his life?
2. Posted by Don in AZ | June 8, 2008 12:38 AM |
Score: 1 (1 votes cast)
Posted on June 8, 2008 00:38
3. Posted by Diane | June 8, 2008 2:13 PM | Score: 0 (0 votes cast)
You know, there is something to be said of "living BELOW one's means."
3. Posted by Diane | June 8, 2008 2:13 PM |
Score: 0 (0 votes cast)
Posted on June 8, 2008 14:13
4. Posted by Popcorn | July 4, 2008 2:45 PM | Score: -1 (1 votes cast)
You know everybody has problem,and may Holyfield
is going though something, but I feel like this all those different big baller and money so called friends, that use to be having party after after at his house, what the hell happen to them, then could not lend the man some money or a least buy the property before it went into forcloser, They just left the man hanging,No more big party at Holyfield Mansion now, That is some crazy mess, a hot dam mess.
4. Posted by Popcorn | July 4, 2008 2:45 PM |
Score: -1 (1 votes cast)
Posted on July 4, 2008 14:45
5. Posted by Dyno Wilson | October 10, 2008 5:40 PM | Score: 1 (1 votes cast)
Holyfield is a great guy. He helped a lot people, from charity events to many churches. Its sad to see him in in this kind of trouble. I live in atlanta. He built a boys an girls club with his own money back in the early 90's. Its clear that he made bad investments, an insider reported during the construction of his home there was 8,000,000 in budget over- runs. Ok, mabe he did blow a lot of money but he was also cheated. We love the champ in atlanta; god bless "The Real Deal" Holyfield.
5. Posted by Dyno Wilson | October 10, 2008 5:40 PM |
Score: 1 (1 votes cast)
Posted on October 10, 2008 17:40