Fighter faces legal, loan troubles but says he's not broke, 'just not liquid'
The Atlanta Journal-Constitution
Published on: 06/07/08
Though he no longer earns the kind of money that allowed him to build a 109-room mansion in Fairburn, boxing icon Evander Holyfield remains determined to live like a heavyweight.
Holyfield's manor, completed nine years ago, sits on 235 acres just south of the Fulton County line.
A threatened foreclosure of the place he calls home and missed child support payments put the former heavyweight champion's finances in the spotlight this week.
He appeared on the verge of losing his home after a foreclosure notice appeared in Wednesday's Fayette Daily News. Lien holder Washington Mutual, demanding full repayment of a $10 million loan, had scheduled an auction for July 1.
Philip Hasty, an attorney for Shapiro & Swertfeger in Atlanta, the law firm representing Holyfield's lending company, confirmed that the estate is no longer up for auction. Hasty said the change happened Thursday morning, but he declined to comment further.
On Friday, Holyfield did not comment on the foreclosure notice. "I'm not broke. I'm just not liquid," he said of his finances.
The boxer's former accountant, Sam Gainer, who was fired by the former world champion last fall, said he had advised his client to sell the estate or at least some of the property.
"To attack that house in any way, or suggest he get rid of it ... that's just not going to fly with him," said Gainer, though Holyfield has not said what his plans are for the property, which has an appropriately grand address: Evander Holyfield Highway. It may not have its own area code, but the estate —- worth an estimated $20 million —- does have a bowling alley and movie theater.
"That's his trophy, his symbol of success," Gainer said of the home.
But the debate over his home is not the only issue Holyfield has found himself responding to.
Holyfield, 45, also has taken out two additional mortgages totaling more than $5 million. And the mother of one of his 11 children has filed a petition for contempt in Fayette Superior Court, claiming the "Real Deal" is behind on his child support payments.
"I would've liked to have seen him take care of his child support obligations before worrying about his house," said Randy Kessler, attorney for Toi Irvin, mother of 10-year-old Evan. Kessler expects a court date to be scheduled within 30 days.
"If he hasn't made the proper arrangements by then, we'll ask that he be incarcerated," Kessler said.
Holyfield responded Friday to the child support claim: "I would never do something like that. That's been a consistency in my whole life. I have always taken care of my children."
Holyfield also is being sued by a Utah consulting company for failing to repay a $550,000 loan. The lawsuit, filed 16 days ago in U.S. District Court in Salt Lake City, alleges Holyfield borrowed the funds to pay for landscaping on his estate.
Holyfield would not comment Friday on the loan.
With the foreclosure listing, lawsuit and child support claims putting his finances in the spotlight, the obvious question would be: What happened to all the money?
His fight purses since he turned professional in 1984 have totaled roughly $248 million, including about $35 million for his 1997 rematch with Mike Tyson. Holyfield was paid $1 million in October to fight Russian Sultan Ibragimov; the former champ lost in the 12th round.
Holyfield still hopes to fight professionally, and he's recently been trying to drum up interest in another rematch with Tyson, who famously bit off part of Holyfield's ear during their second fight.
Gainer, based in Houston, said he doesn't think Holyfield is driven only by money.
"He's got all kinds of obligations," he said. "It's no surprise he's having financial problems."
Sizable investments in a recording label and Christian television network —- the Black Family Channel based in Atlanta —- both soured. "He thinks everyone is as trustworthy as he is," Gainer said.
"That's the shame of it. He's a great damn guy."
—- Staff writers Jeff Schultz and Ken Sugiura, and news researchers Richard Hallman and Sharon Gaus contributed to this story.
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