Cox, Holyfield foreclosure auctions postponed

The estates of former heavyweight champ Evander Holyfield and Georgia School Superintendent Kathy Cox were to be sold on the Fayette County Courthouse steps in Fayetteville Tuesday, but an attorney with Shapiro & Swertfeger LLP, which handles the auctions, said they have been canceled until further notice.

Holyfield's 104-acre estate near Fairburn, which includes a 109-room mansion, went into foreclosure for the second time within the past year. Collectors are seeking payment of the original $10 million loan for the home at 794 Evander Holyfield Hwy.

A second Holyfield property at 592-596 Westridge Road, valued at $216,000, was also to be sold, according to a notice in the Fayette County News.

The famed athlete has grossed more than $248 million in the ring, but two divorces, several failed business ventures and child- support payments believed to total $500,000 annually have taken a toll on his financial well-being.

Attorney Philip Hasty declined to say why the Holyfield and Cox auctions were canceled.

Cox said in a recent e-mail that she and her husband, homebuilder John Cox, have been working for several months to prevent the auction of their Peachtree City home, which they share with their two sons.

The Coxes have been in personal bankruptcy proceedings since last fall.

"My husband and I, like so many other families across America, were deeply affected by the sudden and unprecedented downturn in the housing market, " Cox said in the e-mail. "For the past several months we have been trying to resolve our financial situation and, as part of that process, we have been working closely with our mortgage company and banks.

"Those negotiations continue, and I am hopeful we will come to a resolution very soon."

In the bankruptcy filing last November, John and Kathy Cox cited more than $3.5 million in liabilities and less than $650,000 in assets. Most of the debt is tied to John Cox's business, Pebble Hill Homes. His wife, who makes about $125,000 a year, had no role in the business but was a co-signer on loans for it.

The Coxes' home was their biggest listed asset, valued at $450,000. The balance on two mortgages on the home total $442,907.55, according to court documents.

-- Staff writers Christian Boone and Rhonda Cook contributed to this report.

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