Friday, June 6, 2008

Brother, Can You Spare a Dime?

The year was 2004.....

Ebony magazine had an article featuring Evander Holyfield. Here are some of the highlights :

Ebony, April, 2004 by Kevin Chappell

BY all accounts, Evander Holyfield was never supposed to be much of anything. Born in Atmore, Ala., one of nine children reared by a single mother with a sixth-grade education, he was told over and over again that he was too poor, too inarticulate, too Black to break the grip of poverty and despair. But armed with a strong faith in a higher being, a strong belief in himself, and a strong chin, Holyfield defied the odds, rewrote boxing history, and earned more than $150 million.

Today, home for Holyfield is a 54,000-square-foot estate on 235 acres outside of Atlanta. One of the biggest homes in the Southeast, it boasts a mind-boggling 109 rooms, including 11 bedrooms, 17 bathrooms, a bowling alley, Olympic-size pool and a stable stocked with a half-dozen horses.
Inside the home, a double-spiral staircase at the foot of a three-story rotunda greets visitors. The foyer features a baby grand piano. The dining room seats more than two dozen people. There is even an elevator for easy access to each floor.


Fast forward 4 years for this article which appeared in today's Wall Street Journal:

A Knock Out: Evander Holyfield Facing Foreclosure

The last time Evander Holyfield was making big news, he had just had his ear gnawed off by Mike Tyson in their now infamous “Bite Fight” — a boxing match that ended when Mr. Tyson was disqualified for biting off Mr. Holyfield’s ear in 1997. He reportedly earned $34 million for the bout.

That haul appears to be gone. The Associated Press is reporting that the former heavyweight champion’s $10 million estate in suburban Atlanta is in foreclosure. A legal notice that ran Wednesday in a small local paper said that Mr. Holyfield’s estate will be auctioned off at a local courthouse on July 1.

The foreclosure is just one of the former heavyweight’s financial woes: A federal lawsuit was filed about two weeks ago in Utah seeking repayment of $550,000 in loans allegedly made to Mr. Holyfield in late 2006 and early 2007 to pay for landscaping on his 235-acre estate. And the mother of one of his children is suing for unpaid child support.

Wow........what difference 4 years can make....

But wait........there's more! Evander speaks out.......Breaking news from the Atlanta Journal Constitution web site:

Holyfield: 'I'm not broke'

Boxing icon Evander Holyfield says he's "not broke," and that he's always taken care of his children, despite reports this week that the three-time world champion's 109-room mansion in Fairburn was in foreclosure and that he's behind in child support payments.

"I'm not broke. I'm just not liquid," Holyfield told the Atlanta Journal-Constitution Friday. "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."

On Friday, 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 that the change happened Thursday morning but he declined to comment further.

Holyfield would not elaborate on the foreclosure listing but said "everything is alright with the house now."


But answer me this........How can a person blow $248 million ? And if one has made $248 million and the house is worth just $10 million...........why did he still have payments?

Why was there even a hint of a foreclosure?

I always thought the Mr. Holyfield had surrounded himself with reputable people who looked out for his best interest.

But as Evander reminded us, "I'm not broke....I'm just not liquid."

Well......Mr. Holyfield .....lets hope you get .........liquified.......and ....liquidated....quickly.

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