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Holyfield, who just last month was sued by one of his baby mamas for over $300,000 in back child support was spotted loading up the moving vans in front of his Atlanta mansion earlier today after the home was sold on the steps of the courthouse in a foreclosure auction.
Details + photos below…
According to TMZ, Evander apparently failed to strike a deal with the bank on his past due mortgage so he’s packing up and headed to an undisclosed location.
Holyfield owed over $14 million on the 54,000 square foot mega-mansion which was recently sold at a foreclosure auction for $7.5 million.
After the sale, the bank that purchased the home allowed Evander to continue to live there temporarily … but judging by the moving trucks lined up at his front door … it seems he’s finally worn out his welcome.
We’re told the trucks spent several hours at the mansion — though it’s unclear where the movers are taking E.H.’s stuff.
Holyfield obviously has some major financial problems — besides the foreclosure, he owes a ton of cash in unpaid federal taxes … plus, he’s up to his mangled ears in back child support payments.
Some of you athletes and entertainers better take notes! Those millions you have now certainly won’t last long if you spend friviously and have a gazillion baby mamas.
It was just 20 years ago that Holyfield was said to be the highest paid boxer (at that time) earning over $30 million to fight Mike Tyson. The fight has been credited as the top grossing pay-per-view boxing event of all time, with 1.59 million ppv purchases.
[READ: Boxing Biggest PPV's of All Time (With Video)]
It was all down hill from there. With a series of financial difficulties stemming from bad money management and personal issues like divorce and child support, Holyfield’s cash flow quickly dried up. His net worth is reportedly only about a million or so as of 2012.
Pour out a lil liquor for Evander Holyfield’s mansion.
Are you surprised at how often athletes mismanage their fortunes??
FULL PHOTO GALLERY
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Evander Holyfield Faces Foreclosure of Atlanta Home
not at all. i feel no sympathy for them. a smart person would buy a home cash in a gated community instead of living crazy. pay their damn taxes for 5yrs at a time
@Ksharee: You hit the nail on the head. Once you reach a certain level, you should always live BELOW your means. Oprah said before that she had money troubles (I believe it was right after she graduated from TN State), and that set of troubles taught her to ALWAYS live below her means.
I understand that if you’re not working or make $10 or $12 an hour, this may not be possible, but once you reach 6+ figures annually, you must live below your means.
Ohhhh no
I don’t feel sorry for this guy, not one bit. Like most of these athletes, they think the realworld won’t hit them. And when it does it’s at their lowest point. That million he has left is going to be gone in a month when the IRS comes after him and jails him for not paying taxes and vice versa for child support.
co-sign
Ironically, Mike Tyson was on Bravo’s ‘Watch What Happens Live’ last night, cracking me completely up. Apparently he’s a huge housewives fan, and he told Melissa and Joe Gorga that Teresa reminds him of himself- bankruptcy, yet still balling. He was in rare form last night, and seems like a lot of fun.
I saw that. He was funny as hell! Despite his reputation and most times odd behavior, Mike is a very intelligent guy. I don’t understand why these people think they can blindly trust accountants. They all need to take an Oprah course on money management. 50cent seems to be the only one holding his $$$ down right now. Cause Mr. IRS seems to be on a Black warpath.
Not surprised, I knew this was coming. They should require all celebrities to take a financial seminar before they start handing out the big checks, smh!
That is a shame.
Yes it is. Hate to see things like this happen to people. I’m sure he will recover.
Dude is too old to have all this going on!!!
LOL @ that Mike Tyson comment about Teresa "Backrupt, yet still balling".
It’s true that a lot of famous people with millions aren’t smart with it, thinking it’ll never run out. They must realize, you won’t be on TOP forever. Regardless of how bad he was with money management, I feel bad for anyone who loses their home. When you don’t have anything else, if your home is paid for, you at least have your home. To lose that is just devestating. I really hope he gets back on his feet.
i never feel sorry for people who wind up in this situation….i understand normal people who fall victim to predatory loans but these athletes and celebrities irritate the life out of me. i really hate these compounds they buy. on mtv cribs you can tell the down the earth people who won’t be broke in 5 yrs vs the ones who are a contract ending away from foreclosure. so stupid.
Sad
He needs to take care of “dem babies!” This house cost too much per month anyway. It is sad to see someone lose their home, but I would have built a damn subdivision on the property! There’s no way, I need to drive one mile to get to my front door from the street…#justsaying
I’m not knocking how rich people handle their finances but, if I was a millionaire words like mortgage, car note, and leasing would no longer be in my vocabulary. Why pay monthly when you can just buy something cheaper that you can afford?
Amen,!!! My way of thinking too
@La La Roses: Exactly. Pay cash for things instead of making bills.
he brought it on himself
Is money the black man’s kryptonite or what? It makes you wonder doesn’t it? Personally, I believe if you can’t manage $10.00, then you can’t manage $10,000. Some of us just don’t have the wherewithall to handle success. Humility will keep you from buying anything that isn’t practical. A 54,000 square foot space is usually called, "The Mall" in most cities. Not a house!
money management is something parents pass down to their children. unfortunately, a lot of African American parents don’t teach this to their children. Cultures where these lessons are more prevalent have less of this money wasting and mismanagement happening.
@Bay: Yep, and the worst part is that people are often unreceptive. If you try to tell people "this is how to cut expenses" etc. so that you will have something saved up in case of a lay off, people often ignore the information.
My pastor has done countless messages telling people that they can skip the salon and do their own hair at home, take their own lunch to work, etc. etc. etc. The info seems to be falling on hearing impaired ears.
What is wrong with living in a modest home (5bdrms, 5baths) that you purchase free an clear of any mortgage? I don’t get it. Why you gotta show off? Nobody cares…really. Now you looking like a fool and a bad example for us all. Not just him but all the people this has happened to lately with owing the IRS and the foreclosures. Is this a consorted effort to knock down those we look up to? Sadly I’m sure he won’t be the last. If I were a financial planner I’d be a marketing fool trying to get my services and business out there. Pay now or pay later.
Whoever won the house at the foreclosure auction for $7.5 million got a steal. He still owed $14 million, so the original value was probably significantly more than that.
The child support matter is another issue entirely. It saddens me how many people lack basic common sense when it comes to child support. There are too many forms of birth control out here for people to keep having random kids all over the place that they can’t or won’t properly provide for. If I’m not mistaken, years ago he was married to a doctor in Georgia. He cheated on her and got the other woman pregnant. Then he had the nerve to file for divorce as if he was the one who was cheated on.
Shortly after that I remember reading something about him getting into the ministry. One thing is for sure, the "ministry" is a chick magnet, so if you were already the type of man who couldn’t keep his pants zipped before, then joining the ministry may not be the place for you. The "ministry" opens up a whole new set of women to you. Chile……….
Dammm,sad to see this,he was my neighbor, my kids went to school with the family.dam sorry to hear this
That photo of sign with the description is not for Holyfield’s property. That’s for another property about a half of mile away.
But, this is also very sad. I’ve lived down there in the North Fayette area for much of my life. I remember when he first moved to Northridge, bought Burt Reynolds old house and built this huge house. You would assume, somebody would have this paid off, especially when they build it from the ground up. But like many American’s in the early 2000′s, we thought re-financing was the a gold mine and everybody borrowed against their homes. Looks like Holyfield did the same. I hope Creflo is helping him out, because Lord knows Holyfield gave too much money to Creflo and World Changers back in the 90′s
[...] [READ: SOLD! Evander Holyfield Moves Out of Atlanta Mansion... PHOTOS] [...]
For the life of me I don’t understand why more of these athletes don’t come to the Bahamas and build their mansions. At least they would cost less to build and they would pay no income taxes
FINANCIAL TROUBLES CAN HAPPEN AT ANY TIME TO ANYONE ,YOU JUST KEEP FIGHTING AND WORKING TOWARDS A POSITIVE SOLUTION. I HOPE THINGS GET BETTER SOON ,FOR THE CHILDREN’S SAKE AS WELL AS EVANDER’S.