Judiciary Report - Evander Holyfield: "I'm Not Broke"

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Evander Holyfield: "I'm Not Broke"

Boxer's House Out Of Foreclosure

June 6. 2008

Evander Holyfield

This is a follow up to my article yesterday titled U.S. Foreclosures Hitting Stars where I dubbed the segment "Stars Are Broke."

Holyfield's foyer at Christmas

Today, in an interview with the Atlanta Journal and Constitution, Holyfield said he is "not broke" just illiquid, which can happen. A person can have a lot of assets worth millions, even billions, but run low on cash at some point. The good news is he was able to get his home out of foreclosure.

Ed McMahon, however, is still in foreclosure. Can't people pay him to do interviews. That would help ease his cash woes.

Holyfield: 'I'm not broke'

Former boxing champ has heavyweight financial problems

6/06/08 - 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."

Holyfield appeared on the verge of losing his home, which sits on 235 acres just south of the Fulton County line, 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 on July 1.

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.

Holyfield'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.

The manor, completed nine years ago, 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...

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...

http://www.ajc.com