Evander Holyfield Fell Off From $230 Million & Went Bankrupt: Lavish Expenses & Child Support Revealed As The Reason
Nicknamed “The Real Deal”, Evander Holyfield is one of the most powerful boxers in history. He reigned as an Undisputed Champion in both the Heavyweight and Cruiserweight Divisions.
Representing the United States at the 1984 Summer Olympics, the boxer won a bronze medal and also hold four heavyweight championships.
Well, despite having such a splendid career in the boxing, Holyfield barely possesses $500k as net worth, as of 2019.
From $200 Million To $500,000: Saw a Drastic Fall In His Net Worth
Evander Holyfield has an estimated net worth of $0.5 million, as of 2019. His net worth primarily comes from his boxing career.
Like his rival opponent Mike Tyson, Holyfield also went through some financial crisis in his life as his net worth peaked above $200 million at one time.
Sources report that the boxer also made a staggering $240 million in prize money solely.
Unfortunately, it all occurred when he bought his former manor mansion for $10 million located in Fayetteville, Georgia, in June 2008.
As per a legal notice that was placed by Washington Mutual Bank, the sprawling property was lost to foreclosure and sold at public auction for $7.5 million. Moreover, Evander owed a bank over twice the house mortgage.
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The estate spread out in the 45,000-square-foot and boasts up 109 rooms, including a 135-seat theater, a 100-person dining room, as well as a bowling alley. In 2012, The Independent announced Holyfield as “flat broke and bankrupt” despite having made a hefty sum of $513 million over his decade long boxing career.
Following the bank’s insolvency, Holyfield sold numerous of his prized possessions at bidding like Olympic bronze medal, 20 pairs of fight gloves, championship rings, belts, and more in order to cover a number of debts and obligations.
Child Support Debt Swelled Over $500,000
Holyfield’s financial problems got him hammers on the hand, after Toi Irvin, mother of his then-10-year-old son, filed a lawsuit citing two months of pending payment as the child support in 2008.
In 2012, he was held in contempt of court after failing to pay child support of around $372,097.40 that later bumped up to $563,900.91.
As reported, the boxer was paying $3,000-a-month for the child, that solely took out $36,000 per year.
Furthermore, a Utah landscaping firm also filed a case seeking $550,000 in unpaid debt for services.
Evander Holyfield vs Mike Tyson: “The Bite Fight”
A former professional boxer Evander Holyfield attracted huge media attention following his fight against his rival opponent Mike Tyson, on June 28, 1997. It is one of the most bizarre fights in the history of boxing. It is also infamously referred to as “The Bite Fight”.
The infamous incident happened in the third round after Tyson bit Holyfield on one of his ears.
As per the decision of referee and ringside doctor, the fight later continued and again Tyson bit Holyfield on the other ear. This time, Tyson’s teeth scraped a portion of Holyfield’s ear that is known as the helix.
Following the incident, Mike Tyson was given a permanent suspension from boxing as well as his license was canceled indefinitely. Later, Tyson paid a whopping $3 million to Holyfield.