News / Law
Evander Holyfield’s Bankruptcy Forces Prized Memorabilia Auction
Atlanta, GA- After Evander Holyfield lost his 54,000 sq. foot home to foreclosure, he was in dire financial straits. Now a federal bankruptcy court is forcing the five-time heavyweight champion to sell off some of his prized memorabilia in order to pay down his debts.
The auction will be held on November 30th and will include a number of iconic items. One of the most infamous items to be auctioned off will be the gloves he wore in the ear-bite fight with Mike Tyson. Holyfield’s Bronze Medal he won during the 1984 Olympics will also go to auction.
Fans and collectors will also get the chance to own a number of championship belts, boxing gloves worn during fights, robes, trucks and signed promotional posters. Fan can bid for these items online or in-person. Julien’s Auctions of Beverly Hills will be conducting the sale.
But the auction won't only including boxing memorabilia, Holyfield will also be letting go of jewelry, furniture, and automobiles, including a 1962 Chevrolet Corvette.
Holyfield had been struggling with foreclosure on his Georgia mansion which was eventually sold for $7.5 million; however he owed the bank $14 million so a federal bankruptcy court ordered him to sell off some of his valued possessions.
During the height of his career Holyfield earned an estimated $640 million but after overextending his finances and child support for his eleven children the boxing champ is now broke, poor guy.
It’s not uncommon for sports figures to run into financial troubles after retirement, earning so much money so fast can go to a person’s head and they never think that rainy day is coming. Numerous pro athletes have needed the guidance of a bankruptcy attorney to get them out tough spots with their finances.
