How do Holyfield and Tyson both end up broke?

The Mighty One · Jan 26, 2010

....after making a half a billion dollars between them?

AND how does Holyfield have 11 children with numerous women?

Plain stupidity is all I can think of. Totally stupid. Like ******edly stupid. Needing an overseer for all they do.

Jorodz · Jan 26, 2010

being dumb as ****ing stumps and spending all their money on whores

Thread Stealer · Jan 26, 2010

http://sportsillustrated.cnn.com/inside_game/lester_munson/news/2002/06/06/munson_insider/

Records filed in U.S. district court in New York in conjunction with the fighter's lawsuit against promoter Don King demonstrate how Tyson managed to exhaust $115 million in the 33 months following his release from prison. That's an average monthly expenditure of nearly $3.5 million. From 1995 through '97, Tyson spent at this level while training for six fights and earning a total of $112 million. Yes, Tyson put himself $3 million in the hole when things were going well.

How does one spend so much money so fast? According to a detailed summary prepared for the boxer by his former accountant, Mohammed Khan, Tyson went through nearly $8 million in "cash and personal expenses" -- accounting jargon for "walking-around" money. The average monthly outlay came to $236,184 per month, or close to $8,000 per day.

Those daily expenditures do not include monthly tabs of $94,555 for jewelry and clothing, $18,145 on travel expenses.

Various automobiles and motorcycles cost the fighter $4.5 million, plus $1.7 million in insurance and maintenance. In addition to his own fleet of vehicles, he purchased 17 cars as gifts, giving 15 of them to a collection of women.

The boxer's three houses and two apartments cost him more than $18 million. He spent nearly $1 million in lawn care alone during these 33 months. The records also show that Tyson spent $5.7 million on yet another house; according to documents prepared by one of his accountants, John Evans, the house was for a girlfriend.

Tyson's expenses also include settlements of $1.7 million in liability cases. Most of that sum went to Desiree Washington, the young woman he was convicted of raping in Indianapolis during the 1991 Miss Black America pageant. And the records show that during this period he made a one-time payment of $4 million for a son named Amir and paid another $228,321 in child support.

Meanwhile, in 1996, he gave himself a birthday party for $410,822. He lavished another $411,777 on his pigeons and cats. Yet another $239,552 went to pagers and cell phones ($7,259 a month).

State and federal taxes, according to the records, totaled $32.4 million, plus he faced additional charges from the Internal Revenue Service.

If Tyson cannot earn another fight purse, his only recourse may be his lawsuit against King, the promoter who produced his first six fights after his release from a Plainfield, Ind., penitentiary. Tyson claims that King fraudulently diverted more than $40 million from him; according to Tyson's lawyers, King, who was supposed to get a 30 percent cut of the boxer's winnings, somehow wound up with $113 million to Tyson's $112 million.
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Thread Stealer · Jan 26, 2010

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ATLANTA -- Maybe now we know why former heavyweight champion Evander Holyfield wants to keep fighting at age 45.

The "Real Deal" appears real broke.

His $10 million estate in suburban Atlanta is under foreclosure, the mother of one of his children is suing for unpaid child support, and a Utah consulting company has gone to court claiming the boxer failed to pay back more than a half million dollars for landscaping.

A legal notice that ran Wednesday in a small local newspaper said Holyfield's estate will be auctioned off "at public outcry to the highest bidder for cash" at the Fayette County courthouse on July 1. The 54,000-square-foot home -- located on Evander Holyfield Highway -- has 109 rooms, including 17 bathrooms, three kitchens and a bowling alley.

Meanwhile, Holyfield's handlers allegedly told the mother of one of his children that he will no longer be able to make his $3,000-a-month support payment. Toi Irvin claims the boxer has already missed two payments, so she has gone to court seeking restitution.

"My concern is there may be a lot of other mothers not be getting paid, and I would like my client to be at front of the line," said Randy Kessler, Irvin's attorney.

Kessler said Thursday evening he has yet to hear from Holyfield's attorney and hopes to go before a judge in 30 days. He will request the boxer be jailed if he doesn't pay up.

"This is such a small amount given the scope of what he has," Kessler said. "If Evander Holyfield can get away with it, anybody can. There are guys making $15,000 a year who go to jail for missing a $100 payment."

Holyfield, the only four-time heavyweight champion, has at least nine children.

Further compounding his financial woes, a federal lawsuit was filed about two weeks ago in Utah seeking repayment of $550,000 in loans allegedly made to Holyfield in late 2006 and early 2007 to pay for landscaping on his 235-acre estate.

The case, filed two weeks ago in U.S. District Court in Salt Lake City, said Robert Hall met Holyfield through a mutual friend and agreed to the loan, with the understanding it would be paid back, with interest, after the boxer's next bout.

Since the initial transfer of $50,000 was made to Holyfield, he has fought four times but failed to pay back any of the loans, the suit claims. It also says he did not respond to a Sept. 10 letter demanding repayment.

Holyfield didn't return a message left on his cell phone by The Associated Press. His attorney, Frederick Gardner, did not respond to an e-mail nor a call to his Atlanta office.

Holyfield's apparent financial problems are a familiar story in boxing.

Joe Louis kept fighting well past his prime trying to pay off a crushing tax debt. Sugar Ray Robinson admitted he was broke by the time his long career ended. Mike Tyson has squandered most of the vast fortune he accumulated during a career that included two memorable fights with Holyfield.

Holyfield has likely made hundreds of millions of dollars during his 24-year boxing career, including a reported $34 million for his second bout with Tyson in 1997, the infamous "Bite Fight" that ended with Tyson being disqualified for gnawing off a chunk of Holyfield's ear.

At the time, it was the richest fight in boxing history. Now, he's defaulted on a $10 million loan to Washington Mutual Bank, which will auction off his home on the courthouse steps.

The child support case involves Holyfield 10-year-old son, whose mother was initially awarded $2,000 a month in support. A flight attendant, she lost her job when airlines downsized in the wake of the Sept. 11, attacks, prompting her to return to court seeking an increase.

In 2003, a Fayette County jury increased the payment to $3,000 after hearing evidence that Holyfield's gross monthly income was $604,000, while Irvin was bringing in less than $2,600 a month.

But Holyfield's earning power has been in steep decline since then. He went through a dismal six-fight stretch that produced only one win, prompting the state of New York to strip him of his license after a dismal 2004 loss to Larry Donald.

Resisting calls to retire, Holyfield returned from a nearly two-year layoff to land yet another title shot last October. He lost a unanimous decision to Sultan Ibragimov in Moscow for the WBO title, but still insisted that he would keep fighting until he's the undisputed champion -- a plan that appears downright ludicrous, even with the weak, muddled state of the heavyweight division.

Kessler said the boxer helped make a down payment on a Clayton County home for Irvin, set up a trust fund for his son and had been fairly consistent in his support payments until recently, when Holyfield's representatives told her she was being cut off.

"It wasn't like they told her, 'Hold on, hold your breath, we'll get it to you, we're just having some accounting difficulties,' " Kessler said. "It was like, 'He's not paying, and we don't know if or when he's going to pay you again.' "

Kessler said the foreclosure of Holyfield's estate could actually be good news for his client, noting the 2003 trial uncovered evidence that the boxer had paid a $17,000 electric bill the previous December, largely because of an elaborate light display at the home.

"When people bring up foreclosure and bankruptcy, I'm not that concerned," Kessler said. "What that does is free up money for child support. If they foreclose on his house, that means he doesn't have to pay the mortgage. If he goes bankrupt, that frees up some other obligations.

"A $500,000 lawsuit, $10 million for his property, those are big deals. Child support of $6,000? The light bill is probably $6,000 at that place."
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http://sports.espn.go.com/sports/boxing/news/story?id=3428080

Thread Stealer · Jan 26, 2010

[ame]http://www.youtube.com/watch?v=lDbGhxzu5Lk&fmt=18[/ame]

klion22 · Jan 26, 2010

These guys don't live on planet Earth. They came from another planet. The planet of IDIOTS.

elTerrible · Jan 26, 2010

They werent use to having money growing up so they had no idea how to manage it and signed stupid deals with don king. Tyson actually had an annuity set up that would pay him 200k every year for the rest of his life. People who had his best interest helped him set it up. Well who do you think convinced him to cash it all out? Don King. And really in atleast Tyson's case its not surprising he made some really stupid decisions he is like bipolar or whatever the ****, he had some serious issues.

Holyfeld, I dont know what his deal is, hes supposed to be super religious but hes got kids all over the place. Who knows

Exposed · Jan 26, 2010

Next up....Floyd Mayweather Jr.

Rudyard · Jan 26, 2010

The Mighty One said: ↑

....after making a half a billion dollars between them?

AND how does Holyfield have 11 children with numerous women?

Plain stupidity is all I can think of. Totally stupid. Like ******edly stupid. Needing an overseer for all they do.
Click to expand...

Its simple...Holyfield likes to ****!:rofl

klion22 · Jan 26, 2010

Exposed said: ↑

Next up....Floyd Mayweather Jr.
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Probably. But he seems to be a bit more business savvy than the others. I say odds are about 50/50.

uglyandproud7 · Jan 26, 2010

That 'growing up without money' is a bs response. Same reason many other athletes, etc. make and blow a ton of money, stupidity usually.

LSomefun · Jan 26, 2010

Exposed said: ↑

Next up....Floyd Mayweather Jr.
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I fear he might be next. Dont understand why people cant respect the value of money.

hallelujahholla · Jan 26, 2010

when you get punched in the face for a living...you want to live good outside of the ring

iceman71 · Jan 26, 2010

they think the money will keep on coming.....

Boxed Ears · Jan 26, 2010

Rudyard said: ↑

Its simple...Holyfield likes to ****!:rofl
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Yeah, I'm not sure why the question needed to be asked in the first place. We all know the answer.

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How do Holyfield and Tyson both end up broke?

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How do Holyfield and Tyson both end up broke?

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