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Evander Holyfield: How Boxing Legend Blew Three Hundred Million

Evander Holyfield How Boxing Legend Blew Three Hundred Million
Date Posted: Monday, November 18th, 2019

The top of his right ear isn’t the only thing Evander Holyfield wishes he could get back.

The four-time heavyweight champion estimates he earned more than $300 million during his 26 years in the ring.

After claiming his first world title in 1986, the boxing legend won 44 bouts in a stellar career, including two victories over Mike Tyson and other famous wins against George Foreman, Larry Holmes, and Buster Douglas.

But the 57-year-old currently lives in a two-bedroom apartment after squandering his millions on poor investments.

Widely known for having the top of his ear bitten off by Tyson in 1997, the former two-weight world champion managed to lose his entire life savings after his last professional fight in 2011.

Holyfield, known as “The Real Deal”, fell victim to reckless spending, bad business deals and even worse financial advice.

The full extent of the 57-year-old’s financial woes were revealed on a recent episode of CNBC’s Back in the Game, where baseball legend and financial success Alex Rodriguez attempts to help former athletes fight out of money troubles.

Although he continues to earn up to $100,000 a month through personal appearances, the world champion is basically broke. This is how it happened.

REAL DEAL A REAL STEAL

Holyfield’s list of flops include a failed record label which cost him $2.9 million, an unsuccessful restaurant business which bled another $10.5 million — and a number of unpopular products bearing his name including BBQ sauce, a kitchen grill, and a fire extinguisher.

Although he is one of the biggest names in professional boxing, his personal brand was not properly utilized for a reliable source of revenue.

“What I really want Evander to understand is what is the value of his name and what he brings to the table,” Rodriguez says.

“There’s not one boxer active that has more brand equity than (him) ... His name is worth far more than he realises.

“He’s a trusted brand. His fame, his name, his reputation; that’s his superpower.”

THE MONEY-PIT MANSION

Holyfield also paid $29 million in cash for a 16,000-square meter mansion. Built-in 1994, The 109-room property in Fayetteville County, Georgia, featured a 1.3 million liter pool, a bowling alley and a dining room that seated 100 people.

But once the mansion had been built, he struggled to afford the property’s upkeep. Gardening, airconditioning, electricity and other necessities were reportedly costing Holyfield $1 million a year.

He was forced to sell the mansion to the bank for $10.9 million, less than half of what he purchased it for, before American rapper Rick Ross picked it up for a bargain in 2014.

MOUTHS TO FEED

Holyfield has 11 children with six different women, and provides ongoing financial support to a number of them.

One of his six sons is Elijah Esaias Holyfield, a footballer currently representing the Carolina Panthers in the NFL.

Another son, 22-year-old Evan, made his professional boxing debut earlier this month, knocking out opponent Nick Winstead in only 16 seconds.

The Real Deal has endured three failed marriages. His third wife, Candi Calvana Smith, filed a restraining order against Holyfield in 2010 after he allegedly assaulted her in front of the children during a heated argument.

Candi received a large sum of cash and property from the 2012 divorce, including child and spousal support.

Rodriguez said Holyfield was let down by the people around him during his fighting days.

“He did not have a team to protect his money while he was making millions, and today there is no one in his corner to help him establish his blue-chip brand,” Rodriguez said.

“If he had the right team behind him, he would have never lost his fortune.”

“It is hard to fall down, and I kind of feel like everything is too late,” Holyfield said.

“When you don’t have others looking out for you, everybody’s taking something for themself.

“Man, they were stealing, just stealing, stealing.”

But he’s determined to rectify past errors and establish a safe financial grounding for his 11 kids.

“(I want to) pass this onto my kids, where they won’t have to worry about the same thing,” Holyfield said. “I used to be foolish, but I ain’t foolish no more.”

But he still hasn’t closed the door on his fight career.

After not stepping in the professional ring for over eight years, Holyfield recently announced he will take part in an exhibition bout for charity in Japan, with a date not yet confirmed.

“The big thing is to give people in Japan the opportunity to see the only four-time heavyweight champion of the world,” Holyfield told TMZ Sports. “It’s something for them and something for me.”

Source: news.com.au

Date Posted: Monday, November 18th, 2019 , Total Page Views: 326

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