Friday, June 6, 2008

Housing Market: Holyfield's Estate

109 room on 235 acres
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. Hasty said that the change happened Thursday morning but he declined to comment further.

Holyfield would not elaborate on the foreclosure listing but said "everything is alright with the house now."

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.

"That's his trophy, his symbol of success," Gainer said of the home.

His fight purses since he turned professional in 1984 have totaled roughly $248 million, including $34 million for his 1997 rematch with Mike Tyson. Holyfield was paid $1 million last October to fight Russian Sultan Ibragimov; the former champ lost in the 12th round.

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My Comments: How do you earn a quarter of a billion dollars and not manage to pay off you mortgage? Based on earning he should be able to afford an estate worth 2 or 3 times what he has without problems.

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