Phoenix Bankruptcy Law News

Evander Holyfield Seeks to Avoid Bankruptcy with Massive Auction

Are you in the market for a 1984 Olympic bronze medal? How about the gloves Evander Holyfield wore the night Mike Tyson bit off part of his ear? If so, you may be in luck.

On Nov. 30, Holyfield plans to auction off nearly all of his possessions, the Boston Herald reports. The auction will include Holyfield's jewelry, car collection, household items, and boxing memorabilia.

Holyfield has had a cruel, cruel summer. Last week, he and his former wife, Candi, finalized their divorce. It's unlikley Candi received much in the settlement, however. Holyfield is apparently broke, despite making more than $640 million during his time in the ring.

Last month, the former champ's 109-room mansion was foreclosed on after he fell behind on his mortgage payments. Holyfield reportedly owed about $14 million on the home, according to TMZ. The mansion was sold at auction for about half that.

On top of all that, the penniless pugilist has been hit with child support suits in Texas, California, and Georgia. Holyfield reportedly has 12 children with six different women, according to The Atlanta Journal-Constitution. That can get pretty expensive. For instance, Holyfield owes the mother of his 18-year-old daughter $373,097 in back child support. Failing to pay that debt could land him in jail.

If the proceeds from the auction aren't enough to cover his debts, Holyfield may have to file for bankruptcy. He's likely file under Chapter 7, the most common form of bankruptcy for individuals. In a Chapter 7 bankruptcy, a debtor's assets are sold off and the proceeds paid to his creditors in the order of their priority. Even if the proceeds aren't enough to cover his debts, the debts are generally discharged, meaning they will be extinguished after the bankruptcy is complete.

If you're interested in picking up some Evander Holyfield memorabilia, you can order a catalog from Julien's Auctions. A free public exhibition of the items up for auction will take place from Nov. 19 to 29 in Beverly Hills.

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