How did Evander Holyfield become broke? What went wrong?

[////]

could have bought a box of condoms for a few dollars and still had 100 million in the bank

[Luilun]

I saw the house in atlanta he used to own in person years back and WOW!!! It's enormous. Online it says he made around $230 million throughout his career, so where did it all go? How did all of that money vanish in such a quick amount of time? I find it very hard to believe that all of it is gone. Did this man not have anyone he could trust to manage his money? His brother/sister, anyone??? This is sad.

It went to buying PU$$Y why do you think Floyd remains as Fred Sanford you indicate by moving his hand side to side

[maverock]

Same thing that happens to most of them. They come from a background of being dirt poor, they make enormous sums of money and the only people they have around them are people they pay for the most part. They have no idea how to deal with the kind of money they are making all of a sudden and spend like its never going to end, then it does.This is the norm not the exception, a large percentage of professional athletes end up broke.

100% on the spot correct advice. Plus, also remember many boxers come from humble, working-class backgrounds at best. Many with big families. Once the millions roll in the family members will start bringing in business proposals.

"Evander, I cook such good friend chicken. Lets open our own restaurant! It's bound to make a killing"
"Evander, we should open our own real estate development company. Your uncle and cousin could manage it. We're going to rake in millions!"

Needless to say, if you hand your relatives money to "invest" you will likely never see it again.

[KillaCamNZ]

He punched people in the head for a living. No one confused him for an Accountant or Financial Adviser.

Although, he should have been smart enough to hire the latter.

Too many kids, too many luxuries. Even deep wells can run dry.

[Outwest Exp 355]

By not pulling out.

[Tomjas]

Pretty simple

Earnings: $230 million

Trainer/Manager @ 30%: - $69 million

Tax @ 40%: - $65 million

Nett is $96 million

2 divorces probably took at least 50% of that so he's down to say $50 million

$30 million house and he's @ $20 million

6 kids on child support for 10years @ say $1 million per year in total and he's down to $10 million

Throw in massive donations to his church, a bunch of crappy business deals and he is forced to mortgage the house and pay interest with no real revenue coming in

Eventually he defaults on the mortgage and he cant sell the house during the GFC so the bank forecloses

The American Dream

[mikinoki]

I saw the house in atlanta he used to own in person years back and WOW!!! It's enormous. Online it says he made around $230 million throughout his career, so where did it all go? How did all of that money vanish in such a quick amount of time? I find it very hard to believe that all of it is gone. Did this man not have anyone he could trust to manage his money? His brother/sister, anyone??? This is sad.

Because of his Johnsson

[LoadedWraps]

Pretty simple

Earnings: $230 million

Trainer/Manager @ 30%: - $69 million

Tax @ 40%: - $65 million

Nett is $96 million

2 divorces probably took at least 50% of that so he's down to say $50 million

$30 million house and he's @ $20 million

6 kids on child support for 10years @ say $1 million per year in total and he's down to $10 million

Throw in massive donations to his church, a bunch of crappy business deals and he is forced to mortgage the house and pay interest with no real revenue coming in

Eventually he defaults on the mortgage and he cant sell the house during the GFC so the bank forecloses

The American Dream

[BKM-]

Poor Evan.

[saintpat]

All of the above.

The real lesson is having a lot of money is WAY different than having a lot of income.

Once the income stops, every penny you spend disappears and isn't replaced. It comes out of what you own. New cars, new homes, staying in expensive hotels, taking a private jet instead of flying coach on an airline -- not to mention child support and such -- all of it subtracts from what you have and once a boxer retires there's very little coming in to replace it (unless you're George Foreman with a grill deal).

Ten years go by living the Lifestyle of the Rich & Famous without replacement income and *poof* it's gone.