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Details on "Billionaire" Floyd Mayweather's 2014 Bankruptcy
Floyd ‘Money’ Mayweather to File for Bankruptcy
By Kato Leonard on July 16, 2014
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“Mayweather spends up to $75 million each year on bills, gambling, and frivolous purchases.”
Flamboyant boxer Floyd Mayweather has been seeking the counsel of a lawyer to file for bankruptcy. According to multiple sources, the 37-year-old undefeated champion made over $100 million this year (as of June 2014), but has continued to blow through his funds at an unsustainable rate.
Mayweather has over 15 multi-million dollar homes and at least 50 expensive cars. The boxer has begun to liquidate his assets in an effort to free up more cash. Floyd’s current spending habits, coupled with his mass amounts of debt, have left him with nearly no cash on hand to satisfy his bills. It is estimated that Mayweather spends up to $75 million each year on bills, gambling, and frivolous purchases.
This is not the first time the world famous boxer has struggled to pay his bills. In 2009, he defaulted on a $167,192 car loan which resulted in a lawsuit. According to The Las Vegas Sun, “in April 2007, Mayweather borrowed $415,695 to finance the purchase for $512,184 of a Mercedes Maybach 57S from dealer Fletcher Jones Imports in Las Vegas.” The contract called for 72 monthly payments of $9,077 at a 16% interest rate. The lawsuit alleged Mayweather failed to make payments, and the vehicle was repossessed and sold.
The IRS has reported that Mayweather owes over $50 million dollars in back taxes. If the boxer fails to set up a payment arrangement, the funds from his upcoming fight with Marcos Maidana could be seized.
The IRS filed multi-million dollar liens against the Grand Rapids native in 2007, 2009, 2011, and again in 2014.
By Kato Leonard on July 16, 2014
4.1k FacebookTwitter0 Google+4 LinkedIn
4.1k
SHARES
“Mayweather spends up to $75 million each year on bills, gambling, and frivolous purchases.”
Flamboyant boxer Floyd Mayweather has been seeking the counsel of a lawyer to file for bankruptcy. According to multiple sources, the 37-year-old undefeated champion made over $100 million this year (as of June 2014), but has continued to blow through his funds at an unsustainable rate.
Mayweather has over 15 multi-million dollar homes and at least 50 expensive cars. The boxer has begun to liquidate his assets in an effort to free up more cash. Floyd’s current spending habits, coupled with his mass amounts of debt, have left him with nearly no cash on hand to satisfy his bills. It is estimated that Mayweather spends up to $75 million each year on bills, gambling, and frivolous purchases.
This is not the first time the world famous boxer has struggled to pay his bills. In 2009, he defaulted on a $167,192 car loan which resulted in a lawsuit. According to The Las Vegas Sun, “in April 2007, Mayweather borrowed $415,695 to finance the purchase for $512,184 of a Mercedes Maybach 57S from dealer Fletcher Jones Imports in Las Vegas.” The contract called for 72 monthly payments of $9,077 at a 16% interest rate. The lawsuit alleged Mayweather failed to make payments, and the vehicle was repossessed and sold.
The IRS has reported that Mayweather owes over $50 million dollars in back taxes. If the boxer fails to set up a payment arrangement, the funds from his upcoming fight with Marcos Maidana could be seized.
The IRS filed multi-million dollar liens against the Grand Rapids native in 2007, 2009, 2011, and again in 2014.
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