What's the real deal?

By Cindy Morley
Fayette Daily News
07/09/2008

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Is former heavyweight champion Evander Holyfield on the financial ropes again?

About a month after his Fayette County estate was taken out of foreclosure, another notice of foreclosure was listed in the legal advertisements in The Fayette Daily News and Today in Peachtree City, in today’s editions.

According to the foreclosure notice filed by Branch Banking and Trust Company (BB&T), Holyfield has apparently defaulted on a $750,000 loan which was obtained through a Security Deed on Holyfield’s estate.

The notice states that the “debt secured by the Security Deed is evidenced by a promisary note dated Nov. 13, 2006, executed by Evander Holyfield in favor of BB&T in the original principal amount of $750,000, plus interest from date on the unpaid balance.”

According to Fayette County State Court records, State Court Judge Fletcher Sams ruled earlier that Holyfield was responsible for the principal and interest in reference to a promissory note date Feb. 23, 2007 for $1,097,862.22, also through BB&T.

However, Sams reserved ruling on attorney fees and a hearing was scheduled for last week.
On July 2, the two parties agreed to the attorney fees and a consent judgement was issued for pre-judgement interest of $77,757 and attorneys fees of $117,587, according to court documents.

In another incident, the mother of one of his reported nine children says he has missed three child-support payments.

Toi Irvin, who lives in Clayton County, has filed a petition for contempt in Fayette County Superior Court on behalf of her 10-year-old son.

According to Randy Kessler, attorney for Irvin, Holyfield’s representatives have told Irvin not to expect the payments -- equalling $3,000 a month.

“He has been late on the child support payments before,” said Kessler in an earlier interview. “But this time, she was told by his representatives that they didn’t know when he would pay.

According to Kessler and court documents, Irvin took Holyfield to court in 2003 after moving to Georgia from Texas, to have the child support payments increased from $2,000.

Another lawsuit was filed against Holyfield by a Utah consulting company 15 days ago in U.S. District Court in Salt Lake City for failing to repay a $550,000 loan.

The suit states that Holyfield borrowed the money to pay for landscaping on his 235-acre estate.
Holyfield last fought on Oct. 13, 2007. He has been trying to secure another heavyweight championship.

Although it is not known how much money Holyfield has been paid over the years, he did receive $34 million to fight Mike Tyson in in the famous ear-biting bout in 1997.

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