The average person these days is worried about how they are going to pay their light bill and just keep a roof over their head.. But retired athletes are trying to keep multi-million dollar homes that they can no longer afford.
Times have really gotten rough for retired boxer Evander Holyfield.
As of lately the champ is facing jail time for back child support in the amount of $372,000 for his 18-year-old daughter.. Holyfied who fathered 11 kids, hasn’t paid the support for his daughter since 2010.
If that’s not enough Holyfied just lost his beautiful, massive, 54,000 sq. ft. 234 acre home in foreclosure.. The house was sold for $7.5 million but he still owes the bank DOUBLE that amount. In addition Evander still owes Uncle Sam $200,000 in back taxes..
It’s all bad for the champ.
In related news retired NFL player Warren Sapp who listed his 240 Pairs of Air Jordans as an ASSET on his bankruptcy documents is now fighting against HSBC Bank on his own foreclosure. Sapp owed $781,879.39 at the time of filing.
He is now asking a judge to not allow the bank to foreclose on his beachfront condo because he is still living there although he hasn’t paid his mortgage since May of 2011.
While both homes are beautiful and anyone can understand why they wouldn’t want to give up such a luxury, liabilities at that value are almost impossible for an athlete to keep after retirement unless they’ve acquired money like Michael Jordan.
What’s even crazier is that it’s one thing to be blind enough to assume you can afford such luxury during the high times of your career but after retirement it seems only natural that one would consider scaling down their expenditures. I was reading RICH DAD POOR DAD and in the book it was showing how people place value on things like houses and cars but if it’s something you have to pay a bill for every month it’s not really an asset.. It’s a liability.. Assets actually make you money.
I don’t claim to be the brightest crayon in the box but if I’m a blogger and know this type of information why don’t people who actually come in contact with millions of dollars know this information???
This story is a reminder to everyone to stop trying to live above your means and understand the difference between assets and liabilities.. Sometimes we do good for a while and want to savor it but smart people live below their means and if they cant pay for something in cash they don’t purchase it.
Sometimes it seems like these celebs aren’t doing any better then the normal folk.. They are living check to check and hanging on by a thread too..
I wish both of these guys the best.