How Evander Holyfield Went from Millionaire to Broke After Retiring from Boxing

Evader Holyfield is one of the most famous boxers of his time who’s widely popular for his altercation with Mike Tyson during a boxing match that resulted in Tyson biting Holyfield’s ear. During his career, Holyfield reigned as the undisputed champion of the boxing world. He is the only boxer in the history to retire undefeated in both heavyweight and cruiserweight categories.

He had the best moments of his life and like some celebrities, Holyfield had a field day flaunting his wealth. He must have forgotten that money was volatile when he went on a luxury spree that left him in debt. The boxer’s was a classic riches to rags tale that saw his net worth plunge in the negative digits as his debt exceeded his total assets. His fall wasn’t expected but it happened when we least expected him to crumble.

During his boxing reign, Holyfield took home several IBF, WBC, WBA titles, an Olympic bronze medal and became a four-time World Heavyweight Champion. He made over $230 million throughout his boxing career. The money must have given him the temptation to spend and live above his means. With his extravagant lifestyle, didn’t take much time for financial issues to crop up. He had issues with IRS that burnt a huge hole in his bank account.

We cannot forget the expensive mortgage battle that almost made him homeless.  He lost his famous Olympic medal, 54,000-square-foot Georgia property, and his most valued properties in debt collateral. He ended up with a mere $500,000 when he finally settled all his financial woes.