Holyfield's mansion goes into foreclosure
By Daniel Taub
Bloomberg News Service
Former heavyweight boxing champion Evander Holyfield is losing his home to foreclosure, joining fellow athlete Jose Canseco and former "Tonight Show" sidekick Ed McMahon among celebrities struggling to pay mortgages.
Holyfield's estate in Fairburn, Ga., will be put up for auction July 1 to repay its mortgage, which had an original principal of $10 million, according to a legal notice published yesterday in the Fayette Daily News. Washington Mutual Inc., the biggest U.S. savings and loan, filed the notice, which identifies Holyfield as the property's owner.
Almost 650,000 U.S. properties were in some stage of foreclosure in the first quarter, as falling prices left owners unable to sell or refinance to avoid default, according to Irvine, Calif.-based RealtyTrac Inc. McMahon is in talks with his mortgage company, trying to avoid losing his estate near Beverly Hills, his spokesman said yesterday. Former baseball star Canseco's Los Angeles home is scheduled for sale at a July 3 foreclosure auction.
Holyfield couldn't be reached immediately for comment.