Evander Holyfield has found himself in some hot water when it comes to his financial situation. Apparently Holyfield borrowed a large sum of money from a man named Yank Barry and Barry is claiming Holyfield never fully repaid the debt.
Holyfield put up several items as collateral for the loan and among those items are championship belts, boxing gloves, and his 1998 Father of the Year Award. Barry is looking to collect the collateral and the fees accumulated by Holyfield.
Evander Holyfield is in serious danger of losing his 1998 Father of the Year Award … and it’s all because he allegedly defaulted on a $600,000 loan to a famous business mogul.
The man suing Evander is Yank Barry — the CEO of VitaPro Foods. He’s also a musician who wrote the song “Christmas Time Again” for a 1977 Engelbert Humperdinck album.
According to the suit, Barry loaned Holyfield $621,133 back in 2013 … which Evander promised to pay back by June 1st, 2014.
Barry claims Holyfield used several valuable items as collateral — including various championship belts, the gloves form his 1996 fight with Mike Tyson, his 1984 Golden Gloves ring, various boxing robes … and his 1998 Father of the Year Award.
Barry claims Holyfield never paid back the full amount of the loan — so, he’s entitled to the rest of the debt plus fees and other costs (which adds up to $471k) … PLUS he wants to collect the collateral, which is currently being held by a 3rd party.
Yikes. That’s a large sum of money Holyfield owes and on top of that he stands to lose some very valuable items that I’m sure are more valuable to him than price they could fetch to a collector. I am curious to why Holyfield had to borrow such a large sum of money and for what it went towards, hopefully he is able to get everything squared away.