Foreclosure Home News and Opinion Holyfield Mega Mansion Fails to Sell at Auction

Holyfield Mega Mansion Fails to Sell at Auction

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Last week, former heavyweight boxing champ Evander Holyfield’s Georgia mega mansion hit the auction block. Seven bidders from around the nation fought online to try and land a housing TKO.

Listing agent Jackie Campbell of Keller Williams Atlanta Partners said bidding started at $2.5 million for the Nov. 11 to 13 auction, but there is a “reserve,” or minimum, meaning owner JPMorgan Chase will not accept the winning bid unless it reaches a certain threshold, which was not disclosed.

When the bidding ended on Wednesday, the high bid was $6.98 million for the 44,234 square foot mansion, but the bid failed to meet the undisclosed reserve set by JP  Morgan Chase.

In July 2012, Holyfield, a four-time heavyweight champion, lost the 105-acre  estate after failing to keep up payments on $14 million in debt. JPMorgan Chase bought the property out of foreclosure last year for $7.5 million, and the asking price before the auction was $7.89  million, according to The New York Times.

RealtyTrac shows the property is bank-owned and has been listed as REO for 544 days, after being foreclosed by JPMorgan in May 2012. A Notice of Trustee’s Sale scheduling the property for public foreclosure auction was filed in February 2012 showing a  $10 million foreclosing loan amount, but the property’s troubled history goes back as far as 2008.

The RealtyTrac posting shows that JPMorgan Chase originally filed a Notice of Trustee’s Sale as early as July 2008, but subsequent NTS filings in August 2008, June 2009, July 2009, September 2009 and February 2010 indicate the bank was hesitant to pull the foreclosure trigger. This could be a demonstration of the adage: if you owe the bank $100,000 it’s your problem; if you owe them $10 million it’s their problem.

Irvine, California-based Auction.com hosted the online auction on behalf of the new owner JPMorgan Chase. The estate — located at 794 Holyfield Highway — has 109 rooms, a 135-seat theater, a dining area that can accommodate 100, and is Georgia’s largest single family home.

It unclear what’s next for the famed 44,000 square foot mansion, Villa Vittoriosa. Holyfield has struggled with financial woes over the years that he just could not fight his way out of debt. Over his long 25 year boxing career, he made $200 million in prize money.

Readers, anyone with an extra $7 or 8 million can own Villa Vittoriosa. The time to strike is now.

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