Hitman Hearns in foreclosure.

[zslayton]

Being a great athlete hardly translates to be being smart with money.

[Grimm]

Hearns, one of the four Greats from the 80's is in foreclosure and owns almost a million to the i r s. This guy hasnt been on the seen in 20 years but someone was keeping a close on him and his money. And someone must have ripped him off because he didnt have a real big house and I dont think any troble with drugs. Sad, as he's one of the all time greats.

Sounds like karma from being a jerk off to his fans.

[Rocky Balboa]

Again, what is it with boxers, earning loads of cash, then having nothing years later? It all too familiar in this sport I'm disappointed to say!

Fucksake it does not happen as frequently in other sports so what, if anything, does that tell us?

[Baby Face Finster]

Again, what is it with boxers, earning loads of cash, then having nothing years later? It all too familiar in this sport I'm disappointed to say!

Fucksake it does not happen as frequently in other sports so what, if anything, does that tell us?

It tells us that boxers as a whole are not that smart. Smart people for the most part will not take up a sport where they are required to take punches to the head to earn a living. You may start out smart to begin in boxing but by the time you're done this vicious sport may turn you into a drooling punch drunk idiot.

[MEISINGER]

Again, what is it with boxers, earning loads of cash, then having nothing years later? It all too familiar in this sport I'm disappointed to say!

Fucksake it does not happen as frequently in other sports so what, if anything, does that tell us?

it does not happen in other sports as often because of players unions and retirement
plans set forthe by said unions.
until boxing moves to federal commission this will continue

[Rags19]

Unfortunately, it happens in every sport. Patrick Ewing said it best "we may make a lot of money, but we spend a lot too."

A lot of these athletes are surrounded by "yes" men, they get sucked into bad business deals, etc. and have little or nothing else to fall back on.

[actjac]

Again, what is it with boxers, earning loads of cash, then having nothing years later? It all too familiar in this sport I'm disappointed to say!

Fucksake it does not happen as frequently in other sports so what, if anything, does that tell us?

It tells us that boxers as a whole are not that smart. Smart people for the most part will not take up a sport where they are required to take punches to the head to earn a living. You may start out smart to begin in boxing but by the time you're done this vicious sport may turn you into a drooling punch drunk idiot.

Unfortunately this is true.

[matador]

Hearns, one of the four Greats from the 80's is in foreclosure and owns almost a million to the i r s. This guy hasnt been on the seen in 20 years but someone was keeping a close on him and his money. And someone must have ripped him off because he didnt have a real big house and I dont think any troble with drugs. Sad, as he's one of the all time greats.

Sounds like karma from being a jerk off to his fans.

Really? Manny Stewart once pointed out that one of Hearn's biggest concerns was, more than winning or losing, if he put on a good show for the fans. It sounded true and I even remember watching footage of him on Legendary Nights apologizing to his fans after putting on such valiant efforts against Leonard and Hagler.

I don't mean this in a sarcastic way, but did he not give you an autograph or snub you or something?

This thread is also a bit shocking because I thought I read somewhere that Hearns was actually very careful with his money and was financially set for life. I think it may have been his son Ronald who said his dad provided very well for him and he (Ronald) grew up pretty comfortably.

[Nelson Gateau]

This happens a lot to boxers but it happens a lot in football and basketball too. One reason seems to be that these guys spend whatever they earn without giving a thought to the obvious fact that their earning power will diminish as soon as their skills diminish.

[IKSRTFO]

Hearns, one of the four Greats from the 80's is in foreclosure and owns almost a million to the i r s. This guy hasnt been on the seen in 20 years but someone was keeping a close on him and his money. And someone must have ripped him off because he didnt have a real big house and I dont think any troble with drugs. Sad, as he's one of the all time greats.

Sounds like karma from being a jerk off to his fans.

When I met him in Southfield, his current city, he was alright with me. Then again, I'm not into the famous celebrity male groupie thing so I just said whats up to him. I haven't heard the stories on how he treats his fans so enlighten me.

[jrc26]

It is because they, in general, spend money like they are making $5 million dollars per year, which might be true for 5-6 years for the best fighters. They should be spending money like they make 500K per year because the earning shelf life for 99.99% of fighters is a few years at best.

Like a few people above have said also, their entourages, family, hangers-on and yes men are all there while things are really good then gone once they have sucked them dry. Fighters need someone to explain to them the harsh reality of the business. I don't feel a bit bad for Hearns. He could have literally taken one paycheck out of his dozens, say 2 million, and put it away and blown the rest of it like he obviously did. That 2 millions would now be worth God knows how much 25 years later and he would be making hundreds of thousands on interest payments per year. It is just pure stupidity.

[crow]

He could have literally taken one paycheck out of his dozens, say 2 million, and put it away and blown the rest of it like he obviously did. That 2 millions would now be worth God knows how much 25 years later and he would be making hundreds of thousands on interest payments per year. It is just pure stupidity.

Not so sure.
Out of the millions there's quite a bit going to the manager and the trainer. Then there's the training expenses and medical bills. Then uncle sam takes his share of what's left.
Out of the 2 millions i figure Hearns takes home 500.000.
Then there's all the monthly bills between fights and accountants,etc...; he might only have a few hundreds to spare after everything is said.

And if Hearns had left these funds in dollars, then by now the inflation would have taken a big chunk out as well. Nothing is easy down here.

[jrc26]

He made more than $40 million in his career. Even if that estimation doesn't include what you just mentioned (which I am not so sure of) then that leaves about half. He couldn't take 2 millions out of the 20 million and put it away in the 80's in some sort of retirement or investment account? Please....

As far as inflation goes, that has nothing to do with saving money for retirement. He obviously blew his money on stupid stuff that he didn't need. If his 2 million made 7% a year for 25 years it would be worth 6...7...8 million dollars after 25 years. I don't feel like getting my calculator out. That more than makes up for the inflation since 1985 and 8 million today vs. being broke as he is...hmmmm which do I pick?

[boxbible]

Did it say anywhere that he's broke?

He's getting a house foreclosed on... well, hello... that's happening to a lot of people. He probably re-fi'd the house and now the ARM portion of the mortgage is coming due, can't sell it, so he's letting it go. Tons of people are doing it. Cutting losses.

And he owes taxes to the IRS... If he owes a million, that means he must have made made at least 4 million. Probably tied up in the stagnant real estate market. When the losses on the real estate add up, some of it should come off as tax deductions so why give all of it to Uncle Sam now and tie it up. He can use the money to make more money, then when his tax bill is lower, pay back Uncle Sam.

Uncle Sam will gladly work out a payment plan and take small installments if you work with them.

Meantime, there's always some asshole gonna sensationalize an ex-boxer supposedly "going broke". Remember when Antonio Tarver was going "bankrupt"?

[Adamj1987]

unlucky tommy, one of my fave boxers

[TigerMoth]

[quote="boxbible"]Did it say anywhere that he's broke?

He's getting a house foreclosed on... well, hello... that's happening to a lot of people. He probably re-fi'd the house and now the ARM portion of the mortgage is coming due, can't sell it, so he's letting it go. Tons of people are doing it. Cutting losses.

And he owes taxes to the IRS... If he owes a million, that means he must have made made at least 4 million. Probably tied up in the stagnant real estate market. When the losses on the real estate add up, some of it should come off as tax deductions so why give all of it to Uncle Sam now and tie it up. He can use the money to make more money, then when his tax bill is lower, pay back Uncle Sam.

Uncle Sam will gladly work out a payment plan and take small installments if you work with them.

Meantime, there's always some asshole gonna sensationalize an ex-boxer supposedly "going broke". Remember when Antonio Tarver was going "bankrupt"? [/quote]

Unfortunately Detroit and other parts of Michigan that depended upon the auto manufacturers have seen real estate values plummet. So, if Tommy invested close to home he may have suffered severe losses.

Larry Holmes invested close to home, Easton PA and did very well as a super highway was finished and connected Easton to New York City.

Hope Tommy has other investments and that Larry is still doing well!

[Evander]

Any proof of this ?
Source please.

[Bricks]

He made more than $40 million in his career. Even if that estimation doesn't include what you just mentioned (which I am not so sure of) then that leaves about half. He couldn't take 2 millions out of the 20 million and put it away in the 80's in some sort of retirement or investment account? Please....

As far as inflation goes, that has nothing to do with saving money for retirement. He obviously blew his money on stupid stuff that he didn't need. If his 2 million made 7% a year for 25 years it would be worth 6...7...8 million dollars after 25 years. I don't feel like getting my calculator out. That more than makes up for the inflation since 1985 and 8 million today vs. being broke as he is...hmmmm which do I pick?

Firstly can the thread starter actually post a link of the newspaper or whereever he supposedly heard this news.

Secondly the guy who said Hearns treats his fans like jerks should also elaborate as during my 25 years following this sport this is the first time i have heard such a statement. Hearns is universally known as one of the most exciting fighters of all time, and one who never led his fans along . Remmember how even after the Uriah Grant debacle he took the microphone and apologised to the fans for his ankle breaking?

Id always heard Hearns was frugal with money.

But than again he did have a big family and hangers on etc etc.

However i would agree with the quoted post.
Even a Mark Breland who earned only around $6-7 million gross in his career has an annuity set up which started the day he retired and pays him $60,000 a year for the rest of his life.
Not a huge sum but a comfortable living for the average american

[granberry]

http://www.google.com/#hl=en&q=+tommy+h ... c8225f38ce

google: tommy hearns irs

[Robinson]

The trouble is when you are a fighter, actor, or what have you
earning a lot of money in lump sums and spurts, and you have
these progressive tax systems that we have in Australia, USA
etc...where there are so many varying degress of who pays
what and how... it is all to easy to 'owe' the Govt money
after many years.

No wonder why Russia with its smart, simple and efficient
flat tax has the most millionaires in the world.

It is very hard to manage you money over time. You have it
as a young man like Hearns did, and invest in property or
what have you, while trying to live on the 'fat' you stored in
your 'prime'. The trouble is the Govt still wants its piece of the
pie...and it is very hard to ascertain how much you owe when
you are eating into these stored assets.

We have had penty of famous examples of this, and will continue
to do so. Hearns is sadly another victim of these factors and
no doubt his own short sightedness when it comes to personal
spending.

The more money you earn, the more every one else wants to
take it away from you. That is the reality of our society.

[Elton John]

i remember the days when thomas said he was going to knock out hagler in three, win the lightheavyweight title and then retire at age 27 just as he was hitting his peak

[bollox]

From what I know Hearns is one of the truly good guys of boxing so it's sad he's being hassled. I can think of another sport that has so many parasites

[Bricks]

He's from Detroit also. Just imagine investing heavily in that cities properties in the 80's and seeing it all collapse in the 2000's and your money is worth nowt

[John Galt]

This is a link to a story about athletes losing their money.

http://sports.yahoo.com/top/news?slug=y ... &type=lgns

Apparently athletes in other sports are no better with money than boxers. Almost 80% of football players are near bankruptcy within 2 years of retirement. 60% of NBA players are broke within 5 years of retirement. Interesting article.

[granberry]

This is a link to a story about athletes losing their money.

http://sports.yahoo.com/top/news?slug=y ... &type=lgns

Apparently athletes in other sports are no better with money than boxers. Almost 80% of football players are near bankruptcy within 2 years of retirement. 60% of NBA players are broke within 5 years of retirement. Interesting article.

I bet their lawyers and 'financial planners' are not broke.