another millionaire boxer gone broke

[sucracristo]

http://wfla.com/2016/01/29/antonio-magi ... ugh-court/

HILLSBOROUGH COUNTY, Fla. (WFLA) — Former world champion boxer Antonio “Magic Man” Tarver is on the ropes. A Hillsborough County magistrate found Tarver in willful contempt of his child support order this week and ordered the champ to hand over the keys to his 2010 ML350 Mercedes to make good on his debt.

“How am I gonna get to work? How am I gonna get to training? How am I gonna provide for myself with no transportation?” Tarver asked.

“Sir, you have to remain calm,” replied Magistrate Mary Lou Cuellar-Stillo.

“How can I remain calm you’re taking my whole life from me? You’re stripping me of everything,” Tarver shot back.
Antonio Tarver's gated community
Antonio Tarver’s gated community

The Mercedes — which Tarver values at around $19,000 — won’t even come close to covering his child support debt for a teenage daughter that now hovers around $750,000. The magistrate also ordered Tarver to hand over his championship Title belts and the Bronze Medal he won boxing in the 1996 Olympics so his ex-girlfriend Toni Rolle can cash in the mementos in lieu of child support.

Tarver insists he’s the victim of a child support system that has worked against him and the best interest of his daughter. “You’re killing me, man, really,” Tarver told the magistrate.

Tarver insists he’s been doing the best he can to catch up to his child support and other debts since his fighting career tanked six years ago due to a PED doping scandal. “Ever since my suspension and my loss of job in 2010, I made no money,” Tarver testified.

That’s not exactly accurate. Tarver also claims, in filings with the court, to make $10,000 an appearance as a fight analyst on Spike TV. Last August he testified to earning $250,000 in a New Jersey prize fight with boxer Steve Cunningham. Despite that purse, Tarver only paid $12,500 to Rolle between then and now and claims he spent all the rest on more pressing needs.

“It went back to paying loans to live, to stay grounded, to keep a roof over my head,” Tarver testified. “I’m borrowing from Peter to pay Paul. I don’t have no money.”

He may be cash poor but Tarver now lives in a luxury home inside a gated community in Land O’ Lakes where his listed expenses include pool service, lawn service, cable TV and $350 a month for clothing purchases.
Antonio Tarver's Mercedes
Antonio Tarver’s Mercedes
Antonio Tarver's house
Antonio Tarver’s house

His current financial troubles may not be limited to child support. According to a financial affidavit he filed with the court in December, Tarver hasn’t filed a federal income tax return since 2007. The affidavit states, “Back taxes, interest, and penalties are unknown.” He also owes a fortune due to property foreclosures in recent years.

Tarver claims he operates at a monthly deficit of $8,155 and has a net worth of -$1.8 million.

The magistrate gave Tarver seven days to hand over his Mercedes. He is also supposed to gather up all of his title belts and the Bronze Medal to help pay the “purge” on his mounting child support debt.

None of that sat very well with Tarver who became furious at the end of a two hour hearing Wednesday inside the Hillsborough Courthouse. He stormed out, slamming two doors behind him as he left.

“I don’t even have a vehicle now.” Tarver said as he departed in a huff. “Sure, can’t make no money now. Congratulations.” Magic Man is on the ropes.

[diddy]

Just another god damn idiot.

[sucracristo]

yeah, his finances are a mess, but i never understood how these guys can
owe $750k for one kid. what kid costs $750k?!?! he has made payments
in the past, too, so that is just how much he is behind now.

[diddy]

The biggest problem guys like Tarver run into is interest rates. They dont comprehend numbers well enough to understand how much debt they rack up by not paying off credit cards. That's how they, and most morons, get themselves into serious trouble. Pay off your god damn credit cards every month and you never have to pay a cent more than what you initially spent. Simple concept, but far too confusing for some.

[JCS]

The child support thing probably does F a lot of athletes..

In the real world, it's pretty much expected that your earnings will slowly increase from early adulthood up until your 50s (or so).

For a top athlete, obviously it is going to peak sometime in their 30s and then tank. No doubt, these child support rates were probably based on that peak earnings.. which then dropped off incredibly fast.

I'm not sure how it works in this case.. but I doubt you can get the payments adjusted fast enough.

[Lackeos]

For some reason, judges like to set the child support payments at $infinite for boxers. One day, Mayweather is probably going to end-up bankrupt owning $95 million in child support. Baby needs a yacht.

[Kootenay47]

Can he move to Russia with Roy Jones /

[Ricky_]

$750,000 in child support? Kid's got expensive taste.

[Horse]

Child support should be paid equally between both parents.

Why should one parent have to pay for 100% of everything?

[Nightmare Roy]

Fcuking idiot.

[Bard of Boxrec]

Why don't they just make him downsize on his accommodation? Seems pretty obvious? 'Luxury home in a gated community'??? That's gotta cover the debt.

[PredatorHayds]

Losing his belts and Olympic medal seems a bit harsh.

[stevedoc]

Losing his belts and Olympic medal seems a bit harsh.

100% what are they worth nothing really in monetary terms .and how can he owe 750k in child support that seems way to high to me no wonder Holyfield went bust

[watsupdoc87]

too many money grabing bitches out there, puts his life on the line in his chosen profession makes a wage and some whore opens her legs and takes his cash

[reggaereggae]

I have stopped veal img sorry for these athletes who've earned millions and become broke. People argue they're undeducated but how much education does it take to know spending more than you earn results in a negative bank balance....and don't ignore taxes get an accountant.

Also don't buy stupid flashy sh1t you don't need....

It's that easy.

[Truthseeker]

too many money grabing bitches out there, puts his life on the line in his chosen profession makes a wage and some whore opens her legs and takes his cash

[Boxerbeetle]

Can someone please explain how the US tax system allows people not to file tax returns for 8 years?

[SFW]

Tarver let this happen, hate seeing any human being have to go through it but it could have been avoided. The future looks bleak from his pov. Who or what can help him now?

[Tony1244]

Tony1244's Guide to keeping Your $Money$.

1) Less marriages
2) Less Kids
3) Put tax $ aside immediately for, uh, taxes.
4) Invest in mutual funds and high rated bonds, not your buddy's business ideas.

[Horse]

Can someone please explain how the US tax system allows people not to file tax returns for 8 years?

They do it so they can take muppets who don't pay for everything that they've got.

[Tony1244]

I have stopped veal img sorry for these athletes who've earned millions and become broke. People argue they're undeducated but how much education does it take to know spending more than you earn results in a negative bank balance....and don't ignore taxes get an accountant.

Also don't buy stupid flashy sh1t you don't need....

It's that easy.

In Bold is the best financial advice of all time.

[Nightmare Roy]

too many money grabing bitches out there, puts his life on the line in his chosen profession makes a wage and some whore opens her legs and takes his cash

What? He should pay for his kid it's called "taking responsibility"

[watsupdoc87]

no kid should cost what 750,000. Thats going to the bitch he fucked

[sucracristo]

Losing his belts and Olympic medal seems a bit harsh.

100% what are they worth nothing really in monetary terms .and how can he owe 750k in child support that seems way to high to me no wonder Holyfield went bust

but this is just one million $ baby. holyfield has like an army of kids from an army of women.
they could probably all invade some small country.

[stevedoc]

Losing his belts and Olympic medal seems a bit harsh.

100% what are they worth nothing really in monetary terms .and how can he owe 750k in child support that seems way to high to me no wonder Holyfield went bust

but this is just one million $ baby. holyfield has like an army of kids from an army of women.
they could probably all invade some small country.

holy liked two things fighting and f@cking