Mayweather Jr. faces lawsuit for stopping payments on car More than $167,000 sought on repossessed Mercedes worth $528,000 By OSKAR GARCIA THE ASSOCIATED PRESS Boxer Floyd Mayweather Jr. is being sued by a bank in Las Vegas for more than $167,000 unpaid on a loan for a half-million-dollar luxury car. Caleb Langsdale, a lawyer for JP Morgan Chase Bank, said in a lawsuit filed last week in Clark County District Court that the former five-division boxing champion bought the Mercedes Maybach 57S in February 2007 and stopped making monthly payments of more than $9,000 a year later. Most Popular Stories Pacquiao dodges taxing problem LATE HEARTBREAK: Rebels let Beavers off hook Ten years ago today, UNLV beat Baylor on 100-yard fumble return by Thomas JEFF WOLF: It's only cheating when the other team does it Mayweather Jr. faces lawsuit for stopping payments on car MATT YOUMANS: Cutler's move leads to two losers ED GRANEY: College football polls all about (mis)perceptions OSU vs. UNLV pits teacher vs. student MOUNTAIN WEST FOOTBALL: BYU upset of Sooners puts BCS bid on table NFL BREAKDOWN: Ill-prepared QB hurts Vikings The bank repossessed the vehicle in January, sold it for $196,000 and is seeking to recoup the difference, the lawsuit said. A lawyer for Mayweather did not immediately respond Monday to a message seeking comment from The Associated Press. A representative for Mayweather said the boxer and his manager were not available. Mayweather was in Los Angeles for an open workout to promote his comeback fight on Saturday against Juan Manuel Marquez at the MGM Grand Garden. Langsdale declined to comment beyond what was in the lawsuit but said it was straightforward and needed to be served before a hearing would be set. Mayweather borrowed more than $415,000 at 16 percent annual interest to buy the $528,000 sedan, according to a copy of the contract attached to the lawsuit. A letter to Mayweather said he owed $363,000 when the car was repossessed, court documents said. The lawsuit adds another entry on a list of debts attributed to the boxer nicknamed "Money." County records in Las Vegas show Mayweather has one unresolved lien with the Internal Revenue Service for $6.17 million in unpaid taxes from 2007. Other records show homeowners associations, the state of New Jersey and a trash collector have also claimed Mayweather did not pay bills. Mayweather, returning to the ring after retiring last year, has said his upcoming fight is not about a big payday. His manager, Leonard Ellerbe, has disputed the documents and said he believes the public records to be inaccurate. "I got a good relationship with the IRS; they ain't took nothing away from me," Mayweather said in a recent episode of HBO's Mayweather/Marquez 24/7, which is documenting the fighters as they prepare for Saturday's match. During the same episode, Mayweather roller-skated through a new mansion and directly addressed the camera about his luxury lifestyle. "We got the big boy mansion, we got Lambos, we got Rolls-Royces, we got a lot of stuff, but guess what? The difference between me and everybody else -- my (stuff) is paid for, what about yours?" he said. Share & Save
Although a boxing fan and Fraud should have an unhealthy relationship, there is still some 'enthusiastic anticipation' to be had, like the day he goes flat fucking broke, then takes his fustration out on a woman, then gets locked up for lack of resources to fund an out of court settlement, they may not be 'megafights' but they'll be just as exciting for me.
Mayweather waits until 12th round to pay IRS Tax agency considered garnishing boxer's purse By OSKAR GARCIA THE ASSOCIATED PRESS Boxer Floyd Mayweather Jr. agreed to pay $5.6 million in back taxes before the Internal Revenue Service was poised to take the money from his purse after his Saturday comeback fight against Juan Manuel Marquez at the MGM Grand. The IRS sent the Nevada Athletic Commission a levy notice Sept. 4 ordering Mayweather's unpaid taxes from 2007 to be deducted from his $10 million fight purse, commission executive director Keith Kizer said. Kizer said the IRS backed off one week later, after Mayweather agreed to pay the money. Mayweather won the fight in a unanimous decision. Mayweather's tax attorney, Jeffrey Morse, said Tuesday federal officials never intended to take Mayweather's purse and that the five-division champion has satisfied his IRS debts. "Floyd has -- and I will absolutely attest to it -- more than satisfied every tax obligation that he has," Morse said. "As of today, as of some time ago, which I can't tell you when, he owes zero to the IRS." Morse said he expected the IRS to release a $6.17 million lien filed with the county recorder's office in Las Vegas in October. Records on Tuesday showed the lien was still open. IRS spokesman Raphael Tulino said he could not comment on individual tax matters. A copy of the levy notice obtained by The Associated Press shows the IRS was seeking less than what it filed for in its lien. The notice dated Aug. 25 said Mayweather owed $4.71 million in unpaid taxes and $930,000 in statutory additions calculated through Sept. 25. "Although we have given the notice and demand required by the (Internal Revenue) Code, the amount owed hasn't been paid," the notice to boxing regulators said. "This levy requires you to turn over to us this person's property and rights to property that you have or which you are already obligated to pay this person." Kizer said the IRS did not notify the commission until fight week that the levy would not be necessary. Mayweather and all other fighters on the card were fully paid, Kizer said. Morse said Mayweather owed substantially less than the $5.6 million levy, but would not say why it was valued at less than the original lien. Morse said the levy itself was part of Mayweather's agreement with the IRS, not an impetus for the boxer nicknamed "Money" to settle the debt. Morse said the levy was used by the IRS as collateral. "Unfortunately, if we knew that this information would be out there and disclosed to reporters, we probably wouldn't have entered into that agreement," Morse said. "Floyd likes to keep his private business private." Mayweather has faced liens in the past and paid them off, according to recorder records in Clark County. The IRS filed liens totaling almost $6.3 million for unpaid taxes from 2001, 2003, 2005 and 2006.
