(EXCLUSIVE) Evander Holyfield Settles $650k Legal Battle

Evander Holyfield

Evander Holyfield

theJasmineBRAND.com exclusively reports, Evander Holyfield has reached a settlement with his ex-business partner in the $650k+ legal battle over the boxing champ’s memorabilia, with each side dismissing all claims against the other — following a year of battling it out in court.

Here’s the latest: On August 29th, Holyfield and his former business partner filed docs in the case explaining they agree to jointly dismiss all claims against the other. Per their agreement, each will dismiss the dueling lawsuit against each other once and for all. Each will pay their own attorney fees and costs. The terms of their settlement agreement will remain confidential.

Here’s the backstory: Yank Berry
– the CEO of VitaPro Foods – filed suit against Evander Holyfield, accusing him of defaulting on a 600k loan he gave the former boxing champ.

The suit explained that Barry loaned Holyfield a total of $621,133 in 2013 and it was to be paid back by June 2014. The boxer used several of his valuable memorabilia as collateral on the loan 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 claimed that Holyfield failed to pay back the loan by June 2014, and thus he filed suit demanding the full amount owed plus a court order granting him ownership of all the memorabilia that Holyfield put up as collateral.

Evander fired back at the millionaire CEO’s lawsuit explaining he doesn’t own the man.  The boxer explained that the agreement he had with Barry is void, due to it being signed under duress and he accuses the CEO of making fraudulent representations.

Holyfield, Mike Tyson

Holyfield, Mike Tyson

Holyfield counter-sued Barry explaining that back in 2013 the CEO offered to assist him in various financial and business matters.

He claimed the business man offered to help financially, without any monetary compensation from the boxer due to Holyfield’s fame, public stature and professional connections — believing it would help his own professional reputation by working with Holyfield.

He said that Barry would receive payments from third parties they were working with and then pay Holyfield his cut from the payments.

However, he says that around December 2013,  when Barry became aware that Holyfield was going to regain control of certain valuable boxing memorabilia, he then claimed the money he had been sending Holyfield was actually loans and not payments for work.

"Champs" New York City Screening - Arrivals

Holyfield said he was then coerced into signing a promissory note for the payments in the amount of $621,133, stating he owed Barry the money back. He claimed when he asked Barry for the accounting of money they made from various ventures he wasn’t given any information and accused the CEO of causing him financial harm. He filed suit demanding Barry pay him compensatory damages, punitive damages and attorney fees.

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Authored by: Kellie Williams