Floyd “Money” Mayweather, renowned as one of the greatest boxers globally, recently found himself entangled in a real estate deal that raised eyebrows and suspicions of potential tax evasion.
Los Angeles Magazine reported the saga, and it revolves around a lavish mansion in Bel-Air and its developer, Joseph Englanoff. Let’s delve into the details of Mayweather’s mansion misadventure and the intricate web of financial maneuvers.
The Perfect Hideaway
Mayweather’s quest for a Los Angeles hideaway led him to a 35,000-square-foot, 12-bedroom mansion nestled in the hills of Bel-Air. The property, equipped with opulent amenities, seemed tailor-made for the legendary boxer. However, what started as a dream home purchase evolved into a complex ordeal involving tax-related intricacies.
The mansion, named “La Fin” by its developer Englanoff, came with a staggering price tag of $139 million. After a grand tour of the property, Mayweather expressed immediate interest, exclaiming, “Sold!” A seemingly straightforward handshake marked the beginning of what Mayweather believed was a genuine transaction.
As the sale contract reached Mayweather’s legal team, red flags emerged. Instead of buying the mansion outright, Mayweather was unknowingly purchasing shares in Ashley Ridge Land LP, a Nevada-based company with holdings that included the Bel-Air megamansion. The complexity of the deal hinted at potential tax evasion, prompting Mayweather’s legal advisors to intervene.
Legal Concerns and Ethical Stand
Mayweather’s attorney, Rockard “Rocky” Delgadillo, recognized the questionable nature of the deal. The arrangement raised concerns about circumventing Los Angeles property taxes and California state income tax through a Nevada-based holding company.
Based on his experience as the former City Attorney for Los Angeles, Delgadillo advised Mayweather to discontinue the sale to avoid legal complications.
Mayweather is no stranger to controversy. He is known for his tumultuous past and domestic violence convictions, but this time, he took a principled stand.
Raised in challenging circumstances relying on taxpayer-subsidized welfare, he refused to be part of any scheme that could potentially exploit tax loopholes. Mayweather stated, “I didn’t want to be part of cheating people. He’s greedy and sneaky, and that’s not cool.”
The article also sheds light on Englanoff’s history and his involvement in other controversial real estate projects.
One such project, “The One,” considered the world’s largest spec mansion, faced financial challenges and legal scrutiny, leading to a bankruptcy auction. Englanoff’s tactics and his association with Mayweather in various lawsuits add layers to the narrative.
Claims of Racism and Personal Differences
Apart from financial complexities, the article touches on a personal incident where Mayweather accused Englanoff, and his wife of serving him fried chicken and watermelon in a seemingly racist manner during a dinner party. Englanoff countered these claims, presenting a different version of events and highlighting the personal differences that emerged during their interactions.
Mayweather’s decision to prioritize ethical conduct over a lucrative real estate deal speaks to his commitment to living a better life and making amends for past mistakes. Despite Englanoff’s allegations and legal disputes, Mayweather stands firm in his refusal to compromise his principles for financial gains.
Fox 11 Los Angeles also picked up the story, and their YouTube video is filled with commenters praising Floyd. “Much respect to Floyd, I grew up poor and feel for the needy, not the greedy,” said one of them.
Another praised Mayweather’s cautiousness with his money: “Good work on MAYWEATHER’s part. His lawyers and advisors are on the ball. Say what you want about him…I don’t think much gets past him in an attempt to pull the wool over his eyes. Kudos.
He DEFINITELY minds his money.”
Some, however, are calling him out for his past mishaps: “Floyd Mayweather believes in paying your taxes, then why did he owe the IRS millions in back taxes? The rumored number was like 22 million+ in back taxes.”
One thing is certain: whenever Floyd Mayweather is involved, people will be talking.
The mansion at 1200 Bel Air Road, once envisioned as Mayweather’s ideal residence, remains for sale. Zillow describes it as “a testament to luxury living.” The unresolved status of the property serves as a reminder of the complexities involved in high-profile real estate transactions.
Now, we want to hear what you think. What are your thoughts on Floyd Mayweather’s mansion misadventure and the broader issues of tax evasion in real estate dealings? Share your thoughts in the comment section below.