Former heavyweight boxing champion Evander Holyfield is on the foreclosure ropes.

Holyfield’s palatial 235-acre estate in Fayette County, Ga. — worth an estimated $10 million — is under foreclosure and is set to be auctioned by Washington Mutual on July 1, according to the Fayette Daily News. The 104-room, 54,000-square-foot estate, is located in North Fayette County.

So how does someone squander millions of dollars won in the boxing ring?

Since 1990, Holyfield won the heavyweight title four times and has earned an estimated $100 million over the course of his career, according to BoxingScene.com. In 1997 alone, he was paid $34 million fighting against Mike Tyson in the infamous ear-biting bout. Holyfield’s record is 42 wins, 9 losses, two draws and 27 KOs. The 1984 Olympic bronze medalist last fought on Oct. 13, 2007, in a 12-round loss to Sultan Ibragimov.

But the ex-champ has taken a one-two punch where it hurts the most — his pocket book. First, the mother of his 10-year old son (one of 11 children he’s fathered) filed a petition for contempt over missing two child support payments totaling $6,000. Next, a Utah consulting company hit the prize fighter with a suit for failing to repay a $550,000 loan related to landscaping his estate, reports the Atlanta Constitution.

Another heavyhitter in foreclosure is Adam “Pacman” Jones, former cornerback for the Tennessee Titans, who signed with the Dallas Cowboys in April 2008 after a one-year suspension from the NFL due to numerous legal entanglements.

ESPN reported that Jones originally had his Tennessee estate in West Nashville listed for $1.8 million. The property, which went into foreclosure in April, sits on 30 acres with its own lake. The 3,000 square-foot home consists of two guest quarters, game rooms and a garage.

ForeclosurePulse wants to know what you think about all these star athletes going into foreclosure. Send in your comments.

Note: joelc contributed to this post