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Evander Holyfield When Selling Your House for $7.5 Mil Actually Sucks

6/8/2012 11:55 AM PDT

Evander Holyfield -- When Selling Your House for $7.5 Million Actually Sucks

Good news: Boxing legend Evander Holyfield recently sold his house for $7,500,000!!!

Bad news: It was at a public auction, he actually owes the bank twice that amount ... and he also owes over $200,000 in back taxes. 

According to docs filed in Georgia, Holyfield's massive mansion -- 54,000 sq. ft on 234 acres -- outside Atlanta sold at public auction on March 6 ... but part of the money will go directly to Uncle Sam to pay off his back tax bill. 

As for the rest ... according to the documents, Holyfield owed more than $14,000,000 on the house -- plus more than $2500 in foreclosure expenses. It's unclear whether the bank is going after him for the balance.

Evander's senior advisor, Tony Tortorici, tells TMZ, Evander is working with his advisors to resolve his financial issues as quickly as possible. As far as the home, Tortorici explains, "[The home] was purchased by J.P. Morgan Chase, technically as part of a foreclosure. However, Evander continues to live in the house while options are being pursued. He is confident that an amiable agreement will be reached soon to resolve this situation."

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