Boxing legend Floyd Mayweather Jr. has reportedly paid a staggering $18 million in back taxes, putting an end to a longstanding legal battle with Uncle Sam — and he recently showed off the payment on social media, while at the same time revealing he shelled out more than $1.1 million for a VIP box at the Super Bowl in Las Vegas alongside 34 of his companions, TMZ reported.
The undefeated champion, known for his flamboyant lifestyle and immense wealth, faced scrutiny over unpaid taxes dating back several years.
Mayweather, whose estimated net worth is in the hundreds of millions, settled the hefty tax bill as part of a negotiated agreement with the IRS, Forbes reported.
Mayweather and his IRA Saga
The boxing icon, who retired with an unblemished 50-0 record, has been no stranger to financial controversies throughout his career. In 2017, Mayweather made headlines when it was revealed that he owed the IRS $22.2 million in taxes for the tax year 2015, according to a notice of a federal tax lien filed by the IRS. At the time, he requested a reprieve, citing cash flow issues and the illiquidity of his assets.
Money Mayweather vehemently defended himself, asserting that he had already settled millions in overdue taxes with the IRS.
The recent payment of $18 million, though considerable for many, represents only a fraction of the boxer’s total wealth. Mayweather contends that he paid significantly less in taxes during his active fighting career compared to the amount he settled upon retirement. There is no available record detailing the specific amount Mayweather paid in taxes during his time as an active fighter, underscoring the expansion of his net worth with other lucrative investments and business ventures.
“While everyone is counting my money and assuming the worst, these are the facts… Uncle Sam, received $26,000,000.00 from me in 2015! What else could they possibly want?” the undefeated boxing champion said on Instagram.
Mayweather’s financial success extends beyond the ring, as he has built a lucrative empire through boxing promotions, endorsements, and various business ventures. His ability to generate revenue and command massive pay-per-view audiences has contributed to his status as one of the highest-paid athletes in history.
Despite the enormous tax bill, Mayweather continues to exude confidence and maintain his extravagant lifestyle. The boxer, known for his affinity for luxury cars, designer clothing, and ostentatious displays of wealth on social media, has not publicly commented on the recent tax settlement.
