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News Article  
Auction Block helps ex-boxer get more bang for buck
Larry LeMasters

DETROIT — Michigan boxing legend Tommy Hearns battled the IRS on April 3 in a bout that Hearns hopes will be a one-time only fight.

Born in Memphis, Hearns moved to Detroit as a toddler. After an outstanding amateur career, Hearns turned pro in 1977. Hearns held eight boxing titles in six weight classes during his career. Ring Magazine voted Hearns “Fighter of the Year” in 1980 and 1984. Known for his devastating right hand and his “flicker jab,” Hearns was called the “Hitman” throughout his career.

In April, the Hitman came out of retirement for what he hopes will be his one and only fight with the IRS — also a formidable opponent.

After winning more than $40 million in the ring, Hearns was nearly KOed by a mere half million dollar tax debt. Instead of going down, Hearns took responsibility for his debt and determined to raise the funds needed to pay the IRS. To this end, The Auction Block of Detroit auctioned approximately 100 lots of Hearns’ personal possessions and fighting memorabilia. The items were offered during The Auction Block’s Police Auction, which offers to the public items seized by police or governmental agencies.

Hearns’ lots included a cherry, 1957 Chevy two-door, which auctioned for $15,000, a 47-foot Fountain boat, which auctioned for $50,000, and a slew of smaller items, including gloves, trunks, shoes, and robes.

The Detroit News said that while Hearns had some luxury items up for auction, police also seized more “pedestrian items” such as home electronics, video games, and tools. But pedestrian or luxury, all items moved across the auctioneer’s block, and the IRS was on hand to collect the proceeds.

Obie Moore, owner and auctioneer of The Auction Block, called the auction, “bitter sweet.” Moore said the auction was being held to help solve Tommy’s problems. Moore told The Detroit Free Press, “I’ve come to know Tommy over the last few months. We hope there is a light at the end of the tunnel.”

Hearns is not the first boxer who has fought the IRS. Two noted examples are Floyd Mayweather who reportedly owed the IRS $7 million and recently settled this debt for $5 million and Joe Louis, the Brown Bomber, who owed the IRS more than $1 million in the 1950s.

Even while he was against the ropes, Hearns showed style. At Obie Moore’s suggestion, Hearns was on hand at the auction to sign autographs and have his picture taken with winning bidders.

Not surprisingly, items from this auction have already appeared on eBay and other online auctions. On May 12, an autographed pair of Hearns’ boxing gloves along with a “Police Seized Auction” poster (showing Hearns with his title belts) was offered for $250 on eBay, proving that not everyone at the Hearn’s auction was there to own a piece of boxing history.

Obie Moore stressed, “This Police Auction came together quickly” — he had just 10 days to prepare and advertise the auction. “We had to come up with clever marketing ideas, and it seems we were successful. We even attracted national coverage when Inside Edition showed up to cover us.” Moore said, “The Auction Block is just a small auction house, focusing on big auctions. We are always looking for ways to help people or groups liquidate assets. This auction served to help Tommy Hearns turn a corner and open a new chapter in his life. We’re delighted that we could help him and look forward to helping others.”

Hearns told the Associated Press that his auction “went well” and people attending were “very kind” to come out for the event.

Contact:

(866) 363-3768

5/28/2010