It is quite apparent from his Instagram feed that Floyd “Money” Mayweather doesn’t mind making some lavish expenditures. And after making a fortune in the ring — the website The Richest estimated his net worth at $650 million — the ex-boxer can certainly afford to do so.
But as the owners of a Las Vegas strip club found out, to their dismay, Mayweather is not above trying to save a few bucks with a questionable tax deduction. And they have the 1099 form for the $20,323.18 he dropped there in one visit to prove it.
The Daily Mail obtained a copy of that form, sent to the proprietors of Larry Flynt’s Hustler Club by Mayweather Promotions, LLC. That could represent an attempt by the former welterweight champion to write off the outing as a business expense, but the owners say the money went entirely to the strippers, who are independent contractors, and not the club itself.
“The reason for doing that is to get a tax write-off, but to me it is falsifying your tax records because he threw the money in the air,” one of the owners, Jason Mohney, told the Daily Mail. “If he wanted to 1099 somebody he should have gotten the names of all the entertainers he threw the money at.”
At least $15,000 of Mayweather’s money was disbursed, not surprisingly, in the form of singles he and his crew tossed to “make it rain” on dancers. “The club didn’t receive a dollar of Mayweather’s money from him or his team. The girls collected it all off the floor,” the club’s PR manager said. “To top it off he never tipped the waitress who served the drinks.”
The owners are particularly irked because they gave Mayweather and his associates the celebrity treatment that night, letting the group of over 20 in at no cost and providing them with VIP seating, as well as 20 bottles of free booze. “I feel insulted. We throw him all this free stuff and he slaps me with a $20,000 tax bill — what the hell is that?” Mohney said.
“We’re not paying, that’s for sure,” Mohney added. “If I had a $20,000 income, the IRS will expect 40 percent, we’re talking around an $8,000 tab for money we never received. . . . It’s very rude and ungracious behavior. It shows the character of the man we’re talking about.”
A tax attorney for Mayweather Promotions told the Daily Mail that the 1099 form may have been sent in error. Mohney said, “Mayweather can come back if he pays admission and apologizes.”
Mayweather may not be done making huge money in the ring. Although he repeatedly insisted that his September win over Andre Berto, which ran his record to 49-0, was his final fight, he has recently hinted at a comeback, possibly against UFC star Conor McGregor — if the price is right, of course.