Pacquiao denies bankruptcy, plans to buy Beverly Hills home

MANILA, Philippines-Is Manny Pacquiao going bankrupt? There have been rumors that the Pacman has mismanaged his wealth, after reports surfaced that he is selling his mansion in Los Angeles.

But in an interview with Dyan Castillejo of ABS-CBN News, Pacquiao set the record straight.

Forbes Magazine listed Pacquiao as the 14th highest paid athlete this year, with estimated earnings of $34 million from boxing purses and endorsement deals.

Filipino boxing icon Manny Pacman Pacquiao has revealed the reason for selling his mansion in Los Angeles they are planning to buy another house. Binebenta lang namin yung bahay namin sa America, kasi gusto naming bumili ng bahay sa Beverly (Hills), yung may gate, Pacquiao said.

Pacquiao noted that the Los Angeles house has been victimized by robbers. In September 2011, four people were arrested after detectives saw the Pacquiao mansion being robbed. The boxer was in the Philippines at the time.

Open kasi yung bahay, Pacquiao explained. Nanakawan na yun. said the house was being sold for $2.7 million, meaning Pacquiao can make a $630,000 profit as the boxer purchased the house for $2.17 million back in 2009. The house was featured in an episode of MTVs Cribs in December 2010-With a report from Dyan Castillejo, ABS-CBN News.

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