Boxing superstar Manny Pacquiao is laughing off a report that he is losing money and has a net worth of "only" $26 million.
The Boxing Tribune reports that an official document issued by the House of Representatives in the Philppines (Pacquiao is also a Congressman) pegs his net worth at that figure.
The report goes on:
Generating approximately $384 million in revenue from his PPV events prior to last May’s Shane Mosley bout, alone, the shockingly low net worth tells the tale of a fighter either quickly going through his money or in desperate need of an independent accounting firm to deal with some pressing business issues.
Pacquiao shrugged off the story, telling Filipino news agency ABS-CBN, "Oh, really? So that's why I was able to buy a house in Forbes?" He was referring to a $9 million house he recently bought in that town in the Philippines.
Boxing promoter Bob Arum told BoxingScene.com that the $26 million figure seems low.
"They say that, by far, he's the richest Congressman in the country," Arum said. "Remember, he's got a lot of real estate also. So I don't know how they account for all that or if it is understated. I would estimate Manny's net worth to be more, a lot more."
Pacquiao did admit over the weekend that he hired a Los Angeles-based financial firm called VisionQwest to handle his accounting, personal and business tax, audits and examinations and contract reviews.