But Holyfield told The Associated Press on Thursday that a settlement would be reached before the 54,000-square-foot home was auctioned.
"It will be worked out," boxing's first four-time heavyweight champion said when reached on his cell phone. He declined further comment.
A year after the 235-acre estate was first put on the auction block, a legal notice placed last week in the Fayette Daily News said Holyfield was back in default on his $10 million loan. An auction was scheduled for July 7 on the courthouse steps.
The home - located south of Atlanta on Evander Holyfield Highway - has 109 rooms, including 17 bathrooms, three kitchens and a bowling alley.
Holyfield faced foreclosure on the home in June 2008, but a financial settlement was reached with Washington Mutual Bank before a scheduled auction.
This time, he also faces foreclosure on a second Fayette County property, having defaulted on a $216,000 loan to Commonwealth United Mortgage Company.
Holyfield has earned more than $200 million in the ring - including a reported $34 million for his second bout with Mike Tyson in 1997, the infamous "Bite Fight" that ended with Tyson being disqualified for gnawing off a chunk of Holyfield's ear.
But the 46-year-old Holyfield hasn't had a huge payday in more than five years and has run into serious financial problems, facing lawsuits over missed child support payments (he reportedly has 11 children) and claims that he failed to repay a more than half-million-dollar loan that went for landscaping his home.
He last fought in December, receiving a reported $600,000 for his challenge against WBA champion Nikolai Valuev in Switzerland. Holyfield lost a disputed majority decision to the 7-foot Russian, missing a chance to become the oldest heavyweight champion.