Pacquiao moves to Forbes but not motherBy Bayani San Diego Jr. |Philippine Daily Inquirer
Boxing icon Manny Pacquiao will soon be moving to Millionaires’ Row, but will Mommy Dionisia bunk in with her celebrity son?
Pacman, as the Sarangani congressman is known the world over, has reportedly bought a multimillion-peso property in Makati’s Forbes Park, probably the most expensive gated community in the country.
The Pacquiaos’ new home on Cambridge Street, North Forbes, cost a reported P388 million and was reportedly bought from a bank president. Celebrity architect Anton Mendoza has been put in charge of renovating it.
Pacquiao’s business manager Eric Pineda confirmed the boxer’s purchase of Forbes Park property, but declined to comment on the price tag.
“It’s true, but the cost is confidential,” Pineda said. “I’m not at liberty to divulge the figures. I’m sure journalists would have an idea about the cost of a Forbes Park home.”
“He can very well afford to buy a house in Forbes Park,” he added.
Felipe Gozon, chair and CEO of the GMA 7 television network who is a Forbes Park resident, is happy to count Pacman as a neighbor. “It will be an honor if he moves to our village,” he said.
Pacquiao will also have for new neighbors Senator Loren Legarda, businessman Tonyboy Cojuangco and the Thai ambassador to the Philippines.
Gozon said he had heard that Pacquiao was eyeing a 3,000-square-meter property in neighboring Dasmariñas Village.
“But if he becomes my neighbor, that would be a great privilege. He is a worldwide celebrity,” he said.
Pacquiao “makes us proud to be Filipino,” said Gozon whose network is preparing a new TV show for the boxer to replace his old sitcom, “Show Me Da Manny.”
“No one else has achieved Pacquiao’s historic accomplishment of eight division championships. He made boxing popular in the country. As a result, we are now discovering other talented athletes who are following in his footsteps. He inspires everyone to do well and rise from the ranks,” Gozon said.
According to a source, who spoke on condition of anonymity, the “deal will soon be finalized.”
But he said the cost of the property is actually lower, “the rumored price is exaggerated.”
“I think he has made a good investment in the Forbes Park property. It’s a new, modern house. They need a lot of space because they have quite a lot of people in their staff,” the source said.
But will Mommy Dionisia be moving in with the Pacquiaos?
“I believe Mommy Dionisia won’t move to Makati because she has her own mansion in General Santos,” the source said.
“Manny built a house for her that’s a replica of his own home in the province,” he said.
Wilson Tieng, president of Solar Entertainment which broadcasts Pacquiao’s prizefights in the country, said the boxer “deserves to own a house in Forbes Park. Imagine how painful each punch he gets in the ring.”
“Based on his earnings, he can afford to buy that real-estate property. His most recent fight alone earned him a guaranteed purse of $20 million (about P865 million),” commented another source.
Drop in the bucket
Whether exaggerated or not, the reported value of the Forbes Park home is just a drop in the bucket of the fabled Pacquiao wealth.
Recent reports put Pacquiao as the richest legislator in the land. He’s the only billionaire in Congress, according to an Inquirer report.
The Sarangani congressman’s net worth stood at P1.1 billion as of Dec. 31, 2010, according to the statement of assets and liabilities and net worth he filed with the House of Representatives.
His assets at the time included P397.9 million in real properties and P736.3 million in personal and other properties. He has no liabilities.
These figures do not yet include his earnings from his latest fight.
The Inquirer reported that Pacquiao stood to earn P1.3 billion ($30 million) from the Mosley fight, which he won.
This is because apart from the guaranteed purse of $20 million, Pacquiao would get a percentage of the pay-per-view buys, closed-circuit tickets, gate receipts and merchandise sales, according to Top Rank’s Bob Arum, the promoter of the fight.
Pacquiao also gets a considerable income from endorsement deals here and abroad. US computer company Hewlett-Packard has hired him as pitchperson for $1 million.
He is also a prized talent of the GMA 7 network.