From Rags To Riches To Barely $10 Million, How Mike Tyson Lost Most Of His Fortune
Mike Tyson is one of the greatest heavyweight boxers in the world. The man has seen a lot of ups and down in his career as well as his personal life, but he overcame all odds to emerge victorious. Mike Tyson's life was extremely difficult right from an early age. He grew up with his criminal stepfather and had around 38 charges before he turned 13.
It was in the juvenile prison that he ventured into the sport, and got introduced to Cus D'Amatto who became his trainer as well as legal guardian until Mike turned 16. Here's a look at his career, his earnings, and his overall net worth.
What Is Mike Tyson's Net Worth?
Mike Tyson, the undisputed champion of the world in the 1980s, is worth around $10 million. During his career, he was one of the highest-paid athletes in the world. He was the youngest champion in the history of the sport at the age of 20. However, things went south in 2003, when Mike Tyson filed for bankruptcy.
According to the filing, he reportedly had $23 million in debt. During the peak of this career, he earned at least $430 million from endorsements and a salary which is around $700 million when adjusted for inflation.
A Look Into Mike Tyson's Early Life and Career
Born as Michael Gerard Tyson on June 30,1966 in Brooklyn, New York, he grew up in a shady neighbourhood. His first experiences as a professional boxer were in Junior Olympics in 1981 and 1982 where he won two gold medals. His first professional fight happened when he was only 18.
ESPN once called him "The Hardest Hitter in Heavyweight History." Many say that the death of Cus D'Amatto really shook the boxer to his core.
What Was Mike Tyson's Salary?
In 1987, Tyson signed a $27 million eight-fight contract with HBO in which he defeated Alex Stewart in only two minutes and 27 seconds. Following the win he signed a long-term contract with Showtime for around $120 million. It was revealed that a large portion of his earning was taken away by Don King who also scammed other boxers like Mohammad Ali.
According to Celebrity Net Worth, Mike Tyson earned around $423,000,000 in his career.
How Did He Lose His Astounding Fortune?
Mike Tyson was worth $500 million at his peak however that's down to just $10 million now, but how did that happen? Mike Tyson revealed in a podcast that he "stupidly spent all his fortune" and "didn't pay taxes."
He said that he was undoubtedly an impulsive buyer who has splurged like anything in his prime time. He once bought a Rolls Royce which at the time cost him $120,000. According to moneymakers, the boxer has bought over 100 cars in his lifetime. He has also spent close to $400,000 and even purchased three Bengal tigers that cost him $125,000 per year for their animal trainer.
Apart from this, he always wore extremely expensive clothes and jewelry that burned a hole in his pocket gradually. He also had a vast real estate portfolio with mansions in, Ohio, Vegas, and Maryland. He once spent $2 million to make a gold-carved bathtub. It's safe to say, that his poor money management skills and extravagant lifestyle caused him to eventually file for bankruptcy in 2003.