How Mike Tyson Lost So Most Of His Money

Mike Tyson frequently grabs the spotlight, whether for his Boxing achievements or his widely-discussed lifestyle. Tyson’s career took him into the mainstream culture, appearing in films such as Hangover, IP Man, Rocky Balboa, and making guest appearances on TV shows like How I met your mother, The Last O.G., Webster, and many others.

Recently, Tyson made a comeback to the boxing ring with an Eight-round split draw against Roy Jones Jr, and you can easily keep track of his activities on his new podcast – “Hotboxin with Mike Tyson”.

Boxing Technique

Cus D’Amatto taught Mike Tyson the “peek-a-boo” defensive boxing style, involving a high guard and quick head movements. It is also an aggressive counter-punching style that relies on pressuring the opponent, causing them to sway, and then exploiting openings. Tyson was renowned for his tremendous punching power and his ability to dodge and weave. A significant portion of Tyson’s punching power originated from his legs, and he was known for delivering a right hook followed by an uppercut to end fights.

What is Mike Tyson’s age?

Michael Gerard Tyson was born on June 30, 1966. He is currently 55 years old.

How tall is Mike Tyson?

Mike Tyson stands at a height of 5 feet 11 inches or 1.8 meters.

What is Mike Tyson’s current net worth? 

As of 2021, sources estimate Mike Tyson’s net worth at just $3 million.

Considering Tyson’s significant career accomplishments, it’s perplexing that he has faced financial challenges.

However, he squandered the majority of his wealth due to legal battles and extravagant spending, which included acquiring lavish mansions, cars, and everyone remembers the tales of the exotic animals he owned. In 2003, Tyson declared bankruptcy, as it was revealed that he was $23 million in debt.  

His net worth has recently received a boost from his podcasting stint and his recent bout with Roy Jones Jr.

Mike Tyson’s Earnings from His Career

Even after losing millions from his personal fortune, Tyson amassed approximately $375 Million from fight purses.

Mike Tyson’s Brand Partnerships

In 1986, when Tyson became the youngest heavyweight champion in history, he secured endorsement deals with major brands such as Pepsi, Eastman Kodak, Nintendo, EA Sports, and others. However, when reports emerged of Tyson abusing his then-wife Robin Givens, brands naturally distanced themselves from him.

Tyson revamped his public image by appearing in numerous movies and TV shows, which led to new endorsement deals. Some of his recent partnerships include Parimatch, Smart Cups, Manscaped, and CopperGel.

Mike Tyson’s Residence

Tyson currently resides in Henderson, Nevada. According to The Sun, Tyson purchased the 8,148 square-foot mansion in 2016 for £2.5 million. 

Mike Tyson’s Ventures 

In addition to small business ventures, Tyson ventured into the legal cannabis industry. Consequently, he established the ‘Tyson Ranch’ in 2017, which sells approximately over £500,000 worth of Medical Marijuana every month. 

He records his successful podcast, “Hotboxin’ with Mike Tyson,” near the ranch.  

Why Mike Tyson Frittered Away a Large Sum of Money

Tyson disclosed that coming from a rough background, he never learned how to handle his finances. He was known as a reckless spender. He frequently purchased extravagant homes, cars, and large exotic animals. Additionally, he was exploited by his promoter Don King, resulting in Tyson suing King for 100 million dollars.

All his sponsorship deals evaporated when Tyson was convicted of rape in 1992, and subsequently served half of a 6-year sentence before being released on parole.

These circumstances led the former heavyweight champion to file for bankruptcy in 2003, after being reported to be $23 million in debt.

In an interview with Graham Bensinger, Tyson was quizzed about his spending habits, to which he responded-

That’s just how I lived my life. That’s my addictive personality, that’s a lot of things, that’s my ego, that’s so many other things,

From me being poor and never having anything, from me being bitter, angry from being in prison. It stems from a lot of things.

What Are Mike Tyson’s Extravagant Expenditures?

As discussed earlier, Tyson was an extravagant spender. He acquired vehicles such as the 1997 Bentley Continental T for $500,000, the Jaguar XJ220 for a reported $470,000, and a Bentley Azure, which set him back a substantial $1.5m. 

Reportedly, the renowned pet tigers that he owned cost him about $60,000 per tiger. Tyson also spent almost $400,000 on the care of his treasured pigeons and tigers.

Rate article
Add a comment

  1. Guest

    It’s quite shocking to read about how Mike Tyson lost most of his money. As a reader, I can’t help but feel a sense of disbelief and disappointment. Tyson was once a heavyweight boxing champion and earned millions of dollars through his career. However, it seems that poor financial decisions and extravagant spending ultimately led to his downfall. It’s a cautionary tale about the importance of financial management and making wise investments. It’s disheartening to see someone with such immense talent and success end up in such a dire financial situation.