Boxing

How a Bankrupt Mike Tyson Made Millions the Second Time Around

Mike Tyson may be one of the most famous boxers of all time, but he’s also one of the most famous party animals of all time. He had an easy time knocking people out in the first round, but he also had an easy time spending his money. Here’s a look at how Mike Tyson went bankrupt and then pulled himself out of it.

Mike Tyson’s net worth at its peak

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For over a decade, there wasn’t a man in the world that was as scary as ‘Iron Mike’ was. He dominated dozens of opponents and he dispatched them in a scary and efficient fashion.

This rightfully earned him the heavyweight title, but it also earned him a lot of money. This was especially true for his fights against other popular boxers, such as Larry Holmes, Michael Spinks, Evander Holyfield, and Lennox Lewis.

Those big money fights, and more, helped earn him over hundreds of millions of dollars during his career. At his peak, he had a net worth of about $300 million. However, like many athletes, he chose to spend his money in lavish ways instead of saving up for retirement. 

How Mike Tyson lost all of his money

As Business Insider reported, the former heavyweight champ claimed that his excessive partying was what sunk his net worth. He’d throw these massive orgies that involved many women, and he’d sleep with many of them.

Not only that, but he’d also buy them luxurious gifts afterward, such as a brand-new car. And of course, since these were parties, he’d also spend a lot of money on food, drinks, and drugs. 

While these parties were a big reason why Tyson went broke, they weren’t the only reason. Tyson clearly loved spending money on women, but he also enjoyed spending his money on exotic things such as pet tigers. Obviously, it takes a lot of money to take care of a pet tiger, but he also had to pay some legal fees after his pet tiger bit somebody.

On top of this, ‘Iron Mike’ also had other, more personal issues to deal with. He got married a few times, and, for many reasons, many of those marriages didn’t work out.

As a result, he had to pay millions in settlements. Additionally, according to ESPN, Tyson also accused his management of cheating him out of millions of dollars. And of course, then there are the mansions that Tyson bought for himself and his family.

All of these things, and more, ultimately led him to filing for bankruptcy in 2003 since he was $23 million in debt, according to Business Insider.

Mike Tyson’s comeback story 

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After he filed for bankruptcy, the former champ fought two more times before he retired. These two fights weren’t big money fights, but they did help pay the bills for some time. After retiring though, he started pursuing other ventures, mostly in Hollywood. 

He made cameos and had small parts in a few films before he hit it big in The Hangover. His small role in that movie was so well-received that it allowed him to get more roles in other Hollywood productions. More recently, he’s had a big role in Ip Man 3, and he also has his own TV show called Mike Tyson Mysteries.

And of course, he now has his own marijuana ranch where he grows and sells his own brand of weed and weed products. On that ranch, he also hosts his own podcast that’s called Hotboxin’ with Mike Tyson.

Business Insider said that these ventures have given him a current net worth of $3 million. Additionally, thanks to his bankruptcy, he’s learned that he can’t be a womanizer like he used to anymore, so he probably won’t go broke again.