Sports

How Mike Tyson’s Net Worth Took Such a Big Hit

Mike Tyson is one of the world’s most famous modern boxers. And, like any heavyweights in boxing, Tyson was a fearsome fighter who knocked out many men and won many belts. However, despite achieving a massive net worth, Tyson soon lost it all. Here’s how that happened.

Mike Tyson’s peak net worth

At the peak of his popularity, Mike Tyson had it all. He was not only the undisputed heavyweight champion of the world, a famous and dangerous household name, but also a multi-millionaire. When all of his winnings were added up, Tyson made almost $700 million from his boxing fights alone.

That said, that wasn’t his net worth, as Tyson used that money to pay for things such as taxes, his training, and his living situation. But, even when those expenses are accounted for, Tyson still had a peak estimated net worth of almost $300 million. That isn’t Jeff Bezos level of money, but it’s still a good amount of money for any person to have. 

Despite that massive net worth though, Tyson fell into the same trap that many athletes, and Americans, fell into. His expenses were massive, but his income wasn’t enough to pay for them. And soon, Tyson practically lost it all. 

How Mike Tyson lost millions

Like any millionaire, Tyson began spending that money on expensive things. Not only did he buy big expensive homes, but he also bought big expensive cars as well as big expensive pets. It’s not known how much these things would’ve cost him, but they would go on to help bankrupt him. 

And, like many other people, Tyson wanted a relationship. He would, after dating around, eventually get married three times and father eight kids. Sometimes his wife or girlfriend were celebrities too and had a good job for themselves.

Other times though, Tyson’s significant other wouldn’t have a similar level of income as he had. As a result, supporting his family as well as his relationships undoubtedly cost him a lot of money.

And of course, there are the legal issues that Tyson faced. Tyson’s always been a troubled man, but that all climaxed when he was charged, convicted, and sentenced for rape. On top of that, he also infamously bit another boxer’s ear during a match.

These were just the most famous legal incidents, but there were more. All of these legal troubles also undoubtedly hurt his bank account. At the end of the day, by 2003, Tyson was forced to file for bankruptcy. But, while his net worth had collapsed, he wasn’t out for the count. 

Post-boxing career

Not long after filing for bankruptcy, Mike Tyson started to really venture out into other businesses. His boxing days were over, but he still needed to make money, after all. And he did that by taking on a wide variety of jobs.

Probably his most famous gigs were the ones that he’s had at Hollywood. While he has starred or had a small part in many films, a lot of people probably had a good laugh at his role in The Hangover movies. Not only that, but Tyson even has his very own animated TV show called Mike Tyson Mysteries, which he also stars in. 

But, what sports fans probably know him best for nowadays is everything related to his weed ranch, the Tyson Ranch. Not only is he growing and selling his own brand of weed as well as weed-based wellness products, but he’s also hosting a popular podcast there, too. His podcast, Hotboxin’ With Mike Tyson, is perhaps one of the more popular combat sports-related podcasts out there.