Mike Tyson, the retired American boxer, currently has a net worth of $10 million, a significant decline from his peak net worth of $300 million. Throughout his career, Tyson earned hundreds of millions from fight purses and endorsements.
However, his extravagant spending habits, combined with being taken advantage of by managers and promoters, contributed to his financial downfall. In 2003, he declared bankruptcy with reported debts of $23 million.
By 2010, Tyson was still facing severe financial difficulties, highlighting the dramatic shift in his financial status from his prime.
In a 2010 interview, Mike revealed:
“I’m totally destitute and broke. But I have an awesome life. I have an awesome wife who cares about me. … I’m totally broke. I had a lot of fun. It [going broke] just happened. I’m very grateful. I don’t deserve to have the wife that I have; I don’t deserve the kids that I have, but I do, and I’m very grateful.”
Mike Tyson was the undisputed heavyweight champion of the world in the late 1980s, achieving fame as one of the highest-paid athletes globally.
At just 20 years old, he became the youngest champion in history, earning accolades such as “The Hardest Hitter in Heavyweight History” from ESPN and being dubbed “the most ferocious fighter to step into a professional ring” by Sky Sports.
Tyson remains a significant figure in pop culture, appearing as himself in numerous films and television shows, with memorable roles in “The Hangover” and “The Hangover II.” He continues to engage in the boxing world, participating in exhibition fights.
Recently, on March 7, 2024, it was announced that Tyson would face Jake Paul in July 2024, with the bout set to be streamed live on Netflix.
Spending A Fortune
During his peak earning years, Mike Tyson led a famously extravagant lifestyle, spending millions on various luxuries. He purchased multiple mansions, high-end cars, and an extensive collection of jewelry.
Notably, Tyson owned several Bengal tigers, each costing around $70,000, which he housed in a custom-built habitat in his backyard. To care for these exotic pets, he employed an animal trainer at a salary of $125,000 per year.
Tyson was also known for his lavish spending on his entourage. For instance, he hired someone specifically to wear army fatigues and shout “guerrilla warfare” at press conferences, paying this individual $300,000 annually.
Such lavish expenditures illustrate how Tyson’s wealth was often accompanied by a desire for extravagance and unique experiences.
Mike was imprisoned between 1991 and 1995. In the three years immediately following his release, Mike spent the following amounts:
- $4.5 million on cars and motorbikes (19 vehicles he bought for friends)
- $400,000 on pigeons and a variety of big cats such as Siberian tigers
- $300,000 on lawn care and garden maintenance alone
- $240,000 per month for walking around money that he spent in daily life flexing
- $230,000 on cell phones, pagers, and phone bills
- $125,000 per year for an animal trainer to take care of the big cats
- $100,000 per month on jewelry and clothes
Mike Tyson purchased several luxurious homes throughout his career, reflecting his lavish lifestyle. One of his notable acquisitions was a 21-room mansion in Connecticut, which later became the property of rapper 50 Cent.
This extravagant mansion included a nightclub and a casino.
In addition to the Connecticut home, Tyson owned properties in Las Vegas, Ohio, and Maryland. His Ohio mansion was particularly extravagant, boasting gold-plated furnishings, multiple pools, and a basketball court.
Tyson’s $4 million Las Vegas property featured an 11,000-square-foot mansion that he completely remodeled to suit his tastes.
Throughout his life, Mike Tyson owned over 100 cars, including several extremely valuable and rare models.
One notable car was a Bentley, of which only 73 were produced, costing him around $500,000. In 1995, after totaling a Range Rover, he simply told the repair shop to “keep it,” showcasing his nonchalant attitude towards his wealth.
Tyson often lent cars to friends and acquaintances, sometimes forgetting about them entirely.
At one point, he bought 20 cars from a single Las Vegas dealership, Jim Chaisson Motors, where he famously spent $1.5 million in just a few minutes. During that shopping spree, he purchased five Bentley Azures, prompting the dealership to fast-track orders for the three additional cars from Rolls-Royce, as they only had two in stock.
One of Mike Tyson’s most extravagant purchases was a $2 million golden bathtub for his first wife, actress Robin Givens.
In addition to such grand gestures for his loved ones, Tyson was known for surprising strangers with extravagant gifts, including $100,000 watches.
Career Earnings
In 1987, Mike Tyson signed a lucrative $27 million contract with HBO, covering eight fights and extending through his match against Alex Stewart, which he won in just two minutes and 27 seconds.
Following this, Tyson secured a groundbreaking long-term contract with Showtime worth $120 million, which encompassed several significant bouts, including his famous fights against Evander Holyfield, both I and II.
These contracts were pivotal in establishing Tyson as one of the highest-paid athletes in the world during his peak years, reflecting his immense drawing power in the boxing industry.
Throughout his career, Mike Tyson earned at least $430 million from fights and endorsements, equivalent to approximately $700 million in today’s dollars.
However, a significant portion of his earnings, particularly from pay-per-view events, was reportedly siphoned off by promoter Don King.
A court case later revealed that Tyson’s contract with King entitled the promoter to 30% of his earnings, a figure that was technically illegal in Nevada.
Allegations emerged that, due to various mysterious fees, King would take up to 50% off the top before issuing a check to Tyson.
For instance, Tyson was charged $100,000 per fight as a consultant fee for Don King’s wife, and King’s sons reportedly received $50,000 per fight for consulting as well.
At the height of Tyson’s career, he was also paying $1,000 per week to the President of the Mike Tyson Fan Club, who turned out to be Don King’s daughter.
Mike Tyson’s earnings throughout his career were often significantly impacted by creditors, including the IRS. For instance, during his fight against Danny Williams in 2004, Tyson was paid $8 million; however, $6 million of that amount was garnished by the IRS due to his outstanding tax liabilities.
As a result, Tyson was left with only $2 million from that fight. This situation exemplifies the financial struggles he faced even after earning substantial sums, highlighting the challenges of managing his wealth amid debts and legal obligations.
Mike Tyson has made Las Vegas his home for much of the last two decades. In the city, he has established a lucrative career by making personal appearances at parties and corporate events.
For these appearances, Tyson charges around $75,000 for a two-hour engagement, allowing him to maintain a healthy income while staying connected to the entertainment and boxing industries.
His presence in Vegas has also kept him relevant in pop culture, often participating in events that showcase his personality and charisma.
Real Estate Properties
In 1996, Mike Tyson purchased a sprawling 51,000-square-foot mansion in Farmington, Connecticut, for $2.8 million. This property, located at 50 Poplar Hill Drive, was initially built in 1985 by a realtor who later pleaded guilty to fraud and served nine years in prison.
The mansion had faced financial troubles, foreclosing in 1992 and being sold at auction to a bank for $3.5 million.
The bank subsequently took a loss when it sold the property in 1993, ultimately leading to Tyson’s acquisition of the home.
Tyson invested millions in upgrades, transforming the mansion into a luxurious estate. His renovations included a nightclub that could accommodate 1,000 guests, an indoor gym, an indoor shooting range, over 100 phone extensions, and an NBA-regulation-size basketball court.
However, in 2003, during a tumultuous divorce and bankruptcy filing, the mansion was awarded to his ex-wife, Monica Turner, as part of their settlement.
Turner sold the home to rapper 50 Cent later that year for $4.1 million. 50 Cent further enhanced the property with $6 million in renovations, adding features like a grotto, infinity pool, movie theater, and helicopter pad. He listed the mansion for $18.5 million in 2007, but after multiple price reductions over the next decade, he filed for bankruptcy in July 2015.
At that time, he was incurring $70,000 per month in utilities and maintenance costs for the property. Eventually, after several years and additional price cuts, 50 Cent sold the mansion in April 2019 for $2.9 million.
In February 2016, Mike Tyson purchased a lavish mansion in Henderson, Nevada, for $2.5 million. This property spans one acre and includes a spacious 10,400-square-foot mansion, showcasing his continued preference for luxurious living.
Shortly after acquiring the new home, Tyson listed his former Las Vegas-area residence for sale at $1.5 million, signaling a shift in his living situation while still remaining in the Nevada area.
This move reflects Tyson’s ongoing adaptation to his lifestyle and financial circumstances as he continued to establish himself in Las Vegas.
Car Collection
At the height of his wealth and influence, Mike Tyson amassed an impressive car collection that once included over 100 vehicles.
Among his most notable acquisitions was a $500,000 limited edition Bentley Continental SC, of which only 73 were produced.
Tyson’s collection also featured several high-end luxury and sports cars, including Lamborghinis, Ferraris, a Mercedes-Benz 500, a Range Rover, and a 1995 Rolls Royce.
In a memorable incident, Tyson totaled the Rolls Royce in an accident and left it at an auto repair garage, telling the staff to keep the car.
This story highlights his extravagant lifestyle and carefree attitude toward his wealth during that period.
Mike Tyson owned a notable 1996 Ferrari F50, one of just 349 ever produced, with only 55 making it to the United States.
Tyson’s car, chassis #104220, was completed on February 13, 1996. He sold it in 2001, two years before declaring bankruptcy with $23 million in debt, to Kevin Marcus, a tech entrepreneur and early employee at the pre-Google search engine InfoSpace.
The F50 changed hands twice more before being auctioned in August 2022, where it fetched an impressive $4.625 million.
