Despite earning $600 million over the Course of 6 years Mike Tyson celebrated His 36th birthday with a bank account Rating zero so how did Mike Tyson go Bankrupt well Tyson made it clear that a Financial education wasn't a part of his Childhood from a broke background cuz I Never really learned the art of handling Money as a kid which became a problem as He began to earn Millions whilst he was Still a teenager after becoming champion At the age of only 20 Mike Tyson began To average 7 .5 million per fight and This didn't even include his other Sources of income he was paid over 50 Million in Casino deals 3.5 million for A WrestleMania guest appearance while Mike Tyson's punch out sold 2 million Copies during its very first year by 1990 Mike Tyson was credited as the Highest paid athlete in the world with An estimated 28.6 million in income this Year although all of this changed when He was sent to prison only 2 years later Between 1992 and his releas in 1995 Mike Tyson was unable to earn a single dollar Although as summarized by this CBS Article he wasn't exactly struggling When he finally walked free most Indiana Prisoners are given $75 in spending Money to ease their transition back into Society Tyson needed no such help the Former heavyweight champion had two Checks each made out to him for 10
Million in the next few weeks Tyson will Get another 12 million for the rights to Future fights in television a few months Later he earned the most money ever Given to a boxer 25 million to fight a Stiff named Peter mcney over the next 2 Years Tyson ear a further 140 million From five different fights making him Feel Invincible money is a false sense Of security false sense of security Nothing about it could be a real you Feel Invincible with money feel like you Can't even die which when combined with A bitterness from his time spent in Prison caused Tyson to begin spending Everything for me being poor never Having anything for me being bitter Angry for being in prison it's St from a Lot of things firstly there were the Cars according to CBS Tyson reportedly Bought 110 cars either for himself or His gifts one of which being a $320,000 benley aoua the most expensive Production car in the world Tyson bought It and ordered four more in the space of A few minutes he had spent more than 1.5 Million while in a different instance Tyson showed up at a car dealership just Outside New York to buy another car he Bought a Ferrari for 300,000 declining a Test drive because he already had one Just like it on a different day Tyson Was pulled over whilst driving his Rolls-Royce without a license but was
Able to get out of trouble by giving the Car to the car you know sir why don't You just take the car you know you Deserve it cuz you've been do doing a Lot cuz I didn't want to get arrested I Didn't have license or anything I didn't Want my wife to get in trouble I some Want to just take it you know may was it Was around 230 at the time and they took It this didn't end well for the officer He got fired he did yeah he got I got Although it did end well for Tyson's Friend Ed Lover who was given a Bentley So he could drive home from a club he go Here take the car I'm like okay he gives Me the Bentley a month go by I still Have this car he said I wanted you to Have that car he said I gave you that Car with so many vehicles Tyson needed Somewhere to store them purchasing Mansions in Las Vegas Ohio and Maryland However these were nothing compared to The house he bought in Connecticut it Featured 21 bedrooms and 35 bathrooms as Well as a full-blown nightclub a movie Theater a mini Casino a squash court and A fully speced out proper commercial gym But this was only the inside outside There was a full-size basketball court a Swimming pool with its own Grotto and Get this its own Lake Lakehouse and Fountain on a 17.6 acre block if the House looks familiar it's because Tyson Eventually sold it a 50 Cent who called
It his biggest Financial mistake what Was the most like when you wasted money The Tyson cribs like that mainly because Of how much the property cost to run how Much was the upkeep guesstimate per year About 700,000 a year Tyson expanded on This in a different interview it's going To cost him $25,000 just to mold a lawn Right which when combined with his other Houses meant gardening bills alone Mounted to $100,000 although the gardener was still A minor expense compared to the things Tyson bought for these houses as a gift For his first wife Robin given Mike Spent 2.2 million on a solid gold Bathtub which was followed by their Divorce less than a year later which Cost Micah further 10 million in legal Fees and compensation Tyson had also Dropped 410,000 on a birthday party and 140,000 on two white Bengal tigers which Needed their own specialty enclosure $200,000 a year worth of food and their Own animal trainer which Mike hired at a Cost of$ 125,000 a year Mike also had to Pay a friend 250,000 in compensation After they were bitten by one of the Tigers although there was another bite That cost Tyson even more during a match In 1997 a Vander hollyfield headbutted Tyson who in retaliation bit a portion Of Holyfield's ear off Tyson was Disqualified and fined $3 million
Although it seemed he hadn't learned his Lesson as he then bite Lenox Lewis's leg During a press conference warranting Another $335,000 fine in the process Tyson Employed over 200 different people Including chefs chauffeurs and Bodyguards the most pointless of which Being a guy nicknamed crocodile whose Sole function was to dress in fatigues And repeatedly shout Guerilla Warfare At Tyson's news conferences for which he Was paid $300,000 in 1996 in another Crazy instance Tyson walked into a club And offered to pay for everybody's Drinks all night Mike calls me over Again Ed come here go what's up Mike Tell The DJ I got the bar until the club Closed I said what are you talking about I'm buying the bar out everybody can Have whatever they want however there Was one final expense that was higher Than any other do you regret anything Yeah and I didn't pay taxes really at That time that'll get you yeah it was Revealed in 2003 that Tyson owed 13.4 Million to the IRS 117,000 to five Different states as well as 4 million to British tax authorities and things only Got worse from here turns out most of Mike's luxury purchases were being made On credit and as a result he also owed 27 million to various different Businesses including $600,000 to a legal
Company $500,000 to his finance manager And $800,000 to a former trainer all of Which was stucked on top of a second Divorce Tyson owes money to at least 246 Creditors including the Internal Revenue Service The Screen Actors Guild and Dozens of doctors lawyers and Accountants Tyson owes his ex-wife Monica Turner almost 9 million from Their divorce and he hasn't paid 19.4 Million in taxes to the IRS Great Britain and five states which was an Extra- large problem as Tyson was down To his last $1,250 in cash Tyson 38 said all of his Houses have been sold or seized and he Owns only one car orbe it a white Hummer SUV newly purchased and apparently not Yet paid for according to bank records Tyson's attorney submitted to the US Bankruptcy Court Tyson earned $38 during January his living expenses during that Month were more than $47,000 Mike Tyson was completely and Utterly screwed however he devised a Plan to get himself out of trouble Tyson's reorganization plan is ambitious He hopes to earn at least 19.5 million From boxing over the next 3 years to Help satisfy his creditors although this Isn't what would happen in fact he'd Lose both of his next two professional Fights before retiring from boxing and Filing for bankruptcy at the time he'
State my whole life has been a waste I've been a failure I just want to Escape I'm really embarrassed with Myself and my life I want to be a Missionary I think I could do that while Keeping my dignity without letting People know they chase me out of the Country I want to get this part of my Life over as soon as possible in this Country nothing good is going to come of Me I'm so stigmatized there is no way I Can Elevate myself I'll never be happy I Believe I'll die alone I would want it That way I've been a loner all my life With my secrets and my pain I'm really Lost but I'm trying to find myself I'm a Really sad pathetic case with nothing Else to do Mike spend his days caring For 350 unique pigeons a collection Which prior to bankruptcy he paid $400,000 for he later likened his Spending habits to a drug addiction it's Like the drugs you might as wellos say You have it all but it's still that Empty hole that you're trying to fulfill You spend as much you can to try to get That satisfaction fulfill that hole that Just as as bottomless however Tyson's Life wasn't finished yet losing Everything had taught Tyson a valuable Lesson I know the Power of humbleness Now how did you learn that I AB to lose Everything with humility acting as a Baseline for him to rebuild his life
Tyson took the lessons he'd learned and Transformed them into a book whilst his Life story was also the perfect premise For his own documentary on top of this Mike landed a cameo role in both the Hangover one and two for which he was Paid $300,000 through these various media Appearances Mike was able to Reby Himself a pretty awesome house in Vegas Although he refused to let money dictate His happiness is there anybody that Think for a lot of money is going to Make them happy they never had a lot of Money cuz it don't make you happy yeah Oh no it's going to make you miserable Out it can it can make you hate yourself Since then Mike has launched his own Extremely successful podcast called hot Boxing and built a net worth of $10 Million