Mike Tyson was one of the richest athletes of his era and has amassed at least $430 million from purses and endorsements over his career. However, owing to a lifestyle of luxury, Tyson would incur a debt of $23 million and file for bankruptcy in 2003.
'Iron' Mike Tyson made his professional debut at the age of 18 and defeated Trevor Berbick a year later in 1986 to become the youngest heavyweight boxing champion in history. As Tyson continued to grow as the most dominant force in professional boxing, his earnings also saw a steep rise.
While Mike Tyson had earned $1.5 million for his fight against Berbick, he was paid $5 million to fight Larry Holmes in January 1988. Tyson's fight was doubled once again to $10 million when he beat Tony Tubbs two months later.
Mike Tyson finally cemented himself as one of the highest-paid sportsmen in the world when he received a whopping $20 million for a 90 second knockout of Michael Spinks in June 1988.
Tyson's earnings stopped in 1991 when he was arrested for rape and received a six-year prison sentence. After serving only three years of his sentence, Tyson returned to boxing in August 1995 and was paid $25 million when he fought Peter McNeeley. Tyson picked up $30 million cheques in his next four bouts, including the infamous 'bite fight' against Evander Holyfield.
Why Mike Tyson went bankrupt
Apart from being the 'Baddest man on the Planet', Mike Tyson was also famous for leading an expensive lifestyle which included owning three white Royal Bengal tigers. Tyson also suffered from a cocaine addiction and even admitted to having fought under the influence of the drug.
This lavish lifestyle also included spending an estimated $4.5 million on cars and motorbikes. Additionally, Tyson was known for splurging $100,000 per month on jewelry and clothes and owning estates in Maryland, Las Vegas, and Ohio. All of this eventually forced Mike Tyson to file for bankruptcy in 2003.
Tyson now owns a cannabis farm called Tyson Ranch and runs a podcast called Hotboxin' with Mike Tyson.
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