Success Story May 25, 2021 at 03:30 pm

From $300 million to nothing, here’s how Mike Tyson lost it all but came back

Abu Mubarik May 25, 2021 at 03:30 pm

May 25, 2021 at 03:30 pm | Success Story

Mike Tyson remains one of the highest-paid boxers in recent history. Image: JOE SCARNICI/TRILLER

Mike Tyson is arguably one of the greatest boxers in recent history. Nicknamed ‘Iron Man,’ the controversial boxer dominated the heavyweight division for many years before retiring. He amassed a huge fortune in his heyday before losing it all.

Tyson remains one of the highest-paid boxers in recent history, accruing millions of dollars in the course of his starling but controversial career in the ring. Reports said he made over $300 million throughout his boxing career before losing it all. Forbes reports that back in the day, he accumulated $685 million throughout his career before losing almost everything.

Forbes estimates his current net worth to be $3 million. The former heavyweight champion, unfortunately, spent his money as quickly as he earned it during the peak of his career with lavish expenses such as luxury houses, flashy cars, and even his infamous pet tigers, according to TalksSports.

Tyson was born on June 30, 1966, in Brooklyn, New York. He grew up with his stepfather, Jimmy Kirkpatrick, who became addicted to gambling. Kirkpatrick later abandoned Tyson and his mother and so they moved when he was only 10 years. Tyson’s mother died when he was 16 years.

Through his childhood, Tyson lived in dangerous neighborhoods and sometimes fought with adults. By age 13, he had been arrested 38 times for various crimes. His fighting ability was discovered by a juvenile detention instructor and a former boxer.

Tyson made his professional boxing debut when he was 18 years. Before that, he had participated as an amateur in the Junior Olympics, winning gold in 1981 and 1982. Tyson won 26 out of his 28 bouts by way of KO or TKO, propelling him to a status many thought he could not be defeated.

He also became the first heavyweight boxer to simultaneously hold the WBA, WBC, and IBF titles, and the only heavyweight to unify them successively.

Tyson’s notable career earnings include signing a $27 million eight-fight contract with HBO that ran through his bout against Alex Stewart in 1987. He also signed a long-term $120 million contract with Showtime that covered several matches, including Holyfield I and II, according to Celebrity Net Worth.

He made at least $430 million during his career from fights and endorsement deals. Celebrity Net Worth accumulated his career earnings to be $700 million in today’s dollars.

However, just as he made cash, he could not keep himself out of trouble as well as profligate expenses. In 1992, he served three years in jail for rape. Tyson has divorced twice and has eight children. He is currently with his third wife.

In 2003, he was forced to file for bankruptcy, after accumulating $23 million worth of debt. In 2004, his account was garnished by creditors like the IRS. When he fought with Danny Williams that year, the IRS garnished $6 million out of the $8 million he made from the bout, leaving him with just $2 million for his effort.

Despite losing virtually all the money he had, he has managed to recover from some of his financial woes through appearing in movies and having his own animated TV show called Mike Tyson Mysteries. He also produced a podcast called Hotboxin’ With Mike Tyson, which is one of the more popular combat sports-related podcasts in the world. Tyson also runs his own weed ranch called the Tyson Ranch, where he grows and sells his own brand of weed.

Reports say he sells over $500,000 worth of weed a month. In his recent exhibition bout with Jones Jr., he reportedly made $10 million.

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