How Mike Tyson blew his millions

How the Baddest Man on the Planet blew it all

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Mike Tyson is undeniably one of the greatest heavyweight boxing champions of all time. At the peak of his career, he's estimated to have made an astonishing $430 million from fights and endorsement deals, which is around $700 million (£550m) when adjusted for inflation.

However, the controversial sports star blew through the entirety of his fortune during a jaw-dropping 15-year spending spree, eventually filing for bankruptcy in 2003.

Read on to discover how the so-called "Baddest Man on the Planet" made – and lost – his millions. All dollar amounts are in US dollars.

Tyson's humble beginnings

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Born in New York on 30 June 1966, Tyson grew up in impoverished neighbourhoods with high crime rates.

The troubled teen was frequently arrested for petty crimes and, as a result, was sent to the Tryon School for Boys reform facility, which is where he learned to box.

The young Tyson faced yet more tribulations when his mother died when he was just 16 years old. His boxing manager, Cus D'Amato, became his legal guardian.

A sports star is born

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Tyson started his fighting career by competing in the Junior Olympic Games, winning gold medals in 1981 and 1982. He won his first professional fight aged 18, defeating his opponent, Hector Mercedes, with a first-round TKO.

In 1986, at the age of 20, Tyson became the youngest person to win the heavyweight title when he knocked out Trevor Berbick (pictured).

The following year, he defended his title against James Smith and won, becoming the undisputed heavyweight champion. Later that year, he defeated Tony Tucker to add the IBF heavyweight title to his list of wins.

This trio of epic victories made Tyson the first heavyweight to hold all three major belts – the WBA, WBC, and IBF – at the same time.

Iron Mike makes millions

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Tyson gained legendary status and earned the nicknames "Iron Mike" and "Kid Dynamite" after he won his first 19 professional fights by knockout, 12 of which were in the first round.

One of his biggest career paydays included signing a $27 million, eight-fight contract with HBO in 1987, a figure worth around $74 million (£59m) in today's money.

The sought-after star then inked a long-term pay-per-view contract with Showtime in 1990 for an astonishing $120 million, or around $286 million (£226m) in today's money.

Behind bars

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Tyson experienced the first loss of his career when he was defeated by underdog Buster Douglas in 1990.

The following year, things went from bad to worse when he was arrested for rape. He was sent to prison in 1992, served three years behind bars, and was required to register as a sex offender.

A handcuffed Mike Tyson is shown here, escorted by police officers at the Montgomery County Court House in Rockville, Maryland.

Money woes

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Tyson's problems didn't end with prison. In 2003, less than a decade after his release, the sports star filed for Chapter II bankruptcy protection.

Reports at the time suggested that he was $23 million in debt – or around $39 million (£31m) in today's money – and owed $13.4 million ($22m/£17m today) to the IRS.

So, let's investigate how Mike Tyson blew his fortune....

Mike's mega mansion

Courtesy DOUGLAS ELLIMAN

While Tyson owned several luxury homes at the peak of his success, none was more opulent than his 52-room Connecticut mega-mansion (pictured).

The seriously enviable abode boasted 21 bedrooms, 25 bathrooms, a nightclub, an indoor pool and hot tub, a recording studio, an indoor basketball court, and a cinema room. The property's sprawling grounds also included a swimming pool and a basketball court.

Upon declaring bankruptcy, Tyson sold the property to rapper 50 Cent for $4.4 million, around $7.4 million (£5.8m) in today's money.

Plush pads

Courtesy Sotheby's International Realty

But one opulent mega mansion wasn't enough for the spend-happy sports star, who counted several other plush pads in his portfolio.

Among them was an elegant Ohio property that was home to a basketball court, pool, and cages for his infamous pet tigers. Following financial troubles, Tyson was forced to sell the house for $1.1 million in 1999, around $2 million (£1.6m) in today's money.

He also previously owned a mansion in Maryland with his ex-wife Monica Turner, which was purchased in 1995 (pictured). The property featured seven bedrooms, a gym, sports courts, and a swimming pool. The couple lived there for a number of years, with Turner taking ownership when they divorced in 2003.

Mansion maintenance

Courtesy Sotheby's International Realty

Contrary to what you might expect, it's not all glitz and glamour when you own a multitude of magnificent mansions – they come with hefty maintenance costs attached.

In the mid-90s alone, Tyson reportedly forked out an eye-watering $300,000 per year on lawn care and garden maintenance for his properties, a figure which works out at around $565,000 (£445k) today.

Cell phone costs

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Another significant expense for Tyson at the peak of his career? Cell phone and pager costs – we know, so 90s.

Between 1995 and 1997, Tyson spent $230,000 each year on this particular outgoing, or around $433,000 (£342k) in today's money.

The six-figure bills reportedly included mobile phones and phone plans he purchased for his friends, family, and staff.

Car collection

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According to reports, Tyson splashed out $4.5 million ($8.5m/£6.7m today) on a number of luxury cars and motorcycles between 1995 and 1998. Among them were 19 supercars, which he purchased as gifts for members of his entourage.

Some sources suggest that Tyson has owned more than 100 vehicles in his lifetime, including Ferraris, Lamborghinis, and Rolls Royces.

The jewel of his car collection? Arguably the $500,000 (£395k) Bentley Continental SC, one of just 73 units produced by the luxury car manufacturer.

Tiger king

@MikeTyson / Twitter

Though he's since admitted it was wrong of him to keep wild animals in captivity, Tyson infamously owned three Bengal tigers in the 1990s and early 2000s.

The big cats, which he housed in a custom-built enclosure in his garden, reportedly cost him $70,000 each ($154k/£122k today).

The exorbitant price tag of the exotic pets was just the beginning. Tyson reportedly spent $200,000 a year feeding his pets, and a further annual spend of $125,000 for an animal trainer to take care of them. That's around $440,400 (£348k) and $275,300 (£217k) in today's money.

Pet pigeons

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Tyson’s tigers aren't the only pets he's owned that have raised eyebrows. The boxing champ once revealed he owned more than 3,000 racing pigeons. (It's believed that he now owns closer to 1,000).

Housing the birds in a custom-built cage, Tyson, who cared for pigeons before becoming a boxer, even claimed that he could tell most of his beloved birds apart.

Essentially Sports reported that Tyson spent as much as $3,000 (£2.4k) on each bird, or a grand total of $400,000 (£316k).

Bling bling

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The flashy star reportedly forked out an incredible $100,000 (£79k) each month on jewellery and clothes at the height of his spending, and was known to walk around wearing bling worth millions.

In 2000, Tyson dropped $688,400 (£543.2k) during a shopping spree in a London jewellery store, treating himself to a diamond watch, bracelet, and a pair of pocket watches. Graff Diamonds later sued the star when he failed to settle the massive bill, although the case was eventually resolved "amicably".

 

Hey, big spender

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It wasn't just shopping that Tyson was partial to. He was prone to planning some seriously decadent events, too.

In 1996, the exuberant star splashed out $410,000 ($808k/£637k today) on his 30th birthday party, which was thrown at his Connecticut mansion and attended by the likes of Jay-Z, Donald Trump, and Oprah Winfrey.

In his 2014 autobiography Undisputed Truth, Tyson recalls: "We had 13 different chefs, each one cooking in their own kitchen... There was a guy hand-rolling cigars. You entered the house on an actual red carpet – once you got past the 40 big Fruit of Islam bodyguards stationed outside."

Shopping and partying aside, Tyson reportedly had a monthly $240,000 (£189k) "walking around money" allowance, which he used for spontaneous purchases, and for treating friends and family to lavish gifts.

Splashing out

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Perhaps the most lavish purchase Tyson ever made was the gold bathtub he splashed out on for his first wife, actress Robin Givens, as a Christmas gift in 1988.

Tyson spent an incredible $2.2 million ($6m/£4.7m today) on the 24-karat tub.

Givens and Tyson, shown here together, separated the following year. According to reports, Tyson eventually pulled the plug on the decadent bath and sold it for $1.2 million (£950k), marking a loss of around $1 million (£790k).

Rehab costs

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During a 2022 appearance on the Pivot podcast, Mike Tyson claimed that he spent the last of his fortune on rehab to battle drug addiction, revealing: "My last million dollars were spent on my rehabilitation because, of the approximately $500 million that I made as a boxer, I had nothing left."

Opening up about his infamous wild spending, he added: "It all went crazy and lasted between 15 and 16 years; it seemed like a lot of money but eventually it was gone."

Comeback kid

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Although Tyson officially retired from the ring in 2005, the former boxing star has managed to reclaim some of his fortune. Today, he's estimated to be worth a cool $10 million (£7.9m).

He's remade his millions thanks to his Tyson Ranch cannabis business, as well as appearances in hit movies such as The Hangover and Rocky Balboa.

Most recently, Tyson starred in the 2023 Amazon Prime action movie Medellin.

Epic return to the ring

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The boxing world recently erupted when Tyson announced a surprise return to the ring. This July, he will face off against an unconventional challenger, YouTuber Jake Paul, with the hotly anticipated match set to air live on Netflix.

While financial figures remain under wraps, Paul has hinted at the powerful financial potential of the fight, proposing a staggering valuation of $300 million (£237m) for a showdown with Tyson. On a similar note, Tyson has previoulsy stated he would only consider a return to the ring if the event were to shatter pay-per-view records.

One thing's for sure: whether Tyson wins or loses, his bank balance is set for a significant boost!

Viva Las Vegas

Courtesy Luxury Homes of Las Vegas

Today, Tyson lives in a Mediterranean-style villa (pictured) in Las Vegas, which he snapped up for $2.5 million (£2m) in 2015.

While perhaps not quite as swanky as the Connecticut mansion, the abode is still far removed from the average home.

The Vegas property has six bedrooms, including a suite with a step-in bathtub and private balcony, while its grounds feature a lagoon-like swimming pool, hot tub, and BBQ area.

Mike Tyson's heirs

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Despite regaining some of his former fortune, Tyson revealed during his appearance on the Pivot podcast last year that he would not leave his six children an inheritance.

Tyson explained: "I would not help them by leaving them money; it would hurt them because I would not teach them to fend for themselves, to overcome adversity, and to be hard-working. By pampering them with money, they would surrender to the first adversity."

He added: "What I am leaving them with is the teaching of working hard and praying a lot."

Mike Tyson isn't the only star who's disinherited his brood – discover the rich and famous who won't leave their money to their kids