Mike Tyson is one of the most famous boxers in the world and is known as the “Baddest man in the world” thanks to his boxing record and how far he was willing to go for a victory.
Although he was banned from boxing after biting Evander Holyfield’s ear, Tyson has found a new way to make back the fortune that he spent as a younger man. His lavish lifestyle has cost him millions and even caused him to go into bankruptcy.
Mike Tyson Net Worth
Mike Tyson has a net worth of $10 million, but his earnings as a professional boxer were significantly higher. Tyson declared bankruptcy in 2003, when he was $23 million in debt, despite earning more than $400 million during his professional boxing career.
The legendary boxer grew up in a rough Brooklyn neighbourhood and didn’t always have it easy. Mike’s stepfather was a gambler who was heavily involved in local crime, but due to financial difficulties, Mike’s mother took her son and abandoned him.
Tyson was a troublemaker in his own right, having been arrested 38 times by the age of 13 years old. He got into his first brawl over a pigeon that had been stolen and killed by another child, who then threw the body at Tyson. Despite admitting that his first fight was a sloppy mess, Tyson was able to land more hits than the other child. He’d also get into fights with older kids who bullied him because of his lisp, which landed him in a juvenile detention centre. One of the instructors, a former boxer, was one of the first to notice Tyson’s potential.
Tyson then worked with a few different trainers before meeting Cus D’Amato, the man who would forever change his life. When Tyson’s mother died unexpectedly when he was only 16, D’Amato decided to adopt him and raise him as his own.
Tyson was later able to train with Kevin Rooney thanks to D’Amato. Mike Tyson’s first professional fights were in the Junior Olympics in 1981 and 1982, where he won gold medals both times. Mike Tyson competed in the 1984 Summer Olympics in Los Angeles for Team USA.
Mike Tyson’s Boxing Earnings
Mike Tyson earned a total of $423 million during his boxing career, or $700 million when inflation is factored in. Over the course of his boxing career, he earned even more money through a variety of endorsements, bringing his total earnings to more than $430 million. “Iron Mike” brought home $1.5 million when Tyson fought Jamaican boxer Trevor Berbick over 30 years ago. When he fought James Smith, he made $500,000 more. Mike Tyson earned $10 million when he fought Tony Tubbs in 1988, only a few years later.
Tubbs himself joked about being nothing more than a stepping stone for the 21-year-old boxer who had punched Tubbs while inebriated. When Tyson defeated Michael Spinks in 91 seconds, he made twice as much money as he did against Tony Tubbs. If Tyson hadn’t spent all of the $20 million he earned from that fight on his lavish lifestyle, it would be worth $42 million today.
Tyson made $16 million in his fights against Donovan Ruddock, earning $6 million for the first fight and $10 million for the second fight. Only a few months after his release from prison, “Iron Mike” took down Peter McNeeley for $25 million. When Tyson fought Evander Holyfield, he earned $30 million in his first fight and $30 million in his second. When Tyson bit off a piece of his opponent’s ear, fans in the stadium and at home were taken aback.
Mike Tyson’s highest single-fight earnings were $103 million, which would be $148 million today, in a boxing match against Lennox Lewis. Each fighter was given $10 million in the fight against Roy Jones Jr.
Mike Tyson Mega Mansions
Mike Tyson, like many other professional boxers, may have made poor financial decisions due to his penchant for the finer things in life. After growing up in some of Brooklyn’s seedier areas, Tyson was looking for a change. Tyson previously owned a mansion in Ohio, which he had to sell in 1999 for $855,000. When he first moved in, it was decked out with crystal chandeliers, a tiger enclosure, a full-size pool, five bedrooms, and a basketball court.
The mansion was converted into a church by the property’s most recent owner. The tiger enclosure was replaced with a picnic pavilion, and the crystal chandeliers were removed. Tyson had to sell his 52-room mansion in Connecticut when he filed for bankruptcy in 2003. The 50,000-square-foot mansion included 21 bedrooms, 25 bathrooms, a private nightclub, an indoor pool and hot tub, an indoor basketball court, a recording studio, a green-screen room, and numerous game rooms. It costs $55,350 per month to maintain the property. Despite the fact that 50-Cent purchased the lavish property, he was forced to sell it due to its high maintenance costs. Mike Tyson and Monica Turner bought a house in Maryland, 30 minutes from Washington, D.C., in 1995. There were seven bedrooms in the house, as well as a game room, a piano room, a high-end gym, a swimming pool, and a multipurpose sports court. When Tyson and Turner divorced, Turner claimed that the boxer had cheated on her, and Tyson lost the house. The house was recently put onto the market for $8.5 million. Mike Tyson’s most famous property, which was featured in The Hangover and cost him $1.66 million, is his most famous property. He did, however, sell that home and buy another for nearly $2.8 million.
