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How Mike Tyson made a fortune, went bankrupt and then rebuilt it all again

Callum Jones

Published 
| Last updated 

How Mike Tyson made a fortune, went bankrupt and then rebuilt it all again

Featured Image Credit: Donald Kravitz/Getty Images / Ron Galella, Ltd./Ron Galella Collection via Getty Images

Mike Tyson is one of the most recognised athletes on the planet, after dominating the world of boxing for many years.

But while Iron Mike, now 57, dominated all his competitors in the ring, a lot of stuff has gone on in his personal life.

In 1991, Tyson was arrested for the rape of 18-year-old Desiree Washington and later charged in early 1992 after a long jury deliberation.

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He was released in 1995 after serving less than three years of his sentence, and was able to continue his boxing career.

Another factor that has been associated with the former heavyweight champion is his wealth, and how he even went bankrupt at one point.

After fighting the likes of Frank Bruno, Buster Douglas, Donovan Ruddock, Evander Holyfield, and Lennox Lewis, Tyson was making a whopping $30 million a fight, according to the New York Times.

Mike Tyson made a staggering amount each fight, but he didn't spent it wisely. Credit: JC Olivera/Getty Images
Mike Tyson made a staggering amount each fight, but he didn't spent it wisely. Credit: JC Olivera/Getty Images
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Set for life, surely? Well, the boxer's spending got a bit out of control.

In fact, Iron Mike made, then subsequently lost all of the money he made during his career, with Forbes stating he made a total of $400 million from his hugely successful career in the ring.

But in 2003, Tyson declared bankruptcy, stating that he wasted his money due to 'reckless spending'.

And if you followed Tyson during his 20-year boxing career, you may have got an idea as to why he lost all the money he made.

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The 57-year-old very much lived a party lifestyle while he was competing, and wasn't afraid to splash the cash in the process.

For example, to celebrate his 30th birthday, Tyson invited 700 people to a party - at a total cost of $580,000.

While there were many famous faces in attendance, the most well known was perhaps Donald Trump, who actually helped promote Tyson's fights back in the day.

Mike Tyson partied hard during his heyday. Credit: VALERY HACHE/AFP via Getty Images
Mike Tyson partied hard during his heyday. Credit: VALERY HACHE/AFP via Getty Images
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Tyson was also a big car lover, with the boxer estimated to have spent $6.3 million on whips during his heyday.

Alongside his luxury cars, Tyson also developed a penchant for a flea of high-end houses.

This venture was rather unsuccessful though, as Tyson failed to shift a Connecticut estate he hoped to sell for $32 million.

All these contributed to Tyson going bust, though he has successfully rebuilt his money in the years since.

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After ditching alcohol, the sports star turned to a vegan-based diet, and has had great success since with his Hotboxin podcast.

Tyson Ranch, his cannabis empire, is said to generate a whopping $900,000 a month for the boxer, while he even returned to the ring for an exhibition in 2020.

Topics: Celebrity, Boxing, Mike Tyson, Money, Sport

Callum Jones
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