Mike Tyson, a boxing icon, commanded the spotlight with his captivating performances, amassing a worldwide fan base. His bouts remain legendary, with some still holding top ranks among the highest-grossing PPV boxing matches ever.
Despite reigning as an undisputed heavyweight champion, Tyson faced financial woes, including declaring bankruptcy at one juncture. However, the anticipated Jake Paul vs. Mike Tyson fight promises to shatter records and yield substantial earnings for both fighters. The question remains: What is the income of “Iron Mike,” and what is his net worth?
How much is Mike Tyson’s net worth?
For a man of his stature, Mike Tyson’s net worth is far humbler than you would have thought, and there are a couple of reasons for that.
Mike Tyson’s net worth today is about $10 million, according to Celebrity Net Worth.
Throughout his boxing journey, Tyson accumulated hundreds of millions of dollars. His 2002 bout against Lennox Lewis, for instance, raked in $112 million in pay-per-view (PPV) earnings, making it the fifth-highest-grossing boxing match in PPV history. At his peak, Tyson’s net worth reportedly stood at $300 million, with The Sun estimating his total fight earnings at nearly $700 million.
Despite his immense wealth, Tyson indulged in a lavish lifestyle, splurging on luxury pets, sports cars, and extravagant gifts for friends and acquaintances. However, his financial troubles came to a head in 2003 when he declared bankruptcy, facing a daunting $23 million debt.
Even as late as 2010, Mike Tyson found himself grappling with dire financial circumstances.
“I’m totally destitute and broke. But I have an awesome life. I have an awesome wife who cares about me. I’m totally broke. I had a lot of fun. It [going broke] just happened. I’m very grateful. I don’t deserve to have the wife that I have; I don’t deserve the kids that I have, but I do, and I’m very grateful.”
– Mike Tyson
Considering this, Mike Tyson’s net worth of $10 million isn’t a light feat. He turned his money around and made some sound financial decisions, gathering appearance fees, playing cameo roles, and even investing in the marijuana industry.
How did Mike Tyson become famous?
Nowadays, Mike Tyson, a retired boxing luminary, held the title of the world’s undisputed heavyweight champion from 1987 to 1990. Known as “the Baddest Man on the Planet,” Tyson boasted an impressive 88% knockout victory rate. He remains one of the most instantly recognizable figures in the sport, leaving an indelible imprint on the industry as one of its all-time greatest champions.
Why did Mike Tyson start boxing?
Born in Brooklyn, Tyson had a tough childhood. He grew up in high-crime neighborhoods and had to fight against bullies on the streets, and his fist-fighting talent quickly grabbed attention.
During his amateur boxing career, Tyson clinched gold medals at the Junior Olympic Games in 1981 and 1982, achieving these feats at the ages of 15 and 16, respectively. Under the guidance of Cus D’Amato, who later became his legal guardian and paternal figure following his mother’s passing, Tyson honed his skills.
At the age of 18, Tyson embarked on his professional journey by facing Hector Mercedes in his debut fight, triumphing via technical knockout within the first round. This marked the beginning of a pattern that would become synonymous with Tyson’s style. Demonstrating his formidable power, he secured victory in 26 out of his initial 28 fights by way of stoppage. At the remarkable age of 20, Tyson became the youngest champion in history.
What has Mike Tyson spent his money on?
If Mike Tyson had opted for a more traditional and modest lifestyle, his net worth might have soared even higher. However, the boxing icon chose to splurge millions on lavish residences, luxury cars, exotic pets such as Bengal tigers, and extravagant gifts for acquaintances.
Mike Tyson had unconventional and expensive tastes. For example, his collection of Bengal tigers cost $70,000 per animal. They were kept in a custom-built habitat and cared for by an animal trainer who cost $125,000 annually. Additionally, he paid $300,000 per year to have a person in an army uniform yell “guerrilla warfare” at press conferences.
Within three years of his release in 1995, he reportedly spent the following:
- $4.5 million on luxury vehicles (many bought for friends)
- $400,000 on pets like pigeons and big cats;
- $300,000 on garden and backyard maintenance;
- $240,000 per month for casual daily spending;
- $230,000 on phones, pagers, and phone bills;
- $100,000 per month on jewelry and clothes.
Additionally, Tyson resided in a sprawling 21-room mansion complete with a nightclub and casino, a property now under the ownership of 50 Cent. He also invested in multiple residences across Maryland, Ohio, and Las Vegas, decking them out with opulent features like gold embellishments, pools, and basketball courts.
Over the course of his life, Tyson amassed a collection of more than 100 cars, including a rare $500,000 Bentley from a limited series. He was known to lend vehicles to acquaintances, often forgetting about them afterward. On one occasion, after crashing his car, Tyson told the repair shop workers they could simply keep it. Furthermore, he once splurged an astonishing $1.5 million in a single day at a Las Vegas car dealership, even surpassing its inventory, prompting the dealership to order three additional Bentley Azures on fast-track from Rolls-Royce.