Mike Tyson went from $500 million to declaring bankruptcy with $23 million in debt

Mike Tyson is a former heavyweight champion who is noted for his aggressive boxing style. He filed for bankruptcy in 2003 with $23 million in debts. By 2018, it was estimated that he had accumulated a net worth of $3 million.

It’s crucial to keep in mind that in Tyson’s situation, his problems were mostly self-inflicted.

The controversial boxer was convicted of a crime in 1992. He was sentenced to six years in prison, but he only served three.

In 1997, a rematch between Mike Tyson and Evander Holyfield that had been named “The Sound and the Fury” was infamously renamed to “The Bite Fight.” This is because Tyson was disqualified for biting off a piece of Holyfield’s ear.

Tyson had a long career, becoming the sport’s youngest heavyweight champion at age 20. He earned $700 million, which made him the 14th highest-paid athlete of all time.

“It all went crazy and lasted between 15 and 16 years, it seemed like a lot of money but eventually it was gone.”

Nevertheless, Tyson filed for bankruptcy in the early 2000s as a consequence of his extravagant spending.

He owed $23 million in debts at that point. This included a $9 million divorce settlement with his second wife, Monica Turner, $13.4 million in unpaid US taxes, and $4 million in unpaid British taxes.

However, Tyson’s fame allowed him to revive his fortunes and build a seven-figure net worth owing to a number of lucrative book deals and high-profile movie and TV appearances. He most notably appeared as himself in “The Hangover” film series.

Moreover, Tyson makes up to $500,000 a month from a weed company he founded in 2016 under the Tyson Holistic label.