Mike Tyson Built A Fortune, Went Bankrupt, And Then Rebuilt It All

Mike Tyson is one of the most well-known athletes in the world, having dominated boxing for many years.

But, while Iron Mike, now 57, crushed all of his opponents in the ring, a lot has happened in his personal life.

Tyson was arrested in 1991 for the rape of Desiree Washington, then charged in early 1992 following a lengthy jury deliberation.

After spending less than three years of his sentence, he was released in 1995 and was able to continue his boxing career.

Another aspect associated with the former heavyweight champion is his money, and how he became bankrupt at one point.

According to the New York Times, Tyson was earning $30 million each bout after facing Frank Bruno, Buster Douglas, Donovan Ruddock, Evander Holyfield, and Lennox Lewis.

Are you sure you are ready for life? The boxer’s spending got a little out of hand.

Iron Mike made, then lost, all of the money he made during his career, with Forbes estimating he made a total of $400 million from his enormously successful career in the ring.

However, Tyson declared bankruptcy in 2003, claiming that he had wasted his money owing to “reckless spending.”

And if you followed Tyson during his 20-year boxing career, you might have guessed why he lost all of his money.

During his competition, the 57-year-old enjoyed a party lifestyle and was not afraid to spend his money.

Tyson, for example, invited 700 people to a party to commemorate his 30th birthday, which cost $580,000.

While there were many notable faces in attendance, probably the most well-known was Donald Trump, who used to help promote Tyson’s matches.

Tyson was also a vehicle enthusiast, spending an estimated $6.3 million on whips during his prime.

Tyson developed a taste for high-end residences in addition to his expensive cars.

This attempt, however, was a flop, since Tyson was unable to sell a Connecticut mansion he wanted to sell for $32 million.

All of these factors contributed to Tyson’s bankruptcy, though he has successfully recovered his fortune in the years since.

After giving up alcohol, the athlete adopted a vegan diet and has enjoyed great success with his Hotboxin podcast.

Tyson Ranch, his cannabis enterprise, is claimed to bring him $900,000 per month, and he has even returned to the ring for an event in 2020.

Mike Tyson Built A Fortune, Went Bankrupt, And Then Rebuilt It All

Mike Tyson is one of the most well-known athletes in the world, having dominated boxing for many years.

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