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Mike Tyson, Rags to Riches and Back to Rags

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One of the greatest ever Boxers in history, Mike Tyson made an income of more than $400 Million during the 20-year span of his career. So why did he need loans from friends and banks and to keep up his lifestyle and why was he in $38 Million debt before his 39th birthday, filling for bankruptcy in 2003.

Someone like Mike Tyson who had never had a lot of money before did not know what to do with it. The faster money came in, the faster it went out. Stories about his profligacy are already legendary. Tyson employed as many as 200 people, including bodyguards, chauffeurs, chefs, and gardeners. As well as that because Mike Tyson knew how to get into trouble a lot he always had to spend money on expensive Attorney (Lawyers) to get out of trouble.

Mike Tyson was not exactly known for being the most moderate spenders of money. Tyson has made headlines for buying exotic pets, million-dollar bathtubs, gold door handles and cars a lot of expensive cars, about 110 of them in all. The famous incident of 1997 when Tyson bit a chunk off the ear of Evander Holyfield led to his boxing license being revoked, as well as a fine of $3 million, as well as expensive legal costs. Along with Mike Tyson’s expensive purchases he had a divorce settlement that set him back $9 million.

People believe that Mike Tyson took a few pictures with Tigers to look cool but he did not actually own any. Wrong! Iron Mike purchased three rare white Bengal tigers which he owned for about a year, each tiger costed $70,000 to buy and $200,000 a year in food. Tyson also hired an animal trainer at the cost of $125,000 a year to take care of them whenever he was in Las Vegas.

When Mike Tyson married his first wife Robin Givens, he bought her an unusual gift. He bought her a $2 million bathtub. However, the marriage did not last and when Tyson lost all his money he sold the bathtub to English Billionaire Derwood Hodgegrass for almost half the price he had initially bought it for.

Let’s just say that Mike Tyson did not have cheap car insurance. This is because Tyson owned many cars such as a 420-horsepower Bentley Continental SC that came equipped with a phone, lamb’s wool rugs, and a removable glass roof, the Bentley was limited edition 1 of 73. Mike spent nearly $5 million on cars alone, having purchased multiple Bentleys, Ferraris and Lamborghinis in his lifetime. In his Ohio mansion, he also owned a 1995 Rolls Royce, a Range Rover, and a Mercedes Benz S500.

Mike Tyson also spent $3.4 Million on clothes and Jewellery, $7.8 Million on “Personal Expenses”, $410,000 on a single Birthday Party and $230,000 on cell phones and pagers during a three-year period from 1995 to 1997. Along with Mike gave money to friends and family and had money stolen from him which the largest amount he claims was over $100 Million from his former friend and Boxing promoter Don King.

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