Mike Tyson, a retired American boxer, has a net worth of $10 million. At his peak, Tyson’s net worth was $300 million. Throughout his career, he earned hundreds of millions from fight purses and endorsements. However, he spent lavishly and lost a significant portion of his wealth due to mismanagement by former managers and promoters.
In 2003, Tyson declared bankruptcy, citing $23 million in debt. Even in 2010, he faced severe financial difficulties, admitting on “The View” that he was “totally destitute and broke.” Despite this, he expressed gratitude for his life, wife, and children. As detailed below, Tyson managed a financial recovery through lucrative appearance fees, movie roles, exhibition matches, and investments in the cannabis industry.
| Category | Richest Athletes › Boxers |
|---|---|
| Net Worth | $10 Million |
| Birthdate | Jun 30, 1966 (57 years old) |
| Birthplace | Bedford-Stuyvesant |
| Gender | Male |
| Height | 5 ft 10 in (1.78 m) |
| Profession | Professional Boxer, Actor, Film Producer, Athlete |
| Nationality | United States of America |
In the late 1980s, Mike Tyson was the undisputed heavyweight champion of the world. At his peak, he was one of the most famous and highest-paid athletes globally, becoming the youngest champion in history at age 20. ESPN dubbed him “The Hardest Hitter in Heavyweight History,” and Sky Sports called him “the most ferocious fighter to step into a professional ring.”
Tyson remains a significant figure in pop culture, appearing as himself in numerous movies and TV shows, most notably in “The Hangover” and “The Hangover II.” He continues to engage in exhibition fights, with an upcoming bout against Jake Paul scheduled for July 2024, which will be streamed live on Netflix.
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Spending A Fortune
Mike was renowned for his extravagant lifestyle during his peak financial success. He squandered millions on luxurious mansions, expensive cars, jewelry, lavish gifts for strangers, and even amassed a collection of Bengal tigers. Each tiger cost $70,000 and was housed in a specially designed habitat in his backyard, with an animal trainer on staff for $125,000 annually.
Mike also generously funded his entourage. Notably, he employed a person to wear army fatigues and shout “guerrilla warfare” at press conferences, paying them $300,000 per year for this role.
Mike served time in prison from 1991 to 1995. In the three years following his release, he spent extravagantly, including:
- $4.5 million on cars and motorbikes (buying 19 vehicles for friends)
- $400,000 on pigeons and various big cats like Siberian tigers
- $300,000 on lawn care and garden maintenance
- $240,000 per month on daily spending
- $230,000 on cell phones, pagers, and phone bills
- $125,000 per year for an animal trainer for the big cats
- $100,000 per month on jewelry and clothes
He also acquired several homes. His 21-room Connecticut mansion, later owned by 50 Cent, included a nightclub and casino. He purchased additional properties in Las Vegas, Ohio, and Maryland, each featuring opulent amenities such as gold-plated furnishings, pools, and a basketball court. His $4 million Las Vegas property included an 11,000-square-foot mansion, which he completely remodeled.
Throughout his life, Mike owned over 100 cars, many of which were rare and highly valuable. Among them was a Bentley, one of only 73 made, costing $500,000. After totaling a Range Rover in 1995, he instructed the repair shop to keep it. He often lent cars to friends and forgot about them. At one point, he bought 20 cars from Jim Chaisson Motors in Las Vegas, spending $1.5 million in minutes on five Bentley Azures, necessitating the dealership to fast-track three from Rolls-Royce as they only had two in stock.
One of Mike’s most extravagant purchases was a $2 million golden bathtub for his first wife, actress Robin Givens. He was also known for occasionally gifting strangers lavish items like $100,000 watches.
Career Earnings
In 1987, Mike Tyson signed an eight-fight contract worth $27 million with HBO, which included his bout against Alex Stewart. Tyson defeated Stewart in just two minutes and 27 seconds. He subsequently signed a long-term $120 million contract with Showtime, covering several matches, including his fights against Evander Holyfield.
Throughout his career, Tyson earned at least $430 million from fights and endorsements, equivalent to approximately $700 million today.
It has long been understood that a significant portion of his earnings, particularly from pay-per-view events, was taken by promoter Don King. A court case later revealed that King’s contract entitled him to 30% of Tyson’s earnings, a practice that was technically illegal in Nevada. Allegedly, after mysterious additional fees, King would take 50% before paying Tyson. These fees included $100,000 per fight to Don King’s wife for consulting and $50,000 per fight to his sons. At his peak, Tyson was paying the President of the Mike Tyson Fan Club, who was Don King’s daughter, $1,000 per week.
At other times, Tyson’s earnings were garnished by creditors such as the IRS. For instance, he was paid $8 million to fight Danny Williams in 2004, but $6 million of that was garnished by the IRS, leaving Tyson with $2 million.
Below is a fight-by-fight breakdown of Tyson’s earnings from November 1986 to his final professional fight in 2005. His largest payday was the $103 million he earned for fighting Lennox Lewis in 2002, with approximately $75 million coming from a pay-per-view bonus. For more details, please read: Mike Tyson’s Biggest Career Paydays In The Ring.
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Mike Tyson Career Earnings
| Opponent | Purse | Inflation Adjusted |
| Trevor Berbick | $1,500,000 | |
| James Smith | $2,000,000 | |
| Pinklon Thomas | $2,500,000 | |
| Tony Tucker | $2,500,000 | |
| Tyrell Biggs | $2,500,000 | |
| Larry Holmes | $5,000,000 | |
| Tony Tubbs | $10,000,000 | $21M |
| Michael Spinks | $20,000,000 | $42M |
| Frank Bruno I | $8,000,000 | |
| Carl Williams | $4,000,000 | |
| Buster Douglas | $6,000,000 | |
| Henry Tillman | $2,000,000 | |
| Alex Stewart | $3,000,000 | |
| Donovan Ruddock I | $6,000,000 | |
| Donovan Ruddock II | $10,000,000 | |
| Peter McNeeley | $25,000,000 | $42M |
| Buster Mathis | $10,000,000 | |
| Frank Bruno II | $30,000,000 | $50M |
| Bruce Seldon | $30,000,000 | |
| Evander Holyfield I | $30,000,000 | |
| Evander Holyfield II | $30,000,000 | $49M |
| Francois Botha | $10,000,000 | |
| Orlin Norris | $9,000,000 | |
| Julius Francis | $10,000,000 | |
| Lou Savarese | $8,000,000 | |
| Andrew Golota | $10,000,000 | |
| Brian Nielsen | $5,000,000 | |
| Lennox Lewis | $103,000,000 | $148M |
| Clifford Etienne | $5,000,000 | |
| Danny Williams | $8,000,000 | |
| Kevin McBride | $5,000,000 | |
| Roy Jones Jr | $10,000,000 | |
| Total: | $423,000,000 |
Roy Jones Jr. Fight
In July 2020, Mike Tyson and Roy Jones Jr. revealed they were both coming out of retirement to face each other in a unique exhibition match. They reportedly secured a sponsorship deal worth $50 million for the fight. Each fighter could potentially earn up to $10 million if all Pay-Per-View targets are achieved. Following the announcement, Mike stated he would donate all his earnings to charity. His representatives later clarified:
“Mike is dedicated to charitable causes at this point in his life. He is making a significant donation to charity to support those impacted economically, medically, and socially by the pandemic. The exact amount will be determined after the fight.”
Early Life
Mike Tyson, originally named Michael Gerard Tyson, was born on June 30, 1966, in Brooklyn, New York. He grew up in a challenging neighborhood, with a stepfather involved in crime and gambling. At the age of ten, Tyson and his mother relocated due to financial difficulties.
By 13, Tyson had been arrested 38 times, frequently fighting older boys who teased him about his lisp. His talent for fighting was discovered by a juvenile detention instructor and former boxer. After training with several coaches, Tyson began working with Cus D’Amatto, a trainer who significantly influenced his future in boxing. Following his mother’s death when Tyson was 16, D’Amatto became his legal guardian. Tyson also trained with Kevin Rooney from a young age.
Early Boxing Career
Tyson’s initial foray into professional boxing began at the Junior Olympics, where he secured gold medals in 1981 and 1982. He also competed in the 1984 Summer Olympics but lost to Henry Tillman in two bouts. Tyson’s first professional fight occurred when he was 18, where he defeated Hector Mercedes with a first-round TKO.
This victory marked the beginning of a pattern for Tyson, who often ended matches in the first round. As he continued to face increasingly formidable opponents, many anticipated his swift rise to stardom. In 1985, Tyson’s mentor Cus D’Amatto passed away, depriving him of a crucial father figure early in his career. Many later suggested that this loss had a destabilizing effect on Tyson’s life.
Breakthrough
Tyson truly made his mark on the global stage with a nationally televised fight against Jesse Ferguson. Tyson landed an uppercut that broke Ferguson’s nose, making the fight’s outcome inevitable. Tyson won after Ferguson was disqualified for illegal clinching.
Another televised event featured Tyson against Marvis Frazier, a former world title challenger. Tyson won in just 30 seconds with a knockout. In 1986, Tyson defeated Trevor Berbick in the second round, becoming the youngest heavyweight champion in history. In 1987, he defended his title against James Smith, becoming the undisputed heavyweight world champion. That same year, he faced Pinklon Thomas in a 12-round battle to win the IBF title, making Tyson the first heavyweight to hold all three major belts simultaneously.
In 1988, Tyson defeated former champion Larry Holmes with a fourth-round knockout. Tony Tubbs also fell to a TKO in the second round that year. Tyson concluded the year with a victory over Michael Spinks, whom he knocked out in just 90 seconds despite predictions of a tough fight due to Spinks’ technical ability.
From that point, Tyson’s career declined. Personal issues led to his firing of Kevin Rooney, who had been instrumental in his success after D’Amatto’s death. Although Tyson continued to win in 1989, his career suffered a significant setback when he lost to Buster Douglas in 1990. Douglas, who had recently lost his mother to a stroke, fought with extraordinary passion and commitment, knocking Tyson to the canvas for the first time in his career in the tenth round. Tyson was counted out by the referee in one of the most shocking upsets in sports history.
Tyson continued winning in 1991 before legal issues halted his career. After being arrested for rape, he spent six years in prison and converted to Islam. Upon his release, Tyson was legally required to register as a sex offender.
Tyson’s comeback initially succeeded, regaining two of his belts with several knockouts. However, he lost his WBA belt when Holyfield came out of retirement to defeat Tyson with an 11th-round TKO. Tyson lost again in the rematch, controversially biting Holyfield twice and being disqualified. His boxing license was revoked in 1997.
In 1999, Tyson returned to professional boxing, knocking out Francois Botha, only to return to prison for nine months for allegedly assaulting two motorists. Upon his release, he quickly knocked out several fighters, including Lou Savarese in 38 seconds in 2000.
Tyson’s last professional victory was in 2003, defeating Clifford Etienne in 49 seconds. After several attempted comeback fights, injuries, and defeats, Mike Tyson retired in 2005.
Boxing Style
Cus D’Amato trained Mike Tyson in the “peek-a-boo” style of defensive boxing, characterized by a high guard and swift head movements. This method also incorporates an aggressive counter-punching technique, where the boxer provokes the opponent to swing, creating openings to exploit. Tyson became renowned for his tremendous punching power and his skill in bobbing and weaving. Much of his striking force originated from his legs, and he was particularly known for using a combination of a right hook followed by an uppercut to conclude his matches.
Personal Appearance Fees
Mike has called Las Vegas home for much of the last two decades. In Vegas, he earns a healthy living, making personal appearances at parties and corporate events. Mike charges $75,000 for a two-hour personal appearance.
Personal Life
Mike has been married three times and has seven children, one of whom has passed away. He considers his second wife’s oldest daughter as part of his family, in addition to his six biological children. He is a practicing Muslim and maintains sobriety.
In July 2020, Tyson announced the launch of Mike Tyson’s Legends Only League, in partnership with Sophie Watts and her company, Eros Innovations. This league aims to give retired professional athletes the chance to compete in their sports. The league’s first event was the Tyson/Roy Jones Jr. fight at the Staples Center in November 2020, which became the highest-selling pay-per-view (PPV) event of the year and ranks among the top ten all-time PPV events.
In August 2022, Mike Tyson made a cameo appearance in the Telugu-Hindi film “Liger.”
In April 2022, Tyson made headlines for repeatedly punching a male passenger on a Jet Blue flight from San Francisco to Florida. The passenger had been harassing him and throwing water at him. Tyson did not face criminal charges for the incident.
In 2023, an unnamed woman filed a $5 million lawsuit against Tyson, alleging that he raped her in the early 1990s after they met at a nightclub in Albany, New York.
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Mansions
In 1996, Mike purchased a sprawling mansion spanning 51,000 square feet, nestled on 17 acres of land in Farmington, Connecticut, for $2.8 million. Situated at 50 Poplar Hill Drive, this grand residence was erected in 1985 by a real estate agent who, some years later, faced legal consequences for fraudulent activities and was sentenced to nine years in prison.
By 1992, the property had fallen into foreclosure, subsequently acquired by a bank at auction for $3.5 million. However, the bank incurred a loss in 1993 when it resold the mansion. It was then that Mike acquired the estate for $2.8 million, investing millions more in extensive upgrades. His additions included a nightclub accommodating up to 1,000 guests, an indoor gym, a shooting range, over 100 phone lines, and an NBA-standard basketball court.
In 2003, amidst divorce proceedings and bankruptcy proceedings, the mansion became the property of his ex-wife, Monica Turner, as part of their settlement. Turner then sold the estate to the rapper 50 Cent for $4.1 million, who subsequently poured $6 million into renovations, incorporating a grotto, infinity pool, movie theater, and helicopter landing pad. 50 Cent listed the property in 2007 for $18.5 million, progressively reducing the asking price over the following decade.
However, financial challenges led 50 Cent to file for bankruptcy in July 2015, despite spending $70,000 monthly on utilities and maintenance for the mansion. After numerous price adjustments, 50 Cent finally unloaded the property in April 2019 for $2.9 million. For a visual tour of the former Connecticut mansion shared by Mike Tyson and 50 Cent, check out the attached video.
In February 2016, Mike paid $2.5 million for a lavish mansion in Henderson, Nevada. The one-acre property features a 10,400 mansion. A month later, he put his former Las Vegas-area home on the market for $1.5 million.
Car Collection & Ferrari F50
During his zenith of wealth and influence, Mike indulged in amassing a car collection that, at its pinnacle, boasted more than 100 vehicles. Among these treasures was a rare gem: a limited edition Bentley Continental SC worth $500,000, of which only 73 were ever manufactured.
His assortment also encompassed Lamborghinis, Ferraris, a Mercedes-Benz 500, a Range Rover, and a 1995 Rolls Royce, tragically demolished in an accident and subsequently left at an auto repair shop with instructions to retain it.
Central to his fleet was a prized possession: a 1996 Ferrari F50. Ferrari’s production of the F50 was limited to just 349 units, with a mere 55 allocated to the United States. Notably, Mike Tyson’s F50 bore the chassis number #104220, with production completed on February 13, 1996.
In 2001, predating his declaration of bankruptcy and $23 million in debt by two years, Mike parted ways with his beloved F50, selling it to a tech entrepreneur named Kevin Marcus, an early associate of the search engine InfoSpace. Following two subsequent transfers of ownership, the F50 went under the gavel in August 2022, fetching a staggering $4.625 million at auction. Below is an image showcasing Mike Tyson’s erstwhile Ferrari F50: [Include photo]