Mike Tyson is one of the most famous boxers in the world and is known as the “Baddest man in the world” thanks to his boxing record and how far he was willing to go for a victory.
Although he was banned from boxing after biting Evander Holyfield’s ear, Tyson has found a new way to make back the fortune that he spent as a younger man.
His lavish lifestyle has cost him millions and even caused him to go into bankruptcy.
What Is Mike Tyson’s Net Worth?
Mike Tyson has a net worth of $10 million, but he earned much more during his time as a professional boxer.
Although he made more than $400 million from his career as a professional boxer, Tyson declared bankruptcy in 2003 when he was $23 million in debt.
The legendary boxer hadn’t always known a life of luxury, spending his early childhood in a rough neighborhood of Brooklyn.
His stepfather was a gambler and was heavily involved in local crime, but Mike’s mother eventually took her son and left him due to financial issues.
Tyson was quite the troublemaker himself, having been arrested 38 times by the time he was only 13 years old.
He got into his first fight over a pigeon that another child had stolen and killed, throwing the body at young Tyson.
Although Tyson admits his first fight was a sloppy mess, he still managed to land more hits than the other child.
He would also often get into fights with older children who would bully him for his lisp, which eventually landed him in a juvenile detention center.
That is where one of the instructors, a former boxer, noticed the talent that Tyson had.
Tyson went on to work with a few different trainers before being introduced to the man who would change his life, Cus D’Amato.
Tyson’s mother died suddenly when he was only 16 years old and D’Amato immediately decided to take him in and raise him as his own.
Through D’Amato, Tyson was later able to train under Kevin Rooney.
The first professional fights Mike Tyson ever took on were his matches in the Junior Olympics, where he would go on to win gold medals in both 1981 and 1982.
By 1984, Mike Tyson boxed for Team USA at the Summer Olympics in Los Angeles.
How Much Did Mike Tyson Earn As A Boxer?
Over the course of his boxing career, Mike Tyson made a total of $423 million or $700 million when adjusted for inflation over the years.
He has made even more money from a variety of endorsements he’s had over his boxing career, pushing his career earnings above $430 million.
When Tyson fought against Jamaican boxer Trevor Berbick over 30 years ago, “Iron Mike” brought home $1.5 million.
He made $500,000 more when he fought James Smith.
Only a couple of years later, in 1988, Mike Tyson made $10 million when he went up against Tony Tubbs.
Even Tubbs joked about only being a stepping stone for the 21-year old boxer at the time, who had caused Tubbs to get punched drunk.
Tyson made double the amount of the fight with Tony Tubbs when he won against Michael Spinks in 91 seconds.
The $20 million that Tyson made from that fight would be worth $42 million today if he hadn’t spent it all on his lavish lifestyle.
Tyson made $16 million in his fights against Donovan Ruddock, earning $6 million for the first fight and $10 million for the second fight.
“Iron Mike” took down Peter McNeeley for $25 million only a few months after he had been released from prison.
When Tyson fought against Evander Holyfield, he made $30 million from the first fight and $30 million from the second fight.
Fans in both the stadium and the comfort of their own homes were shocked when Tyson bit off part of the ear of his opponent.
The most money that Mike Tyson has ever earned from a single fight was the boxing match against Lennox Lewis, where he made $103 million, which would be $148 million today.
In the match against Roy Jones Jr., each fighter was given $10 million.
His Mega Mansions
Like many other professional boxers, developing a taste for the finer things in life may have set Mike Tyson on a path of poor financial choices.
After living in the rough parts of Brooklyn, Tyson was more than ready for a change.
Tyson once owned a mansion in Ohio, but he was forced to sell the place in 1999 for $855,000.
It once had crystal chandeliers, an enclosure for his pet tigers, a full-size pool, five bedrooms, and a basketball court.
The most recent owner of the property has turned the mansion into a church.
They got rid of the crystal chandeliers and replaced the tiger enclosure with a pavilion for picnics.
When Tyson declared bankruptcy in 2003, he had to sell his 52-room mansion in Connecticut.
The 50,000-square foot home had 21 bedrooms, 25 bathrooms, a private nightclub, an indoor pool and hot tub, an indoor basketball court, a recording studio, a green-screen room, and multiple game rooms.
It costs $55,350 per month to maintain the property.
Although 50-Cent purchased the lavish property, he too had to sell it because it was too expensive to maintain.
In 1995, Mike Tyson and Monica Turner purchased a property in Maryland that was 30 minutes away from Washington D.C.
The house had seven bedrooms, a game room, a piano room, a high-end gym, a swimming pool, and a multipurpose sports court.
However, Tyson lost the home when he and Turner got a divorce after Turner claimed that the boxer had cheated on her.
The house was recently put onto the market for $8.5 million.
Mike Tyson’s most famous property is the one that was featured in The Hangover, which cost him $1.66 million.
However, he sold that property and purchased another home for nearly $2.8 million.
The High Costs Of Exotic Pets
Ever since he was a child, Mike Tyson has found peace in raising animals.
While growing up in Brooklyn, young Tyson kept himself out of trouble by raising pigeons in a coop at the top of his apartment building.
Mike Tyson has gone from owning a small coop of pigeons to caring for a flock of over 1,000 pigeons.
His flock consists of a variety of pigeon breeds, with some of his more expensive birds costing thousands.
While in Norway, Tyson was presented with the opportunity to purchase Janssen pigeons, which are a highly desirable racing breed.
Although the breeder was asking over $16,000 for the three pigeons, Tyson felt that he couldn’t turn down such a good deal.
Mike Tyson has also had three tigers that he has kept as pets, which had an estimated value of $4.7 million.
He spent over $100,000 for each tiger and spent nearly $100,000 to feed them annually.
This didn’t even include the $125,000 he spent each year on staff to care for the big cats.
Although the tigers remained peaceful with Mike Tyson and their care staff, they did become aggressive when a woman who was trespassing on the property fell into the enclosure.
One of the tigers ended up mauling her and severely damaging her hand.
Although the woman had been trespassing, Tyson felt bad for the woman after seeing the state of her hand.
Even though she couldn’t sue him because she was trespassing, he still gave her $250,000 to help with medical costs.
The tigers were removed from Tyson’s care after it was discovered that he lacked the proper licensing to own the exotic cats, and they now live peacefully at a sanctuary in Colorado.
Tyson now owns a poodle named Mars.
Going Through Hundreds Of Luxury Cars
Another thing that helped Mike Tyson to quickly spend his boxing fortune was his love of luxury cars.
He has bought 20 luxury cars from Jim Chaisson Motors in Las Vegas alone and once spent $1.5 million in a matter of minutes after purchasing five Bentley Azures.
The first luxury car he ever purchased was a 1985 Cadillac Eldorado, which he decided to gift himself after winning 19 fights in a row.
At the time, he bought the car for $30,000.
For Tyson’s 21st birthday, he got himself a Rolls Royce Silver Spur.
The limousine is often credited as being one of the fanciest limousines that money can buy and is the same model used by royalty.
The boxing royalty then quickly got himself a Rolls Royce Silver Spirit.
This car has high-grade leather seats, walnut finishings, and digital displays despite being from the 1980s.
In 1987, Tyson rewarded himself with a Rolls Royce Corniche after knocking out Tony Tucker for his second championship belt.
During the 1980s, rapper Tupac Shakur got Mike Tyson hooked on high-end Mercedes.
By 1989, Tyson was the proud owner of a Mercedes Benz SL-Class 560SL for $48,000 and then went on to purchase his second Mercedes in 1990.
This time, he got himself a Mercedes Benz 500 SL.
Like many other high-end car collectors, Tyson has owned his share of Ferraris.
The first Ferrari he ever purchased was the Ferrari F50, which he purchased after winning against Frank Bruno and serving his prison sentence.
The boxer has even purchased a Ferrari 456 GT Spyder, which he got from the Sultan of Brunei.
In 1996, Tyson got a Lamborghini Super Diablo Twin Turbo for $500,000.
Mike Tyson’s car collection also included a Jaguar XJ220 and a Bentley Continental SC.
Lavish Gifts For His Loved Ones
Mike Tyson not only liked to get expensive items for himself, but he loved to spoil his family and friends with some of the fanciest gifts they had ever received.
He was known for giving $100,000 watches as gifts and allowing his friends to borrow his luxury cars, only to forget that the cars even existed.
One of Tyson’s most infamous gifts is the 24-carat gold bathtub that he purchased for his first wife, which cost him $2.2 million.
It was meant to be a Christmas present for Robin Givens, but the pair would get divorced only a year later.
When Tyson sold the clawfoot bathtub to British billionaire Derwood Hodgegrass, he sold it for $1.2 million.
However, the bathtub’s weight in gold is more valuable than the selling price for the solid gold tub.
Sometimes when Mike Tyson would show his friends his massive car collection, he would simply give them cars that they seemed to be excited about.
That’s how Ed Lover got a Bentley from the legendary boxer.
The men were enthusing over Tyson’s car collection when it got late and Lover had to get to New York for some work.
He asked if Tyson was going to give him a ride to New York, but Tyson had his own work to do in the morning.
Knowing that the rapper’s mother lived nearby, Tyson threw Ed Lover the keys to one of his Bentleys and told him to take it home.
Lover was in shock when discovered that Tyson just wanted him to keep the car.
However, not all of Mike Tyson’s gifts have been given purely out of kindness.
Mike Tyson once bribed a police officer with a Bentley and the police officer ended up taking the bribe without arresting the legendary boxer.
Joining The Marijuana Industry
To help him reclaim the fortune he once had, Mike Tyson has decided to get into the marijuana industry with his own marijuana farm and company, Tyson 2.0.
The boxer also credits marijuana as the reason he is the healthiest he has ever been, needing to take fewer pills than ever.
Mike Tyson started with a 40-acre marijuana farm in California called Tyson Ranch in 2018.
To promote his business, Tyson started his podcast Hotboxin’ with Mike Tyson where he discusses a variety of topics with popular athletes as they use some of his favorite products from Tyson 2.0.
For decades, Mike Tyson suffered from substance abuse along with agonizing pain from decades of boxing.
When he first tried medical marijuana, everything changed for him, and he finally found an option to treat his pain without feeding his addiction.
Tyson claims that he lost 100 pounds after he was able to exercise without extreme pain and recently began to fight people again at 55 years old.
Unlike the medications he was on before, he felt that he could think more clearly and felt like he was in a better place with his mental health.
After the relief that he had found, Tyson knew that other consumers, who faced similar struggles as he did, needed a product like what he was taking.
As the company’s chief brand officer, Tyson plans on marketing his goods towards fellow athletes and his biggest fans.
Mike Tyson recently began selling THC-filled gummies in the shape of an ear called the Mike Bites, allowing fans at home to recreate the Tyson-Holyfield fight without any actually getting injured.
His company also sells flower, pre-rolls, concentrates, other edibles, and infused beverages.
From this marijuana company, he has branched out to create unique experiences for his fans.
Opening Up His Own Resort
Following the famous fighter’s passion for marijuana, he decided to open up a 420-acre cannabis resort.
The resort is still in the process of being built, but it is looking to promise cannabis users an experience unlike any other.
Across the property, a hotel, high-end lodges, and glamping parking are being created for guests to reside.
The resort is also set to feature the world’s longest lazy river, which is planned to go through the entire property.
Guests will also be able to enjoy spas and “Tyson University,” which is where the ex-boxer hopes to teach people who grow their own marijuana.
There will also be plenty of events held at Tyson’s resort, such as annual music and marijuana festivals.
Tyson Ranch has mostly been used for researching and improving the boxer’s own marijuana strains, but Tyson hopes to expand what the marijuana industry can include.
He hopes to give cannabis enthusiasts a new way to learn about the crop and grow as a community.
Another mission behind Tyson Ranch is to steer people away from opioids and other addictive pain medications.
After years of fighting and surgeries, Tyson often found himself hooked on the old medications that his doctors would prescribe him.
Mike Tyson understands the damage that opioids cause and how reliant people can become due to the excruciating levels of pain they experience.
He wants to show his patrons that marijuana users should shake the stigma surrounding the alternative medication and embrace the health benefits that it provides.
The boxer also plans on staffing Tyson Ranch with veterans who use his products to help them lead better lives.
Tyson hopes to help make medication breakthroughs that will help the physical and mental health of veterans.
If everything goes as planned, Tyson Ranch is set to be the premier cannabis destination.
Becoming A Movie Star
After being banned from boxing after biting Holyfield’s ear off, Mike Tyson needed a new way to earn money and keep up his reputation.
His reputation was already suffering after he went to prison, but his work in film and television has helped restore much of his standing in the eyes of the public.
The first movie that Mike Tyson ever starred in was Black & White in 1999, where he was given a cameo appearance.
He also made a cameo appearance in Play It to the Bone that same year.
Tyson had a large cameo appearance in the 2004 drama When Will I Be Loved.
However, the cameo appearance that changed public opinion on the retired boxer was The Hangover, starring the all-star cast of Zach Galifianakis, Bradley Cooper, Justin Bartha, Ed Helms, and Ken Jeong.
The scenes that occurred at Mike Tyson’s house were actually recorded at his Las Vegas home.
At the time, Tyson was struggling with a cocaine addiction and was actually high on cocaine while recording.
It was working on The Hangover that convinced him to change his lifestyle.
Thanks to the impact that the movie had on his life, Tyson was elated to also appear in The Hangover Part II and even took singing lessons to appear in the movie.
Mike Tyson made a cameo appearance in another popular comedy series when he appeared in Scary Movie V in 2013.
Tyson decided to switch things up when he appeared in the horror film Signal Lost that same year.
All of his work in film has earned him a new fan base as a comedic actor and personality, which inspired him to star in his own Warner Bros. animated series called Mike Tyson Mysteries in 2016.
The story follows Tyson and his gang of misfits as they solve mysteries.