What is Mike Tyson’s Net Worth
Mike Tyson, a retired American boxer and former undisputed heavyweight champion of the world, has a net worth of $10 million. Despite being one of the highest-paid athletes in the world during his prime, he squandered and/or was deceived out of a fortune that once exceeded $300 million.
Tyson, who became the youngest champion in history at age 20, declared bankruptcy in 2003, with a reported debt of $23 million. Throughout his career, he earned at least $430 million in purses and endorsements, equivalent to around $700 million today.
Despite being renowned as “The Hardest Hitter in Heavyweight History” by ESPN and “the most ferocious fighter to step into a professional ring” by Sky Sports, Tyson’s reputation was tarnished by a variety of controversies both in and out of the ring.
Early Life of Mike Tyson
Mike Tyson was born in Brooklyn, New York in 1966. He grew up in a tough neighborhood and had a stepfather who was involved in criminal activities. Tyson and his mother moved when he was ten because of financial troubles, and by age 13, he had been arrested 38 times for fighting. Tyson’s fighting skills were discovered by a juvenile detention instructor and a former boxer, and he started training with various coaches. He eventually linked up with Cus D’Amatto, who became his legal guardian after Tyson’s mother passed away when he was 16. Tyson also worked with Kevin Rooney from a young age.
Tyson’s Early Boxing Career
Mike Tyson’s first experiences in professional boxing were in the Junior Olympics, where he won gold medals in 1981 and 1982. He also participated in the 1984 Summer Olympics but lost against Henry Tillman in two bouts.
At the age of 18, Tyson had his first professional fight against Hector Mercedes, which he won with a first-round TKO. This marked the beginning of a trend for Tyson, who frequently ended fights in the first round.
Tyson continued to challenge himself by fighting opponents who were more skilled and experienced, with many predicting an early rise to stardom in his career. However, his mentor and father figure, Cus D’Amatto, passed away in 1985, which had a destabilizing effect on Tyson’s later life.
Mike Tyson’s Boxing Career
Mike Tyson rose to fame after a nationally televised fight against Jesse Ferguson, where he won after Ferguson was disqualified for illegally clinching. He became the youngest heavyweight champion in history in 1986 after beating Trevor Berbick in the second round. Tyson defended his title against James Smith in 1987 and won the IBF title after a 12-round battle against Pinklon Thomas, becoming the first heavyweight to hold all three major belts at the same time.
In 1990, Tyson suffered a major blow when he lost to Buster Douglas in one of the most shocking upsets in sporting history. After spending six years behind bars for rape, Tyson’s comeback was initially successful, but he lost his WBA belt to Holyfield and had his boxing license rescinded in 1997. He returned to professional boxing in 1999 after knocking out Francois Botha but returned to prison for allegedly assaulting two motorists. Tyson retired in 2005 after multiple attempted comeback fights, injuries, and defeats. His last professional victory was in 2003 when he beat Clifford Etienne in 49 seconds.
Mike Tyson’s Boxing Style
Mike Tyson was taught the “peek-a-boo” style of defensive boxing by Cus D’Amatto. This involved a high guard and rapid head movements, as well as an aggressive counter-punching style. Tyson was known for his extreme punching power and ability to bob and weave, often charging his opponents and taking advantage of openings. His punching power was mostly derived from his legs, and he was known for finishing fights with a right hook followed by an uppercut.
Mike Tyson’s Earnings
In 1987, Mike signed a $27 million eight-fight contract with HBO, followed by a long-term $120 million contract with Showtime. During his career, Mike earned at least $430 million from fights and endorsements, which is equivalent to around $700 million today. However, it was widely understood that a large portion of his pay-per-view earnings was taken by promoter Don King, who was entitled to 30% of Mike’s earnings as per his contract. Allegedly, after additional fees, Don would take 50% off the top before cutting a check to Mike. At times, Mike’s earnings were also garnished by creditors like the IRS.
Below is a fight-by-fight breakdown of Mike’s paydays between November 1986 and his final professional fight in 2005:
- November 1986: $1.5 million
- March 1987: $2.3 million
- June 1988: $20 million
- February 1989: $11 million
- July 1989: $10 million
- February 1990: $11 million
- June 1990: $28 million
- November 1991: $30 million
- July 1996: $30 million
- June 1997: $10 million
- January 1999: $8.7 million
- October 2000: $10 million
- June 2002: $17.5 million
- June 2002: $103 million
- July 2004: $2 million
His largest payday by far was the $103 million he earned fighting Lennox Lewis in 2002, with roughly $75 million from a pay-per-view bonus.
Mike Tyson commits to donating earnings from exhibition match to charity
In July 2020, Mike Tyson announced he was coming out of retirement to face Roy Jones Jr. in an exhibition match, with a sponsor putting up $50 million to fund the event. Tyson and Jones Jr. stood to earn as much as $10 million each if all Pay-Per-View milestones were met. However, Tyson’s representatives clarified that he would be donating his earnings to charity, stating that he was committed to helping those affected by the pandemic. The exact amount of the donation was to be determined after the bout.
Mike Tyson’s Lavish Lifestyle
Mike Tyson lived a famously lavish lifestyle at his peak, wasting millions on mansions, cars, jewelry, and extravagant gifts for strangers. He even had a collection of Bengal tigers that cost $70,000 each and kept an animal trainer on staff for $125,000 per year. Tyson also paid a person $300,000 per year to wear army fatigues and shout “guerrilla warfare” at press conferences.
After being imprisoned from 1991 to 1995, Tyson spent millions on homes, including a 21-room Connecticut mansion with a nightclub and casino that later belonged to 50 Cent. He also bought houses in Las Vegas, Ohio, and Maryland. His Ohio mansion featured gold-plated furnishings, pools, and a basketball court, while his Las Vegas property featured an 11,000 square-foot mansion that he remodeled from scratch.
Tyson owned over 100 cars during his lifetime, including rare and valuable models like a Bentley that cost $500,000. He bought 20 cars at one Las Vegas dealership alone, spending $1.5 million in a few minutes to buy five Bentley Azures. Tyson also made outlandish purchases like a $2 million golden bathtub for his first wife, actress Robin Givens, and would buy strangers lavish gifts like $100,000 watches.
Mike Tyson’s Income from Personal Appearances in Las Vegas
Mike Tyson has been living in Las Vegas for nearly 20 years and makes a living by making personal appearances at parties and corporate events. He charges $75,000 for a two-hour appearance, which contributes significantly to his overall net worth.
Mike Tyson’s Controversial Past
Mike Tyson has been married three times and has a total of seven children, one of whom is deceased. He includes his second wife’s oldest daughter in addition to his biological children. As a Muslim, he practices sobriety.
In July of 2020, Tyson announced the creation of the Mike Tyson’s Legends Only League in partnership with Sophie Watts and her company, Eros Innovations. The league provides retired professional athletes the opportunity to compete in their sport. The first event produced under Legends Only League came in November of 2020 with the Tyson/Roy Jones Jr. fight at the Staples Center. It was the highest selling PPV event of 2020 and ranks in the top 10 all time for PPV purchased events.
In August of 2022, Tyson made a cameo appearance in the Telugu-Hindi movie, “Liger.”
However, in April of 2022, Tyson made headlines for punching a male passenger aboard a Jet Blue flight from San Francisco to Florida who was harassing and throwing water at him. He did not face criminal charges.
In 2023, an unnamed woman filed a $5 million lawsuit against Tyson accusing him of raping her in the early 1990s after she met him at a nightclub in Albany, New York.
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