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How did Mike Tyson net worth drop from $400 million to $10 million?

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Mike Tyson
How did Mike Tyson net worth drop from $400 million to $10 million? Photo/ Business Insider.
  • At one point, Mike Tyson was one of the richest boxers in the world with a net worth of $400 million
  • As of 2024, his fortune is estimated to be ‘only’ $10 million
  • The most infamous way Mike Tyson lost his money is through his spending habits

Mike Tyson net worth has been a topic of discussion in the boxing world for many years now. At one point, Tyson was among the richest boxers in the world with a net worth of $400 million. However, things went south faster for him after retirement to an extent that he even filed for bankruptcy. As of the time of writing, his fortune is estimated to be ‘only’ $10 million.

So, how did one of the most famous athletes go broke? In this article, we will be answering that question which many boxing fans have been asking. But first, let’s take a look at his career earnings and the amount he made per fight.

Mike Tyson net worth

Mike Tyson. Photo/ Marca

Mike Tyson Career Earnings

At the peak of his career, Mike Tyson was arguably the best boxer in the world and made hundreds of millions of dollars as a result. According to the website Celebrity Net Worth, Iron Mike earned at least $430 million in purses and endorsements, which is roughly $700 million after adjusting for inflation.

The boxing icon’s earnings began with $1.5 million for his bout against Trevor Berbick, but this would swell into double digits from the late 1980s to the time of his retirement.

In 1987, Tyson signed a $27 million eight-fight contract with HBO that covered his fight against Alex Stewart. He would later sign a massive $120 million contract with Showtime that would cover several matches, including against Holyfield.

According to Marca.com, Tyson made $30 million for his fights against Frank Bruno and the two Evander Holyfield fights. However, his biggest payout was against Lennox Lewis, with reports suggesting that he made a whopping $103 million from the fight.

Mike Tyson Net Worth

Mike Tyson net worth should be over $400 million considering his career earnings. As a matter of fact, the legendary boxer’s net worth should be roughly $700 million today after adjusting inflation. But that’s not the case, the once flamboyant boxer now has a net worth of ‘only’ $10 million.

While saying ‘only’ may be selling Tyson’s net worth short, as he is still very rich, his fortune pales compared to his earnings. Let’s take a look at why Mike Tyson net worth is lower than expected.

Why Is Tyson’s Net Worth Only $10 Million?

Mike Tyson went from being worth $400 million to filing bankruptcy while in debt to the tune of $23 million. Tyson and NBA great Scottie Pippen share one thing in common – they aren’t rich as they should be because of poor financial decisions.

First off, the most infamous way Mike Tyson lost his money is through his spending habits. While he was making millions per fight, he was also spending them like money was never going to stop coming in. Tyson bought houses he didn’t live on cars he never drove, but the farthest he went was buy a bathtub for $2.2 million. The gold bathtub was a gift to his then wife Robin Givens.

Tyson once bought a estate in Connecticut for $4 million and tried to sell it for $32 million two years later but failed. He also had other properties in Nevada and California that he actually didn’t need.

Talking of cars, it is estimated that Iron Mike had over 111 cars. Some of the cars he owned include a Bentley Continental SC worth $720,000, a Lamborghini, Cadillac Escalade, and Hummer H2. He was also a fan of jewelry and partying, which played a role in making him broke.

Mike Tyson

Mike Tyson car collection. Photo/ Sportszion.

Iron Mike also had a love for tigers and he reportedly spent $210,000 on three Siberian tigers. He revealed in a podcast in 2020 that one of his tigers once attacked a woman trespassing at his house and almost killer her. He had to compensate the woman with $250,000 for the injuries she sustained. Tyson’s love for pets did not stop at tigers as he also spent $400,000 in acquiring trained pigeons.

Another factor that has played a role in making Mike Tyson net worth drop is the amount he has used to compensate those who sue him. Over the years, Tyson has had to part ways with money because of being sued.

Conclusion

In conclusion, the main reason went broke was because of his poor financial choices. Even though he is not close to the $400 million he was worth back in the days, he has managed to recover some of his finances. Iron Mike no longer spends money on cars and properties he doesn’t need and has managed to find several consistent revenue streams.

Abraham Odhiambo is an avid sports fan who loves to write about football, boxing and wrestling. He's a big supporter of Manchester United. He's pursuing a bachelor's degree in Communication and Media at Egerton University.

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