Mike Tyson Decoded: How He Earned (And Squandered) a $300 Million Fortune

Once the king of the ring, Mike Tyson has had many ups and downs in his storied career

(Image: Getty)

DON’T CALL IT A COMEBACK

“It wasn’t a good place for me. I don’t think I should have been there. That’s a place where you have no boundaries. You’re restricted, but you lose your moral fiber.”

Tyson hit the ground running with a vengeance when he got out of prison in 1995. He won his first two fights with ease, including an 89-second bout against Peter McNeeley, which grossed more than $96 million worldwide and was purchased by a record 1.52 million households. On November 9, 1996, Tyson fought Evander Holyfield, who was defending the WBA heavyweight title. The bout was six years in the making and billed as “Finally” on the fight card. Audience interest was high; the matchup garnered 1.59 Pay-Per-View buys. The world watched to see if Tyson could reclaim his title as the heavyweight champion.  But despite the odds placed on the fan favorite, Tyson was outfoxed by Holyfield, losing the fight in the 11th round by a TKO call from the referee.

Pit against each other seven months later, Tyson took home $30 million, while Holyfield nabbed $35 million, making this the largest single-event payday for any athlete or entertainer.  Spectators in 1.99 million households tuned in to see the event, which grossed $102 million in revenue. The fight became one of the most controversial events in sports when Tyson was disqualified in the third round for biting off a piece of Holyfield’s ear, resulting in the boxing commission withholding $3 million of Tyson’s purse.

His next big fight came in 2002 against Lennox Lewis. The bout gave Tyson yet another chance to reclaim the heavyweight title, and generated $106.9 million in revenue. It was purchased for viewing in 1.95 million homes, setting a Pay-Per-View record. Tickets ranged from $500 to $2,400 a pop. Tyson lost the fight to Lewis in the eighth round and had to cough up $335,000 for biting Lewis’ leg during a pre-fight brawl a few months earlier.

After living in a $4.5 million mansion, and spending approximately $400,000 a month, Tyson filed for bankruptcy in 2003. According to The New York Times, the fallen pugilist’s debts totaled over $20 million, for everything from $173,000 diamond chains to having $13 million in back taxes and $51,000 in unpaid child support.

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ACROSS THE WEB
  • Pingback: Mike Tyson Decoded: How He Earned (And Squandered) a $300 Million Fortune » JK Consulting Group, LLC

  • agatha latrelle ginn

    SWEETIE IM VERY PROUD OF U GOD LOVES U ALWAYS REMEMBER THAT MUCH LOVE PEACE

  • Omar pryor

    I dont get in the debate but one thing I do know is mikr tyson is a better man today then as he was in his fighting years and thats good on his part and he has a good wife that will keep him out of trouble hopefully and his kids are wounderful. Please mike stay out of jail be good as people see you are now and in the future.

  • Ice Blue

    If you ain’t figured it out yet, Mike Tyson nobody to admire.

    • Giftedhands112

      anyone who seems very comfortable using the word AINT in a sentence is nobody to admire…

  • William W. Thurber

    This article could been distilled down to one sentence, “Mike Tyson, meet gangster Don King and say goodbye to your money”!

  • Chris

    Weak, very weak and worthless article. The title is how Tyson squandered $300 million – that was not addressed except for superficial reference to him having a mansion and jewelry debt. A 7th grader can write a better article using the same common, boring public information.

  • 2257

    I agree with Chris. This article is nothing more than a few bullet-points surrounded by filler/fluff. No investigative journalism detailing the $300M, as promised by the headline. We’ve read this 100x already. Wiki is more in-depth.

    Can you remind me how this article is even relevant?

  • Pennknox

    Mike……….Today you are the best. I heard your interview the other day and NOW you can be a roll model. Your honest answers were more that I could ask for. All the best to you!

  • Taghuer101

    LOL!!

    From the Charlie Sheen Roast:

    “Isn’t it ironic Mike, after all the faces you messed up in the ring, the one you ended up messing up the most was your own!”

  • Maya31

    horrible article, i wrote one better in high school. What do you need to be a writer for this magazine?  copy , paste sorry state of this magazine but with thier budget i would be suprised if a high school student wrote this.

  • Cleareye

    Sad. Tyson is a bright guy who simply didn’t understand life as it really is. He faces a bleak future as he attempts to remold his life into something useful, and that will support him. This little Vegas gig will be over soon and sideshows beckon. Boxing is a sport for losers. Tough job with very few winners.

    • What????

       He probably still has millions more than you’ll ever make, and boxing is a great sport, the only loser would be you for making such a dumb statement…

    • Pcfarm10

      He seems to be doing ok. He certainly is not as unhappy as he was when he was boxing.

    • Pcfarm10

      He seems to be doing ok. He certainly is not as unhappy as he was when he was boxing.

  • Guest

    So, a Mike Tyson promo fluffed as a chronicle of how he blew his wad…still waiting for the latter part, nigga!

  • http://pulse.yahoo.com/_KZ6KBUDV7XGYH527I4ISIAARYM martinm

    just one big stupid guy

  • yoshimoto

    This is such a cliche with athletes, can’t they hire trusted well-known accounting firms to manage their money and then another another trusted well-know accounting firm to watch them. Instead they trust the money to friends or individuals who either rip them off or don’t have the guts to tell them to stop wasting the money.

  • Watkins_leoanrd

    Tyson never beat a very good boxer. NEVER – name one

  • http://www.facebook.com/john.kantor John Kantor

    He was a slugger with one punch. Good fighters didn’t try to out slug him. They outboxed him.

  • http://www.facebook.com/john.kantor John Kantor

    He was a slugger with one punch. Good fighters didn’t try to out slug him. They outboxed him.

  • http://www.facebook.com/john.kantor John Kantor

    He was a slugger with one punch. Good fighters didn’t try to out slug him. They outboxed him.

  • Trevor

    This article is littered with errors…WCB when they meant WBC…and this “regarded as the most dominate performance of his career”…the word is dominant.  This is the first article I’ve read here and probably my last since there are apparently no writers or editors for this site…

  • Kimau1

    And the answer is very simple, Don King!  Mike is in the top two of the most exciting fighters ever for me.

  • B1ackDiamond

    Could they have squeezed any more pages out of a one page article?

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