The Ugly Truth Behind Mike Tyson’s Dwindling Net Worth 

Mike Tyson is a name that many people know — for both his boxing skills and his extravagant lifestyle. He was once the undisputed heavyweight champion of the world, feared by everyone in the ring. 

Back in the late 1980s and early 1990s, Tyson was making millions from his boxing matches. At one point, his net worth was a massive $300 million. But, unfortunately, his money didn’t last.

Despite all that wealth, Tyson made a series of mistakes — both in his personal life and with his finances — that led him down a dangerous path. From bad investments and poor money decisions to legal troubles, Tyson’s life outside the ring became a mess.

He declared bankruptcy in 2003, owing a staggering $23 million. Today, Tyson’s financial situation is very different. He is worth much less, but his story is a reminder of how quickly someone can go from having it all to losing it all. Let’s take a closer look at his financial rise and fall.

What is Mike Tyson’s Net Worth Now?

In 2024, Mike Tyson’s net worth is estimated at about $10 million (via Celebrity Net Worth). While that’s still a lot of money for most people, it’s a huge drop from his peak net worth. So, what happened? Well, the professional boxer spent a lot of money on luxuries, and he didn’t always make the best choices with his finances.

But Tyson hasn’t given up. He’s made some serious moves to rebuild his wealth. One of the biggest ways he’s done this is through his cannabis business, ‘Tyson 2.0.’ The brand, which sells marijuana products—including flowers, vapes and edibles—generated $150 million in 2023, helping to boost Tyson’s income (according to Forbes‘ estimates).

Tyson is also the co-founder and chief brand officer of the company, so he’s definitely involved in its success. While his boxing days are over, he is still making money from business ventures like this. But if you think $10 million is a lot, it’s a far cry from the millions Tyson used to have.

What was Mike Tyson’s Highest Net Worth?

Once upon a time, Mike Tyson was a walking money machine. His highest net worth was a reported $300 million (via The Street). Now, some say he might’ve been worth even more — Forbes (see Parade) estimates as much as $685 million! Yeah, let that sink in. Tyson was the it guy in sports.

He was earning massive paydays from his fights and endorsements, living like a king. The biggest payday Tyson ever earned from a fight was in 2002 when he faced Lennox Lewis. He made an incredible $103 million from that fight, including $75 million from pay-per-view bonuses alone.

At that time, Tyson was living the dream. He had multiple multi-million-dollar homes, fancy cars, and jewelry, and lived a lavish lifestyle. He was the type of person who could buy whatever he wanted, whenever he wanted. But Tyson’s rise was as quick as his fall — and it wasn’t long before that $300 million was just a memory.

Mike Tyson’s Wealth Allowed Him to Live Extravagant Lifestyle For Years

When someone has $300 million in the bank, they would definitely live large. And Tyson certainly did the same. He spent money on some of the most outrageous things you can imagine.

According to Marca, he bought several luxury homes across the U.S., including some very large mansions, and filled them with expensive cars and fancy clothes. He spent $4.5 million on cars and motorcycles alone, even buying 19 vehicles as gifts for his friends. But that wasn’t all.

Tyson also had some very bizarre purchases, like $400,000 spent on pigeons and exotic animals, including Bengal tigers. And let’s not forget the $2 million gold-plated bathtub he bought for his then-wife, Robin Givens. Yeah, that’s a lot for a bathtub.

On top of that, Tyson was spending $125,000 a year just to care for the tigers. And his daily lifestyle? It wasn’t cheap either. The Baddest Man on the Planet spent $240,000 a month just for his everyday expenses like food, clothes, and luxury items. At the time, it seemed like Tyson could afford anything. But, unfortunately, his wild spending caught up with him.

Mike Tyson’s Divorces Contributed to Major Net Worth Decline

On YouTube, Nicki Swift made a video discussing celebrities who went broke after their divorces, and Mike Tyson is one of them. Despite earning hundreds of millions, Tyson ended up losing most of it due to divorce settlements and child support. The video stated:

Mike Tyson might know a thing or two about a knockout— except when its his bank account throwing the punches. The former boxer once had a fortune of around $300 million, but he squandered in the name of love and child support payments.

In 1988, Tyson married his first wife, Robin Givens, and reportedly paid more than $10 million for their divorce. They finalized the divorce on Valentine’s Day 1989.

Their marriage was filled with drama, including that famous interview, and only lasted a year. During that time, Tyson gave Givens a $2.2 million 24-carat gold bathtub as a gift (via Marca).

Later, according to The Washington Post, Tyson ended up paying around $6.5 million in his second divorce with Monica Teresa Turner, taken from his future earnings as a boxer. By then, Tyson was already $18 million in debt.

The deal also said that if Tyson didn’t follow through, he’d have to pay Turner $9 million. On top of that, the court ordered Tyson to hand over his $4.75 million mansion in Farmington, Connecticut, and his $4 million house in Potomac, Maryland to Turner (via The New York Times).

Other Factors That Led to Mike Tyson’s Downfall

So, how did someone with $300 million end up bankrupt? There wasn’t just one reason Tyson lost his fortune—there were many. First, Kid Dynamite wasn’t exactly known for making sound financial decisions.

He didn’t handle his money very well and trusted people who didn’t have his best interests at heart. One of the biggest issues was his relationship with Don King, a boxing promoter. Tyson claimed that King took up to 50% of his earnings, including from big pay-per-view fights (per The New York Times).

While Tyson tried to recover some of this money in court, he only got a small amount back. The 58-year-old was living a lifestyle that was completely unsustainable. The lavish homes, the expensive animals, the bodyguards, the gold-plated bathtubs—all of it cost a fortune.

And when you’re not making money the way you used to, that kind of spending catches up with you quickly. By 2003, Tyson filed for bankruptcy, admitting that he was $23 million in debt.

Iron Mike owed millions to the IRS, his former managers, and even his ex-wife. And while he did make some money in the years that followed, it wasn’t enough to stop the financial spiral he was already in.

Other Luxuries Mike Tyson Bought That Led to Bankruptcy

Tyson wasn’t just spending money on homes and cars. He went all out with some really strange and expensive purchases that added up quickly. Here are a few things he spent huge amounts of money on (via Marca):

• $4.5 million on cars and motorcycles, including 19 vehicles for friends.
• $400,000 on pigeons and exotic animals like tigers.
• $300,000 on garden maintenance (seriously).
• $240,000 a month for daily living expenses, including food and clothes.
• $230,000 on cell phones, pagers, and phone bills.
• $125,000 per year to hire a trainer for his Bengal tigers.
• $100,000 a month on jewelry and clothing.

When you add all these up, it’s no surprise that Tyson’s money ran out. His expenses were completely out of control, and without careful management, it all came crashing down. Tyson’s story is a warning about how even the richest can fall, especially when they live beyond their means.