Mike Tyson is a retired American boxer also an extraordinary world heavyweight champion in the late 80s. Back then, his net worth was estimated at $10 million, and Tyson was ranked among the famous highest-paid athletes. At the age of 20, he was undoubtedly the youngest champion in history.
But this could not last for long because he squandered his fortune, summing close to $300 million. At the point of his bankruptcy declaration, mike was alleged to have accumulated debts to a tune of $23 million.
Mike Tyson would have earned close to $430 million in purses and brand endorsements at his prime. This sum could be up to $700 million in current currency rates.
Celebrity Name: Mike Tyson
Full name: Michael Gerard Tyson
Date of birth: 30th June 1996
Place of birth: Brooklyn, New York
Height: 5ft 10in
Profession: professional boxer, actor, producer, Athlete
The early life of Mike Tyson
Born Michael Gerard Tyson on 30th June 1996 in Brooklyn, New York, Tyson was brought up in one of the toughest neighborhoods. At the same time, his stepfather was heavily into crime and gambling.
Due to his mother’s financial issues, when Mike was only ten, Tyson had to move to another neighborhood. This move saw Mike grow into a small-time criminal, and by age 13, he was already charged with 38 crimes, topping the list was fighting. Luckily, Tyson’s fighting ability was discovered by a former boxer who was his Juvenile detention instructor. Tyson then worked his way up through the help of a few trainers, and it is in this period where he met Cus D’Amatto, the one man who contributed significantly towards Tyson’s boxing future. D’Amatto later registered as Tyson’s legal guardian when Mike was just a 16-year-old boy.
Boxing career of Mike Tyson
Tyson first experienced professional boxing during the Junior Olympics of 1981 and 1982, where his outstanding performance earned him gold medals. He took part in the 1980 summer Olympics, but he was not lucky enough and lost to Henry Tillman.
At age 18, Mike was in his first professional match and emerged victorious with a first-round TKO against Hector Mercedes. The TKOs became Tyson’s winning trend, and most of Tyson’s fights were concluded in the first round.
At the time of D’Amato’s death in 1985, Tyson lost an essential person in his life. A father figure and this would later manifest in his destabilizing career later in life.
Breakthrough of Mike Tyson
The televised fight between Mike Tyson and Jesse Ferguson put him on the world stage. Tyson broke Ferguson’s nose with an uppercut, and the result of the match was undeniable. Tyson’s victory was announced when Ferguson was disqualified for illegal clinching.
Tyson challenged Marvis Frazier to a match that Tyson won in 30 seconds with a Knockout later. In 1986, Tyson defeated Trevor Berbick in round two, proceeding to get the title of the youngest heavyweight champion in history.
In 1987 Tyson became the undisputed heavyweight champion after defending his title against James Smith. He became the first heavyweight to hold three significant belts after taking on Pinklon Thomas, winning the IBF title after 12 rounds.
Mike Signed an eight-fight contract with HBO worth $27 million in the year 1987. Tyson was to take on Alex Stewart, where he ended up beating Stewart in under 3 minutes. He proceeded to sign a long-term contract worth $120 million with Showtime that aired several fights, Including Holyfield I and II.
It is believed that mike earned close to $430 million from his boxing matches and endorsements. In today’s currency, the figure could be around $700 million.
It could be true that a significant percentage of his income was taken by Don King, who was Mike’s promoter. It was later found out that it was illegal in Nevada for Don to take 30% of Mike’s earnings, and this figure would get as high as 50% before mike gets his cut.
Spending A fortune
At his prime time, mike lived so lavishly. He spent millions on mansions, jewelry, vehicles, exclusive gifts to random strangers and even got himself a collection of rare cats. His Bengal Tigers cost $70,000, and he hired an animal trainer who earned $125000 annually.
Mike acquired many houses, including his iconic 21 room Connecticut mansion purchased by rapper 50 cents. Mike also spent more money buying homes in Las Vegas, Ohio, and Maryland.
Tyson owned close to 100 cars. His collection held some of the precious and rare vehicles around the world. Mike Tyson owned a limited edition Bentley for $500,000. Only 73 units of the Bentley were available. At one time, he walked into a Dealership in Las Vegas and bought 20 cars, all at once.
Mike Tyson might have struggled during his career, from problems with the law to addiction. However, one thing is that he is still considered one of the greatest professional boxers of all time. In the updated listing, Mike Tyson’s net worth stands at $3 million.