What is Mike Tyson’s Net Worth?
Mike Tyson, an American former boxer, held the undisputed heavyweight championship of the world during the late 1980s.
In addition to his boxing career, Mike Tyson has gained notoriety for his tumultuous personal life, marked by rocky relationships and legal troubles.
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Nevertheless, Iron Mike has managed to maintain a prominent public presence.
Given his status as a sports icon and frequent subject of late-night humor, it begs the question: What is the net worth of Mike Tyson? With a life that has encompassed movie appearances, championship titles, and even time spent in prison,
Tyson has certainly experienced a wide range of experiences, likely resulting in substantial earnings
What is Mike Tyson’s Net Worth?
Mike Tyson, a retired American boxer, achieved the status of undisputed heavyweight champion of the world in the late 1980s.
At the time of writing, Mike Tyson’s current net worth stands at $10 million.
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During his prime, he ranked among the most renowned and highest-earning athletes globally, becoming the youngest champion in history when he claimed the title at the age of 20.
Regrettably, he either mismanaged or fell victim to financial misfortune, seeing his personal fortune, which once exceeded $300 million, dwindle away.
In 2003, Mike filed for bankruptcy, citing a staggering $23 million in debt.
Throughout his career, Mike Tyson amassed earnings of at least $430 million from purses and endorsements, equivalent to roughly $700 million when adjusted for inflation.
ESPN hailed him as “The Hardest Hitter in Heavyweight History,” while Sky Sports labeled him “the most ferocious fighter to ever step into a professional ring.” Despite his undeniable boxing talent, Tyson’s reputation was marred by controversies both inside and outside the boxing arena.
Early Life
Michael Gerard Tyson, born on June 30, 1966, in Brooklyn, New York, grew up in a tough neighborhood where his stepfather was involved in crime and gambling.
Due to financial difficulties, Tyson and his mother relocated when he was ten years old.
By age 13, Tyson had accumulated 38 arrests for various offenses, often engaging in fights with larger kids who mocked his speech impediment (Tyson has a lisp).
While in school, a juvenile detention instructor and a former boxer recognized Tyson’s fighting potential.
After training with several coaches, he eventually teamed up with Cus D’Amatto, a trainer who would play a pivotal role in the future boxing champion’s career.
When Tyson’s mother passed away at the age of 16, D’Amatto became his legal guardian. Tyson also received guidance from Kevin Rooney from a young age
Career Earnings
In 1987, Mike signed an $27 million eight-fight contract with HBO until the Alex Stewart bout.
Tyson defeated Alex Stewart in just two minutes and 27 seconds.
He then inked a long-term $120 million contract with Showtime for multiple matches, including Holyfield I and II.
During his career, Mike earned over $430 million from fights and endorsements.
This equates to about $700 million in today’s currency.
A substantial portion of his earnings, particularly pay-per-view earnings, went to promoter Don King.
Mike’s contract with King entitled him to 30% of his earnings, although this was technically illegal in Nevada.
Additional fees, including $100,000 per-fight to Don King’s wife and $50,000 to his sons, further reduced Mike’s earnings.
Mike also paid the President of the Mike Tyson Fan Club $1,000 per week, who turned out to be Don King’s daughter.
At times, creditors like the IRS garnished his earnings, as in the case of his $8 million fight against Danny Williams in 2004.
Unfortunately, $6 million of those earnings were directly taken by the IRS, leaving Mike with just $2 million.
A fight-by-fight breakdown of Mike’s earnings between November 1986 and his final professional fight in 2005 reveals that his biggest payday was $103 million when he fought Lennox Lewis in 2002.
About $75 million of that sum came from a pay-per-view bonus.
