How Mike Tyson Lost $700 Million Dollars of Career Earnings

Mike Tyson was the heavyweight boxing champion of the world and made hundreds of millions of dollars in his career.

And he lost it all.

Here's how he did it:

#1 Lavish Parties

Details of this event are hard to find, but in 1996 when Mike turned 30, around 700 guests were invited to Mike’s luxury estate in Connecticut. Security for the party included hiring 12 off-duty police officers. He spent $410,000 for the one-night celebration.

#2 Houses

Speaking of Tyson's Connecticut mansion, his 50,000-square-foot estate is the same house that 50 Cent bought a few years later from Mike’s ex-wife. When 50 Cent went bankrupt in 2015, it came out that this mansion’s mortgage, property tax, and other maintenance fees cost him $67,000 a month.

But this wasn’t the only house Tyson bought. Mike also had estates in Maryland, Ohio, and Las Vegas.

These were the types of places with 10+ bedrooms, infinity pools, basketball courts, gold-plated furnishings, and ponds. One of these mansions even had an on-site casino and a nightclub inside.

#3 A 24-Karat Gold Bathtub

As a gift for his wife, Mike bought quite possibly the most expensive bathtub in the world, dropping $2,200,000 on a bathtub inside his Ohio mansion.

#4 Employing People Who Don’t Bring Any Revenue

Mike hired an animal trainer for $125,000 a year to take care of his pet Siberian tigers. He also employed an entourage of people, including bodyguards, chauffeurs, chefs, and gardeners.

None of these people were assets bringing in any revenue, they were simply monthly expenses that drained his savings.

#5 Expensive Cars

Tyson bought 111 cars. He owned a limited-edition Bentley Continental SC that cost $500K and was one of only 73 ever made.

He owned several Ferraris, Lamborghinis, a Range Rover, a Mercedes-Benz 500, and a 1995 Rolls Royce. A few times he even got phone calls from the police after members of his entourage were pulled over driving cars he forgot he had even bought.

#6 Jewelry and Clothes

Tyson spent $100,000 a month on jewelry and clothes, including things like a diamond-coated watch for $800,000 and an emerald and diamond bracelet for $250,000.

Tyson routinely spent $10,000 to $12,000 a day with his “walk around” cash.

He went bankrupt by 2003.

Since then, his net worth in 2019 is now back up to $3 million by doing numerous TV and movie appearances and debuting a show in Las Vegas at the MGM Grand.

Invest or Spend?

As you make money in life, you can choose to spend it or invest it;

If you invest, you’ll have more money to spend later…

And the best investment you can make is in yourself.

This isn’t an expense, it’s an investment.

You won’t lose money on this, you’ll make money.