Just how exactly did Mike Tyson blow over
400 million dollars?! 11 – Cars
Mike Tyson’s decline into bankruptcy began when he got out of jail in 1991 after being
inside for three years. His check writing became as legendary as his
knockouts, and by the middle of the 90s, he had spent a whopping four and a half million
dollars on cars and motorbikes! Throughout his career, the boxer had a love
of fast machines, and he’s thought to have bought more than a hundred vehicles over the
years. He certainly had a thing for Bentley’s. One day Mike and his entourage visited a top-end
dealership in Las Vegas and saw a Bentley Azure. With a price tag of three hundred and twenty
thousand dollars, it was one of the priciest cars in the world at the time. Not happy with just buying one, he ordered
four more! He handed over one and a half million dollars
in an afternoon. Even though he was spending hundreds of thousands
of dollars on a car, Iron Mike was treating them like he would with his underwear. With so many cars, it was often hard for Tyson
to keep track of them. He’d often lend his friends vehicles from
the fleet, and forget who had them. His entourage would later go on a treasure
hunt to recover the missing automobiles. Hey do us a favor and hit that like button,
because it really helps us out! 10 – Clothes
For Iron Mike, looking good has always been important. It may stem from his impoverished upbringing
in the Bronx when his mother could barely scrape a living. Once he found fame and fortune, he had to
keep up appearances, even when he wasn’t boxing. During the nineties, he would regularly spend
a hundred thousand dollars on clothing and jewelry every month. He’d think nothing of spending fifteen hundred
dollars on a shirt. In his court documents during his divorce
case, Iron Mike spent 400k a month to maintain his lifestyle! Hey, real quick, if you’re enjoying this
video, don’t forget to hit the subscribe button and the notification bell! Because you don’t want to miss our latest
upcoming releases! Okay, back to Iron Mike: even when he was
about to declare bankruptcy, his spending habits didn’t change. A few months before the court filing, Tyson
walked out of a Beverly Hills jewelry store with a gold and diamond necklace. It was worth more than a hundred and seventy
thousand dollars. And the thing is, he did it on credit. The store owner said it was typical to let
stars like Mike take goods, as they were ‘good for it’. 9 – Miscellaneous Expenses
You know that just being Mike Tyson is a costly business. A multi-millionaire pro boxer has to look
and act like a playboy, even if he was haemorrhaging cash. As we’ve seen, Mike always liked to be a
snappy dresser with plenty of bling to go with it. Just day to day living took its toll on his
pocketbook. Like we said earlier, Mike was blowing around
400 thousand dollars a month. Here are some examples for his miscellaneous
expenses from 1995 to 1997. He spent $9 million in legal fees, $230,000
on pagers and cellphones ALONE, and $410,000 on a birthday party. Essentially, if Mike liked something, he’d
buy it. The same goes for people he met. If he liked them, he’d given them a little
cash to go on their way. If you do the math, he was spending about
10 dollars a MINUTE every minute of each day and night, and nothing much to show for it
in return. 8 – Homes
And then there are of course the homes and estates he bought around the country to live
in whenever it took his fancy. He had homes in Las Vegas, Ohio and Maryland. They were all decked out with as much bling
as possible. This of course meant gold fittings in the
bathrooms. At one time he purchased a 21-bedroom/24-bathroom
mansion in Connecticut that came complete with its own nightclub and casino! And gold fittings throughout the house of
course. Obviously, the maintenance on these estates
wasn’t a cheap deal either. The bill for just the gardening and mowing
the lawns was over three hundred thousand dollars! 7 – Entourage
Looking after ‘Iron’ Mike required an entourage of people dedicated to making sure
their boss didn’t need anything. At one point Tyson had a payroll that had
almost two hundred people. All of the cooks, bodyguards and chauffeurs
required to be paid a salary, along with their health and liability insurance. In 1996 he hired a guy named Steve Fitch,
who also goes by ‘Crocodile’, to join him at news conferences dressed in combat
uniform. His only job was to shout out ‘guerilla
warfare’ during the events – for which he was paid the princely sum of three hundred
thousand dollars a year. Keeping in touch with each other and their
boss meant pagers and cell phones, and the bills that go with them. In one two year period during his spending
spree, the phone and pager bills amounted to a staggering two hundred and thirty thousand
dollars! 6 – Extravagances
Everyone loves a party, and Mike Tyson wasn’t an exception. Mike wanted to be flashy, and his parties
were definitely Jay Gatsby-esque. For his thirtieth birthday in 1996, Mike spent
more than four hundred thousand dollars on the party. We only know he spent this amount from his
bankruptcy filings, and unfortunately, they don’t give any details of what exactly the
400k was spent on for the party. And then there’s the bathtub! Yes, it’s true, a bathtub is on the list
of Mike Tyson’s craziest things he’s ever bought. Back during the time he was married to actress
Robin Givens, he wanted to give her an amazing birthday gift. And of course, anything that’s normal had
to be better in gold right? So he bought her a gold bathtub that cost
2.2 million dollars. It may not have been the best bath in the
world, but it was undoubtedly one of the most expensive one at the time! 5 – Legal Troubles
Oh, and that marriage to Robin Givens cost him a ton of money. Unfortunately for Mike, the gold bathtub wasn’t
enough for Robin. When the couple broke up, she received ten
million dollars as a settlement. Tyson’s second wife Monica didn’t fare
quite so well in her divorce proceedings. Well, it wasn’t as much, but nine million
dollars isn’t too shabby either. His divorce settlements weren’t the last
time Mike Tyson needed to get lawyered up. Unfortunately, even the best can’t win against
the taxman. When he filed for bankruptcy in 2003, Mike
reputedly owed tax authorities in the US, UK, and the states of Georgia and Michigan
close to eighteen million dollars. With all the other creditors, his total debt
came to around twenty-seven million dollars. A far cry from the hundreds of millions he
started with. Mike Tyson isn’t the first boxer to earn
a fortune and lose it in the space of a few years. He, along with lots of other boxers, have
blamed bad managers, crooked promoters, and incompetent financial advisers for their decline. 4 – Don King And talking of promoters, Mike Tyson had an
ongoing feud with mega-promoter Don King for almost a decade. Tyson has always maintained that Don King
had stole money from his earnings from his fights at the height of his fame. So much so, just after he got out of prison
in 1995, he filed a lawsuit against Don King claiming a hundred million dollars in damages. The legal battle raged on for eight years
and was only brought to a head by Tyson’s bankruptcy. In a settlement, Don King agreed to pay fourteen
million dollars to Tyson, but he never saw a penny. All the money went to pay off his creditors
as part of his agreement with the solvency court. But the bad blood between the two men lives
on. At the 2018 induction into the Boxing Hall
of Fame, Mike threw a glass of water at Don King after King had tapped him on the shoulder. Some grudges never end! 3 – Animals
Most of us like to have a pet around the home. A dog or cat is enough to give most of us
entertainment on end! But for Mike having a regular old boring domesticated
pet wasn’t enough! For him the pet of choice was the very rare
Siberian Tiger. And not just one, but a pair of these awesome
giant cats. Each one is reputed to have cost him seventy
thousand dollars. But it’s not the cost of them that’s that
expensive, but it was the upkeep. Just keeping them fed costs thousands of dollars
a month, as each one of them would eat about forty pounds of meat a day! Mike also had to have a specially designed
enclosure for the Tigers built at his home, that way they could play all day. And of course, he knew that tigers are ferocious
and dangerous animals. He hired an animal trainer to look after his
tigers and to care for them at the cost of a hundred and twenty-five thousand dollars
a year! 2 – Iron Mike Today Even after going through all that he’s gone
through in his life,Mike has never lost one of his best attributes – his self-confidence. He says being sure of oneself can extend to
every facet of someone’s life. And he’s proven that better than most people. Since his bankruptcy, Mike has lived up to
his nickname of ‘Iron’ Mike. After losing 400 million dollars, and being
in debt for millions, he’s shown a steely determination to come back whatever the cost. Boxers like George Foreman have been able
to use their clean image to get lucrative advertising contracts, but not so with Mike. He’s had to survive and claw back using
the skills he showed so powerfully in the boxing ring. In his autobiography, Tyson talks about his
flaws, and how he’s had to own up to them and look at ways of improving himself. Mike’s friends have told him to stop thinking
about the past, and what has passed. Instead, he knows that he has a lot to look
forward to for the future. He’s taken that to heart as you can see
in the positive attitude Mike shows when talking about his life. Today he knows he’s a much wiser man in
a better place in life, even if he has less money. He knows the mistakes he’s made and how
crazy his life used to be. 1 – Tyson’s Earnings Now Now in his 50s, Mike Tyson has rebuilt himself
a future. He’s become an actor playing in a dozen
or so successful Hollywood movies. Admittedly he’s used to playing himself,
or a character not very far from his real life. His best known parts on the big screen are
his cameo roles in the Hangover franchise. He’s also appeared in a number of television
shows such as the series Entourage. He also has been on a series on Animal Planet
about pigeon racing! He’s still a businessman today and apparently
choosing better partners than he did during his boxing career. His latest money-making venture is a successful
greenery farm in Nevada. Watch this next video on billionaires who
don’t want you to know they’re billionaires!