Mike Tyson was known for spending his money excessively during his time on top. In his heyday, he was earning upwards of over $20 million per fight, and consistently kept tens of millions of dollars in his bank accounts. Having all of that money gave Tyson the freedom to buy anything he wanted at any given moment.
However, although he was afforded a lifestyle many of us could only dream of, he didn’t always make the best decisions with his money. Tyson was infamous for spending his money on outrageous material objects, some of which are hard to believe. One of those items, in particular, was a diamond necklace that he spent $7 million on, and here’s the kicker—he lost the necklace!
Mike Tyson was one of the highest-earning boxers of all time
Tyson was a boxing prodigy that dominated the sport for more than a decade. His natural skill and tireless work ethic catapulted him to the top of competitive boxing, and he quickly began to see great rewards for his ability. Consistently drawing large amounts of viewers to his pay-per-view matches, Tyson began to earn large sums of money just to fight.
At his peak, Tyson earned more than $20 million per fight and even received bonuses of several hundred thousand dollars for every first-round knockout he achieved. According to Forbes, Tyson had career earnings of more than $400 million, making him one of the highest-earning boxers of all time.
While some people would choose to save such large quantities of money, Tyson instead chose to spend it freely, enjoying life as it came.
Tyson spent his money on outrageous things, including a $7 million necklace
In his prime, Tyson was known for his flamboyant lifestyle and ridiculous spending habits. In the late 80s and early 90s, dozens of stories circulated about how Tyson would spend his money on outrageous items such as Bengal tigers, dozens of exotic cars, a 52-room mansion (now owned by 50 Cent), and even a $2.3 million gold bathtub.
But it gets worse. Tyson spent over $300,000 on limousine rides, over $60,000 on luxury rugs, and millions on his extensive jewelry collection. On a recent episode of his popular Hotboxin’ podcast, Tyson spoke how he once spent $7 million on a diamond necklace. Incredibly, Tyson also admitted that the necklace was stolen from him and revealed that he frequently gave away his jewelry to family, friends, and even strangers.
He filed for bankruptcy in 2003
Although Tyson lived a lavish lifestyle in which he spent millions of dollars as he pleased, his reckless spending habits eventually caught up with him. According to CNN, he filed for bankruptcy in 2003 and later filed a $100 million lawsuit against his former promoter, Don King, claiming that he was cheated out a large portion of his career earnings.
Tyson has since recovered financially and lives a modest lifestyle with his family. Although he’s not earning anywhere near what he did in his prime as a boxer, he’s in a better place now than he was in 2003.