The life of Mike Tyson has never been a smooth road, he’s always made mistakes but took great lessons from them. One such mistake was when Mike Tyson bought a mega-mansion in Connecticut, where he used to host his guests and parties. Tyson loved to live a luxurious lifestyle, as he had a lot of cars, and also owned three tigers that cost him around $16,000. Tyson became a millionaire at a very young age, and at that time, he struggled to understand the intricacies of financial management.
But this habit of spending without a thought became so bad that it actually made him lose everything in 2003. He had to declare bankruptcy, and as a result, he also had to sell the Connecticut mansion. But then he stood back up on his feet again and earned millions of money again. But this time, he didn’t buy a mega-mansion. so in his podcast, Tyson detailed the reasons why he regrets buying the massive house.
Mike Tyson talks about why he shouldn’t have bought the Connecticut property
In the Hotboxin’ with Mike Tyson podcast, Grant Cardone was talking about how his company, Cardone Capital, goes about buying big properties and what’s the process of handling them. After this, the co-host, DJ Whoo Kid, asked Mike Tyson whether he feels like his worst purchase is his Connecticut mansion. To this, Tyson replies, “It was, but someone bought it for me. The accumulation of the bills taking care of it was equivalent to it and surpassed it.”
This surprised Kid, and Tyson continued, “You know you get these 45,000 square feet, you got 20 acres and you know how hard it is to take care of it? You got to ride the tractor, you can’t do this. You got to be in a car, back up, no you can’t do that. I’m talking flat land, no trees, and just flat.”
The mansion had 52 rooms in total, with 21 bedrooms and one private nightclub included in the property. However, when Tyson was forced to declare bankruptcy, he had to sell the house to one of the famous rappers.
Tyson sold his mansion to 50 Cent
In 2003, Tyson moved out of the massive house, and since he didn’t have any money left, he had to sell it. The property was bought by the famous rapper, 50 Cent for $4.4 million. In the area of Farmington, it instantly broke the record of the most expensive house and this wasn’t even a surprise. The house had a recording studio, numerous game rooms, an inside court, an indoor pool, a hot tub, and many other luxuries.
Although, it may seem that Tyson would be sad losing his luxurious house, however, he was happier moving into the smaller house. In the current times, 50 Cent also regretted buying the house since its value has immensely dropped. For the last 12 years, it has been out for sale, and the price started at 18.8 million, but it saw an 84% price drop. Since it was finally sold for $3.1 million in 2019.
So, the bigger mansions may seem lavish, but at the end of the day, it’s all depreciating assets. Tyson has learned his lesson to spend his money wisely which would actually mean anything in this world.