When Mike Tyson Was $23 Million In Debt After Squandering His Millions On Women, Drugs & A Lavish Lifestyle, Forcing Him To File For Bankruptcy In His 30s, Here’s What Happened!
In 2003, Mike Tyson was forced to file for bankruptcy after spending millions on drugs, women, houses, cars & more. Read on!
Mike Tyson Once Said “I Didn’t Think I’d Make It Through My 30s,” A Period That Landed Him In Debt Of $23 Million & Forced Him To File For Bankruptcy ( Photo Credit – Instagram )
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Mike Tyson needs no introduction. The 57-year-old professional boxer-turned-actor is regarded as one of the greatest heavyweight boxers ever and reigned as the undisputed world heavyweight champion from 1987 to 1990. During this period and the remaining span of his boxing career, Tyson – also known as Iron Mike, earned over $300 million, but it also made him a spender.
Tyson was a big spender during his 20s and 30s and squandered his millions on drugs and women, as well as jewellery, multiple cars, mansions and a white tiger. These expensive expenditures resulted in the boxer eventually amassing a debt of $23 million. He was imprisoned for around 3 years after being convicted in a r*pe case in 1992. So what happened next?
Well, as reported by CNN (money.cnn.com), all this resulted in Mike Tyson filing for bankruptcy in 2003, despite earning upwards of $300 million till then through his impressive boxing career. As per the report, the professional boxer suffered more when arrested due to his cocaine problems. Nearly a decade – and after a trip to rehab, Mike Tyson was able to stand on his own feet again and get out of bankruptcy.
At the 2017 SALT Conference in Las Vegas, Mike Tyson said, “I didn’t think I’d make it through my thirties.” On hearing him say, “My thirties were scary, weren’t they?” the audience gave out some nervous chuckles and laughter. Iron Mike added, “I went crazy with it.”
As per the New York Times, the Hangover star once opened up about his financial woes and said in an affidavit, “I have been in financial distress since 1998. When I was burdened with substantial debt to Showtime, taxing authorities and parties to the litigation. Since that time, although my fight income, various asset sales and litigation recoveries have enabled me to pay a lot of my debt, I am still unable to pay my bills.”
According to a 2023 Celebrity Net Worth report, Mike Tyson’s current net worth is estimated to be around $10 million – a far cry from what he was worth during his boxing heyday.
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