“I’m just fighting to take care of my bills, basically… I’m more conscious of my children and those guys looking at my appearance… I’m not going to fight again. I am not going to disrespect the sport anymore by losing to this caliber of fighters,” a then 38-year-old Mike Tyson told Jim Gray, ESPN’s sportscaster at the time, in shame, after losing to Kevin McBride in 2005. For Iron Tyson, it was a devastating loss, facing the 6’6″ Irish journeyman boxer in what was supposed to be an easy win. Completely turning the odds, Tyson had struggled with his stamina, failing to answer the seventh-round bell, signaling that he didn’t want to continue.
Coming from the youngest heavyweight champion in history and the 2011 Hall of Famer, it was an unsettling loss for both him and the fans, since Tyson was ahead on two judges’ scorecards before he chose to quit. It was time that the Brooklyn native should’ve retired when he came back to the ring after losing to Danny Williams in 2004 and a year-long hiatus. Instead, he had chosen this fight in place of a massive financial crisis. But wasn’t he one of the richest boxers in history?
Mike Tyson’s astonishing earnings in the late 80s
From fighting in the streets and winning the 1981 and 1982 Junior Olympics to making his professional debut at the age of 18, winning by TKO over Hector Mercedes, Mike Tyson had taken his first step towards becoming a feared knockout artist and dictator.
A decade from this point, he enjoyed being at the peak of his career, bagging in $30 million for most fights, including the Frank Bruno bout in 1996, Bruce Seldon in September that year, Evander Holyfield in November the same year, and near to his career end, $103 million for the Lennox Lewis bout in 2002. Ironically, when he was earning hundreds of millions per fight, it was also the time he was close to going broke.
How did Mike Tyson go broke from a $300 million net worth?
According to Forbes data in 2016, Tyson’s total career earnings were $685 million. His highest reported net worth was $300 million during the late 1980s and early 1990s, the period that coincided with his reign as the undisputed heavyweight champion of the world. Going moneyless from that sort of earning only reiterates the fact that making money might mean that one becomes rich, but it has nothing to do with staying rich.
And Mike Tyson is the living example of taking the lesson. Seeing the kind of money he was making, Tyson’s lifestyle naturally grew to be lavish. He would make purchases extravagantly, like the three Bengal tigers he purchased for $140k collectively, two of them being exotic white pets, and also hiring a trainer who would take $125k per year to work for him. Reportedly, he bought 110 cars, including a $320k Bentley and a $300k Ferrari.
The boxing star owned multiple mansions—a 21-bedroom and 35-bathroom house in Connecticut with a nightclub, movie theater, mini-casino, squash court, and a fully equipped commercial gym. For the people with modest earnings, Tyson was living in a dream. A full-size basketball court, a swimming pool with a grotto, a lakehouse, and a fountain. That is no small feat to live in.
Moreover, on one of his birthdays alone, the boxer spent $410k for a grand party and a staggering $2.2 million on a solid gold bathtub for his first wife, Robin Givens! Yet, in 2003, Tyson filed for bankruptcy, disclosing that he had divorced Monica Turner, Tyson’s second wife, which cost him $9 million for the settlements. In addition, he owed $13.4 million to the Internal Revenue Service and $4 million to British tax authorities.
In entirety, his debts rounded to $23 million, with a dire financial situation and only $1,250 in cash. He, of course, had bills to pay for, unpaid taxes, legal fees, and personal expenses. So, after 2 decades, is Mike Tyson free of debt? Or is his situation still worse?
Mike Tyson’s current net worth: Is he still rich?
In an interview with The View in 2010, Mike Tyson expressed, “‘I’m totally broke. I had a lot of fun. It (going broke) just happened. I’m very grateful. I don’t deserve to have the wife that I have; I don’t deserve the kids that I have, but I do, and I’m very grateful.” Fortunately for Tyson, the doomsday didn’t last forever. Though it was a rough time for him, he eventually bounced back.
Though incomparable to his highest net worth, in 2025, his net worth stands fair enough at $50 million, according to The Street. What saved him? Well, multiple things. Tyson began leveraging his fame in movies and TV shows, with roles in The Hangover (2009) series, which earned the boxer $100k for his role plus $200k for the sequel, and Mike Tyson Mysteries (2014).
Though he was retired and didn’t have the support of his previous form, he fought exhibition bouts. Including the one against Roy Jones Jr. in 2020, billed as the Lockdown Knockdown, which reportedly earned him $1 million, as confirmed by the California State Athletic Commission. His most recent exhibition fight against YouTuber-turned-boxer Jake Paul last year reportedly made Tyson $50 million, his current net worth.
Moreover, Iron also ventured into the cannabis industry and is now the CEO of Carma HoldCo, a Las Vegas-based parent company that oversees his brands such as Tyson 2.0, Ric Flair Drop, and Evol by Future. According to UNILAD, the empire was generating $900k per month as of July 2023. The once-broke boxer now owns Tyson Ranch, a 407-acre property near Desert Hot Springs, California, where he plans to build a cannabis resort. As they say, “If all’s well that ends well.”
