Mike Tyson Net Worth 2024: FInd Out How Iron Mike Made and Lost Over $650 Million

Mike Tyson accumulated hundreds of millions from fights and endorsements at the pinnacle of his career.

While he accrued an estimated $300 million from boxing alone, he lost it all at one point – filing for bankruptcy in 2003.

As of 2024, Mike Tyson’s net worth is estimated to be $15 million.

This is quite the downfall for the former champion, mostly prompted by his excessive spending habits and bad decisions.

Keep reading to discover how the famous “Iron” Mike Tyson turned a fortune that seemed boundless into just a few million.

Tyson’s career was nothing short of impressive, but a series of financial setbacks made him lose his money at a whirlwind pace, and his current financial standing pales in comparison to the $685 million he reportedly had at one point.

Mike Tyson’s Net Worth: Full Breakdown

Below, you’ll find the most notable assets and income sources that added millions to Mike Tyson’s net worth, but also many of the liabilities that helped wipe out his fortune.

Later on in this article, we break down his fight earnings granularly as we follow Tyson’s financial rollercoaster of a lifetime.

As with any other celebrity’s net worth, it’s impossible to pinpoint every source of his income or how he lost the bulk of it. Here is what we know.

6 Fun Facts about Mike Tyson

1. Boxing Prodigy: Mike Tyson won two gold medals in the Junior Olympics before turning professional at 18.
2. Fearsome Opponent: Known as “The Baddest Man on the Planet,” Tyson’s knockout power and aggressive style intimidated many opponents.
3. Animal Lover: Tyson owned two Bengal tigers, spending $60,000 – $80,000 each, and had a custom-built habitat for them.
4. Acting Career: Tyson appeared in movies like “The Hangover” and had his animated TV show “Mike Tyson Mysteries.”
5. Cannabis Entrepreneur: Tyson runs Tyson Ranch, a cannabis business generating $500,000 in monthly sales.
6. Comeback Fight: In 2020, Tyson fought Roy Jones Jr. in an exhibition match, earning $10 million.

Latest News & Updates

Mike Tyson continues to stay relevant in the public eye, mainly through his cannabis business and various entertainment ventures.

He remains a prominent figure in the cannabis industry, generating significant monthly revenue from his Tyson Ranch. In 2024, Tyson has also been involved in several public speaking engagements and is rumored to be working on a new TV series about his life.

Additionally, he continues to participate in exhibition fights, the most recent being his high-profile match against Roy Jones Jr.

Controversies

Despite his resurgence, Tyson’s past continues to overshadow him at times.

His legal troubles from his earlier years, including his conviction for rape, are still frequently brought up in media discussions. Tyson’s recent interview statements about his volatile behavior during his prime have also stirred up conversations about his personal growth and how he handles his past now.

Mike Tyson’s Origin Story: The Making of a Boxing King

Michael Gerard Tyson, the now-retired American boxer, was born in Brooklyn, New York on June 30, 1966.

He grew up in the Bedford-Stuyvesant neighborhood of New York, alongside his two siblings, Rodney and Denise. Tyson’s father is Purcell Tyson, but after his parents’ divorce, he ended up under the care of his stepfather Jimmy Kirkpatrick.

This didn’t last for long, since Kirkpatrick abandoned the family when Tyson was a child.

Tyson had the definition of a difficult childhood. The family’s financial struggles prompted them to move to Brownsville, New York when Tyson was 10 years old, a neighborhood with a high crime rate. His mother died when he was 16 years old, and his sister, Denise, died from a heart attack at the age of 24.

His difficult childhood took its toll, and Tyson was quite a troublesome youth. By the age of 13, he had been arrested over 38 times. As for his education, Mike Tyson studied at the Tryon School for Boys in Johnstown, but he dropped out before graduating. He was later awarded an honorary Doctorate in Humane Letters in 1989 from Central State University.

While in high school, his gym teacher, Bobby Stewart recognized Tyson’s talent for boxing and introduced him to the man who would turn his life around, the boxing trainer Cus D’Amato.

D’Amato took the young, talented boxer under his wing and taught him the basics of boxing. He turned his life around and took him away from the streets and into the boxing ring.

When Tyson’s mother died, D’Amato became his legal guardian.

Mike Tyson: The Pinnacle of His Boxing Career and Financial Setbacks

Thanks to the tutelage of D’Amato, the young boxer honed his skills and embarked on a professional boxing career in 1985. He soon became known for his fierceness, aggressive style, and masterful performances in the ring. The victories propelled him to stardom, turning him into a heavyweight champion.

Tyson won a gold medal in the Junior Olympics and turned pro at 18 years of age.

Soon enough, he held the record for the youngest boxer to win the heavyweight title at the age of 20. He was also the first-ever heavyweight boxer to hold the WBA, WBC, and IBF titles at the same time.

If you’ve heard of Mike Tyson, you know that he’s a terrifying opponent in the ring. At one point, no one wanted to fight against the “knockout artist”.

He is known as one of the most fearsome fighters alongside Floyd Mayweather and Muhammad Ali.

Let’s dive into his storied professional boxing career from the very beginning.

Early Boxing Career

Tyson started his amateur career in 1981.

He won two gold medals in the Junior Olympics – one in 1981 and one in 1982. He also fought in the Summer Olympics of 1984 but lost against Henry Tillman.

In 1985, at the age of 18, he had his first professional boxing match in Albany, New York, where he fought against Hector Mercedes and won in the first round. Following this success, he would often end fights in the first round, marking his rise to stardom.

In 1985, Cus D’Amato passed away, which was devastating for the young boxer. Even so, Tyson continued boxing professionally and soon earned the monikers Kid Dynamite and later on The Baddest Man on the Planet.

Rising Through the Ranks

In his first year alone, Tyson had 15 bouts. He won 26 out of 28 fights by knockout (KO) and technical knockout (TKO), 16 of which came in the first round. He fought plenty of journeyman fighters, but also tons of major contenders including David Jaco, James Tillis, Mitch Green, and Jesse Ferguson.

This winning streak was unheard of and attracted massive media attention, billing Tyson as the next heavyweight champion.

In 1986, Mike Tyson had his first nationally televised bout at Houston Field House in Troy, New York, where he fought against Jesse Ferguson. The bout was carried by ABC Sports and marked a big step forward in Tyson’s career.

He knocked down the boxing star with an uppercut in the fifth round and broke his nose. In the middle of the sixth round, the referee stopped the fight and Tyson emerged victorious by disqualification of his opponent, a ruling that was later adjusted to a win by technical knockout. According to Tyson’s corner, a DQ win would end the boxer’s string of knockout victories, and based on his performance, this match would have inevitably led to a knockout.

Before July that year, Tyson recorded six more knockout victories and won against Marvis Frazier in Glens Falls, New York, on yet another ABC Sports broadcast.

Mike Tyson’s net worth began counting into the millions when he earned $1.5 million for his bout against Trevor Berbick in November 1096, where he defeated the opponent and became the champion.

In 1987, Tyson signed a $27 million contract for eight fights with HBO which ran through his bout against Alex Stewart, who he defeated in 2 minutes and 27 seconds. After this success, he signed a $120 million contract with Showtime for an unknown number of matches, including his unforgettable bouts with Evander Holyfield.

In 1988, Tyson fought Larry Holmes and knocked him out in the fourth round. Tony Tubbs also suffered a TKO in the second round, followed by Tyson’s win over Michael Spinks at the end of the year.

He reportedly earned $30 million for his clashes with Evander Holyfield and Frank Bruno.

This was the pinnacle of the young boxer’s career and from that point onward, everything started going downhill. For starters, Tyson fired Kevin Rooney, the man who helped him become a top fighter after his mentor D’Amato died. Following this decision, he lost to Buster Douglas in 1990.

While he counted some wins in 1991, his career came to a halt due to major legal issues.

Legal Issues

In 1991, Mike Tyson was arrested for rape and spent six years in prison. It was during this time that Tyson converted to Islam. When he was released, he was registered as a sex offender.

Tyson was again arrested soon after for sexually assaulting Desiree Washington in a hotel room in Indianapolis. He was released from prison in 1995, after which he had his comeback in boxing.

Tyson’s Boxing Comeback

Tyson’s comeback was initially successful and he managed to regain two of his belts. He won back the WBA title, followed by him winning the WBC title from Frank Bruno. This made him one of the very few boxers to regain a heavyweight championship after losing it.

Mike Tyson’s revived boxing career didn’t last for long, though. In 1997, he had a rematch with Evander Holyfield and lost his WBA belt in round 11. He lost again in a rematch when he brutally bit his opponent twice and was disqualified. Following these incidents, he had his boxing license rescinded by the end of the year.

In 1999, Tyson had a short return to the ring against Francois Botha but soon returned to prison for nine months after he allegedly assaulted two motorists.

Then 2000 saw Tyson fight Julius Francis in England and won in the second round.

Two years later, he fought for the world heavyweight title and lost to Lennox Lewis by knockout. This fight reportedly made Tyson $103 million. A year later, he defeated Clifford Etienne in less than a minute of the first round.

After several more successful fights and defeats, Mike Tyson retired in 2005.

In August 2013, Mike Tyson formed a boxing promotion company called Iron Mike Productions in partnership with Acquinity Sports.

In 2020, he signed a contract to have an exhibition bout with Roy Jones Jr., a fight that was moved to November 28 and lasted a total of 8 rounds. This fight ended in a draw and earned Tyson $10 million, quadrupling his net worth overnight.

Mike Tyson’s Biggest Successes

Mike Tyson was the world champion in heavyweight boxing between 1987 and 1990. Despite his legal problems, he is an undisputed heavyweight champion and one of the biggest names in the history of the sport.

Here are his most notable boxing successes:

• WBC World Champion: November 22, 1986; September 7, 1996; March 16, 1996
• WBA World Champion: March 7, 1987; September 7, 1996
• IBF World Champion: August 1, 1987
• WWE Hall of Fame: January 30, 2012

Here are his best title defenses:

• Fourth in most WBC heavyweight title defenses in history
• Second in most WBA heavyweight title defenses after Muhammad Ali
• Second in most IBF heavyweight title defenses after Wladimir Klitschko

Mike Tyson’s Boxing Earnings

Here is a breakdown of Mike Tyson’s earnings from his most notorious boxing matches:

Philanthropy

Since Mike Tyson grew up in poverty, he has been known to invest a lot in charitable causes.

He has an organization named the Mike Tyson Cares Foundation, which helps low-income families and gives them a fighting chance.

Mike Tyson’s Investments & Spending Before and Now

The biggest reason why Mike Tyson’s net worth doesn’t reach over half a billion dollars today is his excessive spending and bad investments. He spent his money quicker than he earned it, buying expensive properties, flashy vehicles, and even Bengal and Siberian tigers.

After his imprisonment in 1991, Tyson lost all his endorsements. After spending six years in prison, his net worth was already much diminished. However, his return to boxing after his release started growing his net worth yet again – but so did his spending.

In 2003, Tyson filed for bankruptcy, and at the time, media reported that he was over $20 million in debt. This was mostly because of his poor decisions, such as the one to pay his promoter Don King 30% of his earnings, which was technically illegal in Nevada.

Reportedly, King would take 50% off the top by adding mysterious additional fees such as $100,000 per fight to his wife as a consultant fee or $50,000 per fight to his sons as consultant fees.

In 1998, Tyson sued King for $100 million, but the lawsuit was settled with him only getting $14 million.

The IRS and other creditors also garnished his earnings. For instance, he was paid $8 million for the Danny Williams fight in 2004, but he only got $2 million after the IRS took $6 million of his earnings.

However, Tyson pulled himself up, reportedly with the help of his third wife Lakiha Spicer.

Tyson’s Financial Journey

Tyson earned millions from boxing and endorsements and lost all of it almost overnight. Since then, he recovered a small portion of his finances by appearing in several movies, managing his animated TV show, producing his podcast, running businesses, and more.

Cannabis Ranch

Tyson owns a cannabis ranch called the Tyson Ranch, where he grows and sells cannabis and cannabis-based products. His ranch sells over $500,000 worth of cannabis per month, but Tyson smokes a large portion of it with his guests.

On occasion, he has mentioned that he spends about $40,000 of these earnings on himself and guests.

Podcasts and Screen Performances

He now has a podcast called Hotboxin’ with Mike Tyson, but we don’t know how much he earns from this venture.

As for his screen performances, at one point, Tyson had a popular animated TV show called Mike Tyson Mysteries.

He has also starred in many movies including, but not limited to:

• Black and White in 1999
• Crocodile Dundee in Los Angeles in 2001
• Rocky Balboa in 2006
• Tyson, a documentary in 2008
• The Hangover in 2009
• The Knockout 2 in 2011
• The Hangover 2 in 2011
• How I Met Your Mother in episode 8×16 in 2013
• Scary Movie 5 in 2013
• Mike Tyson Mysteries, an animated series in 2014
• Entourage in 2015
• Meet the Blacks in 2016
• Vendetta in 2022
• Ligers in 2022

While he didn’t earn a lot for his initial appearances, he most likely earned a lot from his more recent roles. For instance, Tyson earned as little as $100,000 for his cameo role in the first part of The Hangover series, but the second part earned him over $200,000.

Endorsements

When the boxing legend was at the peak of his career, Mike Tyson earned many millions of dollars from brand endorsements alone. In 1986, when he became the youngest heavyweight champion in history, he was signed by Pepsi, Nintendo, EA Sports, and Eastman Kodak, to name a few.

However, when news came out that he beat his now ex-wife Robin Givens, some of the brands distanced themselves from the star. After his imprisonment, he lost all of his endorsements.

Today, Mike Tyson has a few new endorsements and sponsorships from brands like Smart Cups, Black Energy Drink, and Copper Gel, but the earnings from these don’t even come close to the millions he earned before.

In 2022, he collaborated with Drake to launch special edition silhouette branded jerseys through Drake’s OVO brand.

Reportedly, he has earned over $430 million in endorsements and purses throughout his career before he lost his wealth to spending and bad decisions.

Public Speaking

Today, you can hire Mike Tyson for a public appearance, which would cost you at least $75,000 for two hours of his time.

Assets

As we noted, Tyson spent the majority of his net worth on his luxurious life. Let’s take a look at what he spent his money on before he went broke.

Cars

He has owned an impressive car collection, but it is unknown how much of this he still owns today:

• Cadillac Seville
• Rolls-Royce Corniche
• Rolls-Royce Silver Spur
• Bentley Continental SC
• Ferrari F50
• Mercedes-Benz SL-Class 560 SL
• Jaguar XJ220
• Ferrari 456 GT Spyder
• Jaguar E-Type
• Lamborghini Super Diablo Twin Turbo

When Tyson’s net worth was at its highest, he owned approximately 100 cars and, when he lent them to his friends, he forgot about them! When Tyson entered the Jim Chiasson Motors dealership, he spent $1.5 million in a few minutes, buying five Bentleys.

Tigers

Tyson was famous for his love for exotic animals, especially tigers. His 2 tigers cost $60,000 – $80,000 each and they lived in a custom-built habitat in his backyard, and he also spent $125,000 yearly for an animal trainer to watch over his pets.

Tyson also loves keeping pigeons and has spent a ton of money on building and maintaining a sophisticated coop for them.

Real Estate

Tyson’s Connecticut mansion, which was later owned by the rapper 50 Cent, had a nightclub and casino in it. He also had homes in Vegas, Maryland, and Ohio worth over $20 million.

Today, Tyson doesn’t own any of the properties he had in the past. He currently lives in Henderson, Nevada, in a mansion he bought in 2016 for over $2.5 million.

Other Expenses

According to LiveBeyondSports, Tyson spent an incredible amount of money after his release from prison, including:

• $4.5 million on new cars and bikes
• $400,000 on tigers and pigeons
• $300,000 a year for an employee to wear army fatigues and shout “guerilla warfare” at press conferences
• $100,000 for jewelry and clothes
• $300,000 on lawn care

Tyson said at the time:

That’s just how I lived my life. That’s my addictive personality, that’s a lot of things, that’s my ego, that’s so many other things… From me being poor and never having anything, from me being bitter and angry from being in prison. It stems from a lot of things.

What Can We Learn From Mike Tyson’s Story?

Despite a very troubled past, Mike Tyson is an iconic figure today.

He is a fighting legend and an inspiration to many, showing us that you don’t have to be born rich to build wealth or succeed as long as you have the talent and courage to do what you want.

As he once said: “I am a dreamer. I have to dream and reach for the stars, and if I miss a star then I grab a handful of clouds”.

However, while the retired boxer was once the undisputed heavyweight champion, his life is one of controversies and major mistakes. His career was halted by legal issues and horrible decisions, including rape and sexual assaults that put him behind bars.

His story teaches us that, even when you have a fortune, nothing is without an end. During his heyday, he squandered his fortune, spending excessively, showing how important it is to manage your income and invest wisely.

In the last couple of years, Tyson has been slowly regaining his financial power and, while his fortune doesn’t even resemble that of his star years, he is still a very rich man. This shows us that we should learn from our mistakes and keep trying in life.