‘Baddest Man on the Planet’ Mike Tyson Used to Spend $400,000 Monthly While Only Earning Two Figures

At the height of his career, former heavyweight champion Mike Tyson was one of the highest-paid boxers at that time. And these hefty purses also paved the way for some rather exorbitant displays of wealth. However, Tyson also got himself into some pretty bad debt.

By 2003, it was reported by the US Bankruptcy Court that Tyson was USD 38 million in debt. Reports also revealed that the former champ had almost exhausted his estimated USD 400 million fortune.

Tyson owed money to over 246 creditors, including notable names like the Internal Revenue Service and the Screen Actors Guild. Moreover, he owed a divorce settlement of almost USD 9 million to his ex-wife, Monica Turner. And it was said that Tyson also owed USD 19.4 million in taxes. Talking about owing money to his creditors, Tyson said, “They don’t care about me. Nobody wants to hear excuses. They just want to see results. Send us the check.”

According to bank records submitted by Tyson’s attorneys, he only earned USD 38.38 during the month of January 2004. Meanwhile, his expenses for the same month stood at a whopping USD 407,000.

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A reorganization plan was later made for Tyson to pay back his debt and manage his finances better. It seems like the former champ has learned from his mistakes. Moreover, with a net worth of USD 10 million, Tyson has also done well in life after boxing.

How did Mike Tyson burn through his fortune?

There is no denying that Mike Tyson’s extravagant spending was responsible for his bankruptcy. In fact, Tyson’s unhinged spending has even branched to some intriguing purchases.

Tyson has his own cannabis farm called the Tyson Ranch. However, it seems like he loves to dip into his own stash. He once claimed that he smoked USD 40,000 worth of marijuana monthly. This roughly translates to almost USD 500,000 a year, which is in fact 5% of his net worth.

Coming from abject poverty, Tyson once built the mega-mansion of his dreams in Connecticut. An iconic feature of this extravagant monstrosity was a bathtub made of pure gold. And it was reported to have cost the champ a whopping USD 2.2 million.

Tyson also had a penchant for exotic wildlife. He once owned three Bengal tigers named Kenya, Storm, and Boris. Each of these apex predators cost ‘Iron’ Mike over USD 70,000. Moreover, they also ran a USD 200,000 feeding bill yearly.

His love for animals also took avian roots. Tyson has been fond of pigeons ever since he was a kid, calling them an escape from a rough childhood where he was bullied regularly. He reportedly spent a whopping USD 400,00 on racing pigeons.

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