Mike Tyson, the former heavyweight boxing champion known for his raw power and flamboyant personality, filed for bankruptcy in 2003. The announcement marked a significant reversal of fortune for the one-time boxing great, who at the height of his career was considered one of the wealthiest athletes in the world.
According to court documents, Tyson’s debts range from $10 million to $50 million, while his assets are worth less than $50,000. At one time, the boxer boasted a net worth of $400 million.
One of the main reasons for Tyson’s financial downfall was a series of poor financial decisions that he made during his boxing career. Despite earning hundreds of millions of dollars in prize money, Tyson spent lavishly on cars, jewelry, and homes. He invested heavily in real estate, but his deals often soured, leaving him with mounting debts. In bankruptcy, he lost his Connecticut mansion, which he sold to the rapper 50 Cent.
In addition to his personal spending, Tyson also faced numerous legal challenges, including divorces, lawsuits, and criminal charges. As a result, he was forced to pay out millions in settlements and legal fees. Finally, his infamous 1997 biting incident during a championship fight caused him to be suspended from boxing and lose out on several lucrative deals.
Despite the setback, Tyson remains a popular and influential figure in the world of sports and entertainment. His accomplishments in the ring, as well as his candid discussions of his personal challenges, have earned him a loyal following and cemented his place in sports history.