From a gold bathtub to tigers: The wild spending that bankrupted Mike Tyson

Mike Tyson, one of the most iconic boxers in history, is stepping back into the ring at age 58 to face YouTuber Jake Paul this Friday night at 11:00 p.m. ET (streaming on Netflix) in Texas. The former heavyweight champion once ruled the boxing world, earning an estimated $500 million over his career. However, a combination of reckless spending, addiction struggles, and poor financial management left Tyson bankrupt. Today, though, Tyson has rebuilt his fortune, thanks in part to an unexpected venture into the cannabis industry.

A Fortune Built—and Squandered

Known as “Iron Mike,” Tyson earned a staggering $300 million during his prime, not just from boxing purses but also from endorsements and business deals. His wealth was unprecedented in the sport, and some estimates suggest his total earnings could have doubled that amount. However, Tyson’s appetite for extravagance and excess quickly drained his accounts.

Among his most infamous purchases were two Bengal tigers, which reportedly cost him $70,000 each, and a custom gold bathtub worth $2.2 million. His lifestyle also included diamond-studded jewelry, fleets of luxury cars, multiple mansions, lavish vacations, and constant parties. Tyson’s drug use, particularly marijuana and other substances, alongside a high-octane lifestyle filled with sexual escapades, exacerbated his spending habits.

“I spent my last million on rehab,” Tyson once admitted on The Pivot podcast. “Out of the $500 million I made as a boxer, nothing was left. It all went to women and lasted me about 15 or 16 years. It seemed like so much money, but it vanished.”

Tyson’s Fall: From Champion to Bankruptcy

Tyson’s spending spiraled out of control even before he retired from boxing, and his financial woes only worsened when he stepped away from the sport. At the time of his bankruptcy filing, Tyson had amassed debts totaling $23 million. The heavyweight legend’s income dried up, but his extravagant lifestyle continued unchecked, forcing him to sell assets to cover expenses.

By the early 2000s, Tyson’s story had become a cautionary tale of how even the largest fortunes can be squandered without discipline or proper financial planning.

A Comeback Through Cannabis

After hitting rock bottom, Tyson managed to stage a remarkable comeback—not through boxing, but by embracing one of his lifelong vices: marijuana. Tyson founded Tyson 2.0, a cannabis company that became a booming success in North America, where the substance is legal in several states. Within just one year, the company sold over 4,000 pounds of cannabis products, helping Tyson rebuild his wealth.

Reflecting on his struggles, Tyson shared with Forbes: “I should never have stopped [using marijuana]. I quit smoking weed, but I drank like a maniac. Psychologically, it felt like [alcohol] was legal, so I could buy it and stay out of trouble. So, I stopped being a stoner and became a raging alcoholic instead.”

Through Tyson 2.0, the former champ has become an advocate for the destigmatization of marijuana, citing its potential to promote peace and community. “Put five gang members in a room with some alcohol, and they’ll kill each other,” Tyson said. “But lock five gang members in a room with some chronic weed, and they’ll take selfies together. That’s the difference.”

A Full Circle Moment

Today, Tyson’s bank account is full again, and he’s back to embracing life with a renewed focus on his business ventures and personal well-being. His upcoming fight against Jake Paul not only showcases his enduring charisma but also reflects a man who has learned from his past mistakes. While the tigers and gold bathtubs are long gone, Tyson’s story remains one of reinvention and resilience.

Get your game on! Whether you’re into NFL touchdowns, NBA buzzer-beaters, world-class soccer goals, or MLB home runs, our app has it all. Dive into live coverage, expert insights, breaking news, exclusive videos, and more – plus, stay updated on the latest in current affairs and entertainment. Download now for all-access coverage, right at your fingertips – anytime, anywhere.

The article above was written in Spanish by Cristina Parra, translated with the assistance of AI and edited by David Nelson