Mike Tyson was once the “king” of boxing. However, he burned all his fame and money in extravagant games. Now, “Iron Mike” has to entertain to collect every penny.

“My specialty is self-destruction”

That is Mike Tyson’s confession in his autobiography titled “The Naked Truth”, recounting the famous but scandalous life of the heavyweight boxing legend. The American legend born in 1966 became a big phenomenon when he became the heavyweight champion at the age of 20, but along with his outstanding talent, “Iron Mike” has many hidden corners that make anyone startled.

In the ring, Mike Tyson was an aggressive boxer . He rarely put himself on the defensive but always attacked relentlessly until he defeated his opponent. At his peak in the 1980s and 1990s, few opponents could escape the “iron fist” of this legend.

However, as aggressive as Mike Tyson was in the ring, he was equally aggressive in “burning money”. If anyone dared to spend $5 million in a few days, it was Mike Tyson.

Sharing with host Jimmy Kimmel in early 2024, “Iron Mike” admitted: “I can burn through $5 million in just a few days. Yes, I was a terrible spender. That was my youthful and reckless time.”

Still, when Jimmy Kimmel asked if he had any regrets, “Iron Mike” calmly replied: “Never. It was such a great time.”

Indeed, Mike Tyson has the kingly life that anyone could wish for. It is estimated that during his peak career, the 58-year-old boxer earned $500 million (a huge number more than 20 years ago) but it was all “burned away” in Mike Tyson’s pleasures.

There are many anecdotes about Mike Tyson’s “money-burning” speed, such as spending money to buy a gold bathtub worth 2.2 million USD to give to his second wife. Besides, he also spent nearly 200,000 USD to buy two Bengal tigers and spent 200,000 USD to raise them every year. Or once at a jewelry store in Las Vegas (USA), he spent 173,000 USD on buying items that were later “thrown away”.

At his peak, Mike Tyson owned many million-dollar mansions across the United States, including a thousand-square-foot mansion in Connecticut with 52 rooms. After declaring bankruptcy for the first time, Mike Tyson sold it to rapper 50 Cent for $4.4 million. In addition, the value of Mike Tyson’s supercar fleet is also up to tens of millions of dollars.

All the wealth just “went out of the window” to serve Mike Tyson’s pleasure. Shelly Finkel, Mike Tyson’s former manager, recalled: “He was one of the few people I knew who was willing to throw money away to satisfy his pleasure. No matter what, Mike was willing to burn money, as long as he was happy. Mike owned so many supercars, he couldn’t remember where they were. I had to go find them for Mike.”

In his autobiography, Mike Tyson admitted: “There was a time when I was having an orgy with 10 girls in a hotel in Las Vegas. I was naked but still wearing the heavyweight championship belt. I was like a candle burning at both ends. I trained like crazy but also had an orgy like crazy.” The boxer born in 1966 said he slept with 1,300 women during his dark life.

Nightmare of bankruptcy and addiction to alcohol and drugs

The reason Mike Tyson spends so much money is because he makes money too easily and doesn’t know how to manage it. Even fights with a salary of tens of millions of dollars are just like… small change to this legendary boxer.

However, with the speed of Mike Tyson’s “money burning”, the mountain also collapsed. This boxer admitted: “I started having financial difficulties since 1998, when partners, tax and many related parties continuously demanded money. I earned a huge amount of money every time I fought and sold some assets but still could not pay it all.”

In 2002, Mike Tyson earned $103 million when fighting Lennox Lewis, but just one year later, the boxer filed for bankruptcy with a debt of up to $23 million, of which his biggest “creditors” were the Federal Internal Revenue Service ($13.4 million) and the British Internal Revenue Service ($4 million).

In addition, Mike Tyson also owes 7 law firms $600,000, owes a music production company $450,000, owes a financial management company $700,000 and owes his former trainer up to $800,000.

In 2005, Mike Tyson was forced to retire at the age of 38 after a fight with Kevin McBride, closing a tragic chapter in his life. Although he really wanted to get into the ring to earn money to pay off his debts, “Iron Mike” was powerless.

His heart broke as he admitted to the press: “I no longer have the will to fight. Everything in me is dead. Basically, I just step into the ring to make money to pay the bills. I no longer love this job.”

Mike “Iron” gave up his professional boxing career in this way. However, when the “creditors” kept demanding payment, he still had to entertain himself by fighting to earn money. Mike Tyson participated in exhibition matches at the Aladdin Hotel and Casino in Vegas to serve the gamblers.

In late 2006, Mike Tyson embarked on a World Tour with a series of exhibition fights, with the sole motive of making money. He once admitted the harsh truth: “If I don’t get out of this financial situation, I will forever be someone’s punching bag.”

Mike Tyson admitted that he was a real addict, even when he was bankrupt and had nothing left. In fact, “Iron Mike” was so mentally deranged that he didn’t even know he was filming The Hangover in 2009.

“At the time, I was so addicted to alcohol and drugs that I didn’t even know I was in the movie. I was messy, overweight, like a pig on cocaine,” he said.

But Mike Tyson’s efforts at treatment and rehabilitation were unsuccessful. The incident occurred in 2009 after the tragic death of his 4-year-old daughter, Exodus. “Iron Mike” wanted to immerse himself in alcohol and drugs to forget his heartache.

In a podcast with Rick Ross, Mike Tyson admitted: “It was the worst memory of my life”. But this incident also became a turning point that helped Mike Tyson “become a better person”.

Mike Tyson confided: “My daughter’s death made me want to live a different life. I’m still struggling. Living a real life is very difficult for me. All my life, I was like an aggressive person in the ring. Now, I have to change.”

Dr. Gerardo Sandoval conducted research in a secret room in California (USA) to help Mike Tyson escape from addiction. He used the venom of the Sonoran Desert Toad, dried into crystals and smoked in a pipe. This is a toad that lives 7 months of the year underground, only a small amount of its venom is enough to stimulate the nerves.

Mike Tyson said that smoking toad venom caused hallucinations that scared him and he threatened to kill Sandoval. However, gradually, he went through 50 sessions of smoking this crystal. That helped him lose 45kg in a few months and completely changed his personality.

“The toughest opponent I’ve ever faced is myself,” Mike “Steel” shared in 2021. “I have a lot of self-esteem and am often impulsive. However, toad venom has taken away that ego. It helps me be more creative and focused.”

The Journey of Rebirth in Old Age

After so many ups and downs, fans now see the image of businessman Mike Tyson. The former heavyweight boxing champion started Tyson Holistic in 2016 and focused on selling high-end cannabis products for medical purposes. He owns a 418-hectare farm to grow cannabis, which he earns £500,000 a month from.

He also owns several luxury hotels and founded Tyson University, which teaches agriculture. “Iron Mike” also invested money in CHILL, a company that produces alkaline CBD water. He believes that CBD can help fight opiate addiction.

“He’s changed. He’s the perfect man,” said Mike Tyson’s partner Rob Hickman.

At 58, Mike Tyson is no longer as healthy as before. Before the match with Jake Paul on November 16 in Las Vegas (USA), he had to have stomach surgery. Mike admitted that he almost lost his life because of this problem: “I lost to Jake Paul but still feel like I won. I am grateful for the match last night. I have no regrets about stepping into the ring.

I almost died in June when I had to have 8 blood transfusions. I lost half my blood and 11kg. I fought for my life, I fought to be healthy again. So I feel like I am still a winner.

After eight rounds, with a talented fighter half my age, in a packed Dallas stadium, I think I had the experience any man could wish for. Thank you.”

Indeed, Mike Tyson has won a glorious victory, not only with his stomach disease but also with his own fate. He no longer earns the huge amount of money as before. The $20 million earned from the match with Jake Paul means a lot to “Iron Mike” at this time. It is double his total assets.

Importantly, Mike Tyson is now much calmer at the age of 58, after the events of his life. He is no longer the aggressive person who spent money recklessly on pleasures like before. Now, he feels happy with “small” amounts of money and doing useful things for life.