How did Mike Tyson lose his wealth after earning $300 million throughout his boxing career?
- Eddie FLv 68 years agoFavorite Answer
... ''A fool and his money soon parted'' This could have been invented for Mike tyson.
Mike Tyson spent his youth surviving in the ghetto's of Brownsville NY. It is well documented that he was into muggings, robbery and an assortment of juvenile criminal activities... (He used to rob drug dealers money for the buzz of it...)
Fast forward to the big time - When Mike Tyson burst on the boxing scene, destroying every opponent put before him. Tyson was becoming a media obsession! Before long, Tyson was the youngest Heavyweight champion of the world..... And a multi millionaire....
This is where the problem really kicks in... Mike Tyson had never had vasts amounts of money, nor anybody to advise him how to protect it... The ensuing ten years was like the ''Mike Tyson melt down reality show''.... The world watched on as Tyson self imploded.
In the beginning, Tyson started sporting white tigers on a lead, followed by crazy jewellery and fast cars.... This escalated to massive real estate and property deals.
The bigger the Mike Tyson circus got - The more his entourage failed him - In short, he was surrounded by ''Yes men'' - Not one of them had the b*ll's to tell him he was going off the rails.
Tragedy No.1 - Robin Givens (aka Goldigger). Robin Givins seen an opportunity to advance her media profile by luring, and entrapping Mike into a meaningless media marriage - This was like a train wreck in Mike's head, he couldn't cope with the rejection, humiliation and unprecedentedly media attention. I think Tyson truly cared for Givens, to the point that he knew she was humiliating him on national television - and still did nothing.. The subsequent divorce cost Tyson millions...
Tragedy No.2 - After Mike's divorce, he went off the rails big time. Every month it was reprted that he was in another skirmish somewhere, usually a bar or a night club somewhere (google Mitch 'blood' Green). It was at this point that Tyson started abusing drugs and alcohol. Everytime Tyson got in trouble, there was always someone there to bail him out with a check book (Mike's check book). Still.... Nobody pulled Mike aside....
Tragedy No.3 - Mike Tyson joined ranks with Don King. This was a marriage made in hell, and was doomed from the start. Don King. To put it bluntly, King bled Tyson dry, this concluded with Tyson punching King to the floor in a hotel foyer - Later ending up in court.
Tragedy No.4 - Tokyo. Buster Douglas flattened a party tired Mike Tyson to cause one of the biggest upsets of the century. Because nobody would tell Tyson his lifestyle was out of control, he started to believe in his own invicability - This is the point where his life started to spiral out of control.
Tragedy No.5 - The rape scandal - See comments above.
Tragedy No.6 - Tyson is in jail / Converts to the muslim faith.... And hooks up with Don King again
Traedy No.7 - At this point, Mike Tyson has been released from prison, a shadow of the man he once was. His money has been consumed by legal fee's, entourage expenses, bad deals, bad advice, child maintenance, ex wives, upkeep of his properties, he had been successfully sues by a number of people.... the list goes on....
Tragedy No.8 - Of all the people on Mike Tysons payroll... Nobody ensured that his tax accounts were correct and audited regularly.... At the end of Tyson's boxing career, he was hit with a multi-million tax liability - This effectively finished him.
Tragedy No.9 - Mike Tyson publically states that he is only fighting to pay the taxman, and that he ''don't love the sport no more''
Tragedy No.10 - Mike Tyson is publically humiliated by Lennox Lewis in his last ''mega fight''. The man once known as the baddest man on the planet is reduced to tears in his corner, as the chief second applies stinging grease to his torn eyebrows.
Mike Tyson now spends his time in Las Vegas (away from all the lights and temptations), he mourns the loss on his young daughter, and he maked one telephone call everyday to his accountant.... He says ''How much can I spend today''..... Then he says '' Man... I wish I had met him in the ring!''
- sleepinglivLv 78 years ago
After Cus Damato (his adopted father and manager) died, he put his trust in people like Don King and an entourage who mismanaged his fortune. He also lived way above his means. Cus and his wife truly cared for Mike and kept him on the right path. They looked out for his best interests. When they died, I don't think Mike ever really got over it and that's when he began to get into trouble again.
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- gLv 58 years ago
Don King, his manager, stole the bulk of it, the rest he wasted buying mansions, cars, exotic animals and buying all sorts of crap for his entourage.
- 4 years ago
As stupid as he is, it's a wonder he made all that money to begin with.
- 8 years ago
MY SCORE CARD READ
BRADLEY 117 PACQUIAO 111
- 2017Lv 78 years ago
wasting money on dumb stuff