Mike Tyson: “I still couldn’t pay off my debts in 1998”
Mike Tyson: “I still couldn’t pay off my debts in 1998”
Mike Tyson, once notorious for his reckless spending, paid a heavy price for his financial mismanagement, eventually finding himself drowning in debt and forced to fight exhibition matches to survive. However, his life took an extraordinary turn, leading to a remarkable and inspiring comeback.
Burning Through Fortunes
Mike Tyson earned money effortlessly but lacked the skills to manage his wealth. His high-paying fights, which brought in tens of millions of dollars, were treated like pocket change.
Tyson revealed:
“I started facing financial troubles in 1998 when partners, taxes, and various creditors kept demanding money. Even though I earned enormous amounts from my fights and sold off assets, I still couldn’t pay off my debts.”
- In 2002, Tyson earned $103 million after fighting Lennox Lewis.
- By 2003, he filed for bankruptcy with debts totaling $23 million, including:
- $13.4 million owed to the U.S. IRS.
- $4 million owed to the U.K. tax authority.
Other debts included:
- $600,000 to seven law firms.
- $450,000 to a music production company.
- $800,000 to a former trainer.
Post-Bankruptcy Survival
In 2005, Tyson retired at the age of 38 after losing to Kevin McBride. He admitted bitterly:
“I no longer have the will to fight. I’m only stepping into the ring to pay off debts. I don’t love this job anymore.”
Tyson resorted to exhibition fights at casinos and hotels in Las Vegas to make ends meet. In 2006, he participated in a World Tour, fighting multiple exhibition matches with the sole purpose of earning money to escape his financial plight.
Battling Personal Demons
Tyson also struggled with severe alcohol and drug addiction. He confessed:
“I was so addicted that I didn’t even realize I was part of The Hangover movie. I was living recklessly, overweight, like a pig on cocaine.”
The most devastating moment came in 2009 when his 4-year-old daughter, Exodus, tragically passed away. Tyson reflected:
“That was the worst memory of my life. But it also made me want to become a better person.”
Turning His Life Around
To combat his addiction, Tyson sought the help of Dr. Gerardo Sandoval, who used a unique method involving the Sonoran desert toad’s venom, a substance that induces intense hallucinations. Tyson gradually underwent 50 sessions, losing 45kg and experiencing a significant transformation. Tyson acknowledged:
“The toughest opponent I’ve ever faced is myself. The toad’s venom stripped away my ego. It made me more creative and focused.”
The Journey to Rebirth
Starting in 2016, Tyson reinvented himself as a businessman:
- He founded Tyson Holistic, a company specializing in medical cannabis, earning £500,000 per month in revenue.
- He owns a 418-hectare cannabis farm and invests in CBD-infused alkaline water products.
- Tyson also established Tyson University, focusing on agricultural studies.
Rob Hickman, his business partner, commented:
“He’s completely transformed. He’s a perfect version of himself now.”
Conclusion
Mike Tyson’s life exemplifies the brutal highs and lows of fame: from reigning at the top to the depths of bankruptcy, and then clawing his way back to success. Through determination and a desire to better himself, “Iron Mike” has authored a new chapter in his life, proving that even after immense hardship, redemption is always possible.
