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Tyson Files for Bankruptcy!

By August 5, 2003

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Mike Tyson earned over $300 million during his up and down ring career. Mike Tyson is broke. It was only a matter of time but Iron Mike has officially filed federal bankruptcy papers stating that he is $27 million in debt, including $17 million in back taxes he owes in the U.S. and Britain. Tyson is also pursuing a $100 million lawsuit against Don King in which he claims the promoter bilked him out of millions. Probably true, but Tyson has to take responsibility for squandering the majority of his fortune himself.

Comments

May 1, 2007 at 8:07 am
(1) josh says:

What is it about black athletes and their baubles? This is another instance in which their leadership has deceived them.

Why don’t we hear of these rich black athletes buying real estate, putting their money in mutual funds, stocks, etc. Why do you need the 500,000 Bentleys and Lamborghinis, the $100,000 chains and the $50,000 Rolex watch. Go out and buy an $18,000 Honda Accord and a $20 Timex watch. Invest the rest. Cases like Tyson make me sick to my stomach. This guy could be living like a king now.

But he was seduced by Don King’s street cred jive, and let the guy steal tens of millions from him. King of course persuaded Tyson to ditch the old boring and white Bill Cayton who was truly looking out for Tyson and making him rich.

October 17, 2007 at 7:22 am
(2) Ross Sanaee says:

Very Unfortunate,
Spending all the money on the watches and cars could not bankrupt Mike. The wives bankrupt him, The only person that can bankrupt a manis his wife, they are the real theives of his money and I am sure he figured it out by now, Too late mike, sorry to see you in this situation. You can always go back to your roots and Brownswike welcomes you. start robbing again. I feel bad for your kids, they are going to have a tough time in life. They are the ones that in the future tell every body that my dad had good boxing skills but no brains.

December 14, 2007 at 4:34 am
(3) zach says:

He’s just another ignorant celebrity. Look at all the rappers on MTV cribs. They put out one mediocre album and they have $20 million dollar mansions and $500 thousand dollar cars. You know that they haven’t made that much money yet. It’s all on credit and if they’re next album or tour doesn’t do that well, then they’re screwed. However, there are some smart ones such as Russell Simmons, 50 cent, Eminem. They may live extravagantly, but they also are diversifying into other areas such as clothing, soft drinks, etc. 50 cent recently made $100 million from selling his flavored water company. Now that’s a good businessman who know how to market himself.

November 27, 2009 at 7:03 am
(4) DAVID AYRE says:

its atrue sayen a fool and his money are soon parted-

March 28, 2011 at 1:37 am
(5) ahall says:

Its not only Black people who spend their money stupid at times actually there are more people than you care to know who have filed bankruptcy….Donald Trump filed bankruptcy 9 times a few presidents have filed bankruptcy also. Its not a black thing or a white thing its a problem with the rich and famous and the ordinary people of the world…So why say its a black people thing with the fancy cars and houses white people do the same thing…I am a regular American Citizen and I know atleast 5 people who have filed bankruptcy and they are not family members….Some of you need to do a little more research before you speak…Tyson and his kids are going to be alright so don’t feel sorry for them he is happy with his life and so are his kids

October 19, 2011 at 6:40 am
(6) sachin says:

I am very sorry for the great Boxer!!!

Indeed a life is some kind of set of rules. He really failed or strayed in between.

Really its true as Bible says that make treasure for heaven.People are forgetting the rules of the life and going astray.

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