How Mike Tyson went bankrupt after he spent money on jewelleries, prostitutes

Former heavyweight boxing champion Mike Tyson, has admitted squandering his fortune on jewelry, prostitutes, mansions and cars which led to his bankruptcy in 2003.

The controversial former boxer said he was never “crazy” about money, but admitted he “went crazy with it.”.
It would be recalled that Mike Tyson’s financial collapse was as ferocious as his style of boxing.

After earning more than $300 million over his legendary career, the former heavyweight champion filed for bankruptcy in 2003, and later went to jail for cocaine problems.

It would take more than a decade, and a trip through rehab, before Iron Mike would escape bankruptcy.

“I didn’t think I’d make it through my thirties,” Tyson said last week during the SALT Conference, a Las Vegas event that attracts big names in money, politics and sports.
“My thirties were scary, weren’t they?” the 50-year-old former boxer said to nervous laughter from the audience.

He isn’t making a fortune like he once did, but he is making money by putting on a show at the MGM in Las Vegas and through a book coming out soon.

“I plan on keeping it this time,” said Tyson.

Tyson insists that thanks to his wife Kiki and support from friends, his life is back on track. He sounds determined to stay out of trouble, both financial and criminal.

“We made it out of our hellhole,” Tyson said to applause from the crowd. “I just knew it was time to grow up. It was time to be a man. Time to be present in your children’s lives.”

Tyson explained that it took a “whole deal of rehabs and institutions” before he could turn his life around.

“I’m one of the lucky ones,” he said.

Tyson enjoyed incredible success in the 1990s and his relentless fighting style earned him millions of fans.
When Tyson filed for bankruptcy in 2003, he reportedly had $23 million in debt. It was a stunning admission given his blockbuster career.

Looking back on it, Tyson admits he became accustomed to receiving fat checks and was taken advantage of by those around him.

“I can’t even call them leeches. That’s too decent of a word to call them,” Tyson said.

Today, Tyson is spending time with his family, mentoring young boxers and doing a one-man play based on his life at the MGM in Las Vegas called Undisputed Truth.

He also has a new book coming out about his time working with legendary trainer Cus D’Amato.
Tyson joked that when fans see him they “want to take pictures of me biting their ear.” He added, “We charge $200.”

Culled from CNN