The $300 Million Mike Tyson Spent

In June 1988, Mike Tyson was paid about $20 million for 91 seconds of work — a record purse. By 2003, the Associated Press put his career ring earnings at nearly $300 million, squandered. That August he filed for bankruptcy in Manhattan, writing in his own affidavit that he had been "in financial distress since 1998." His court file itemised the spending — the cars, the tigers, the jeweller's open credit — and counted 246 creditors. This is the full record: the purses, the file, the $100 million lawsuit that settled for $14 million, the last purse he kept almost none of, and the second act he built from the story itself. This video is a documentary account based on court filings, commission records and contemporaneous reporting. It is not financial advice. CHAPTERS 0:00 Ninety-One Seconds 1:25 The Fastest Money in Sport 3:24 The Shopping List 5:34 The Quiet Drains 8:01 Ninety Seconds at a Time 10:11 The File 13:02 The Second Act 15:03 The Scorecard 16:10 The Lesson SOURCES Associated Press — Tyson files Chapter 11; "nearly $300 million in ring earnings" (Aug 2003) The New York Times — the filing itemised: IRS $13.4M, British taxes $4M, debts over $27M (Aug 2003) The Washington Post — the bankruptcy court file: the spending list, 246 creditors, $1,250 in cash (Jul 2004) Nevada State Athletic Commission — Holyfield II: $3M fine, licence revoked 1997, reinstated 1998 The New York Times — King lawsuit settled for $14 million; the repayment plan (Jun 2004) CNN Fast Facts — Tyson timeline: youngest champion, conviction and sentence, release, the King suit Washingtonian — the Turner divorce settlement, $6.5 million (Jan 2003) Associated Press — Farmington mansion sold to 50 Cent for $4.1M (Sep 2003); Broadway announcement (Jun 2012) LAST TIME: The $9 Billion Blood Test NEXT: WeWork — The $47 Billion Story Money is a story — make sure you know how yours ends. MORE FROM MONEY UNTOLD    • Видео      • Видео      • Видео