Dumb Reasons These Celebs Went Bankrupt

At the height of his career, boxing legend Mike Tyson was worth $300 million, and was receiving boxing match payouts in the millions, per Celebrity Net Worth. In 1991, as his career was continuing to blossom, the boxer was arrested for the rape of Desiree Washington and found guilty of the crime in February 1992, for which he spent three years in jail, reported Newsweek. By the time of his release in 1995, Tyson became notorious for being a lavish spender and blowing through his money.

The boxer spent hundreds of thousands of dollars on a variety of things, ranging from jewelry to real estate and exotic tigers. According to The U.S. Sun, Tyson spent over $4 million on a car collection, $100,000 on Bengal Tigers, $2 million on a solid gold bathtub for his ex-wife Robin Givens, and lavish parties with a price tag in the $400,000 range, to name a few of his spending sprees.

By 2003, however, the boxer had blown through his $300 million fortune and filed for bankruptcy, claiming he was $23 million in debt. The debt partially included $13.4 million owed to the IRS, $4 million owed to British Tax Authorities, and $51,949 owed in child support, per The New York Times.

If you or anyone you know has been a victim of sexual assault, help is available. Visit the Rape, Abuse & Incest National Network website or contact RAINN’s National Helpline at 1-800-656-HOPE (4673).

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