2. Who says he isn't solvent? Even if he wasn't people should understand that he's not a $50k a year employee that accumulated a high debt level and can no longer service it because of unemployment or pay reduction. Once a certain economic threshold is reached the ability to maintain professional services changes the dynamic from situations dictating to the individual (poor & middle class) to the individual dictating situations. The poor-middle class generally can't conceive people dictating situations and hence believe soup-lines/park benches await when they read reports of famous people or large business' going through bankruptcy and IRS issues. The fact is both are strategies, with the the IRS issue being a decision to maintain an aggressive tax avoidance posture.
3. Spending $300M over a 15-20 year period isn't that difficult and many large company corporate executives spend far more. Once again there is a conceivability gap present, for instance: If a particular chartered plane costs $5k per flight hr. that's $50k round trip from NYC to L.A. (excluding other costs/fees for simplicity). Make that trip just 10x a year that's $500k by itself and what about other flights/destinations (Vegas, Tahoe, Jackson Hole, Vail, Hamptons, Miami etc.) now you're talking several million a year without even including foreign traveling, food and lodging. Now the difference between a business executive and 99.99% of athletes/entertainers is they can use their corporate income statement & balance sheet to provide their desired lifestyle and have a longer max earning period. From published accounts I would guess Tyson's main issues were divorce settlements, child support and real estate overhead were the largest issues.
My view:
People get far to caught up in headlines meant to attract readers/viewers. Few people actually know what Tyson's real total net during his prime (him probably not one of them), the $300-500M figure tossed around is nothing more than a top line sales number that his bouts produced, nor do we know how much of his actual "take home" was plowed into retirement plans, annuities and other investment vehicles.
Bottom line is Mike could just as easily only netted $90M (which is a large sum for 80's-90's) for his prime and is earning $300-800k a year via invested assets, but has a debt level that requires $5-10M a year to service. This is the standard problem with most pro athletes, they maintain a lifestyle that can't be maintained in the long-term and are forced to accept it once the big checks stop. For the elite of them (in terms of pay) it generally doesn't mean abject poverty, but it does mean managing themselves down several rungs on the economic ladder. That's where debt negotiation, bankruptcy and other things come in to play as tools for them to accomplish that objective.
BQ- I have no idea, but the IRS has a rather low penalty so having an extended payment plan with them isn't necessarily a bad thing.
It is a sad typical story that has plagued many an ex fighter, but true. Iron Mike Tyson was in his heyday, from 1985-1990, and as many do, he squandered his money on unnecessary things and people who behaved like parasites. He had his mental issues and so called fans exploited his power, fantasizing with every punch that he threw, that they were Mike Tyson. That may be the truth to this adoration,a fantasy, as kids we watched a James Bond movie and when we left, we were transformed into 007. Tyson will not be the 1st or last fighter to go through the Loss Of Fame And Fortune Syndrome, others may follow.He wasted his money on ex-wives and a mother in law. Also included with this are numerous wrecked automobiles, the departure of his original corner for sponge like Yes People. And there are the latest tragedies. He was taken advantage by many, so sad.
Please take this for what it is worth. Mike Tyson did not look after his own business his thing was women . Not like most of you because I have a real thing for them my self but that is another story. My ex and Mike's secretary or personal assent were close friends in fact her daughter and my daughter spent the summers together. I know this is hard for most of you to believe but follow me ok. When Mike fought in Memphis TN he threw a party that cost 250.000.00 that he never showed up to. His secretary met a guy who had just got out of prison and bought his a convertible Jaguar ,and opened a car wash for him and guess where the money came from you got it Mike Tyson. This is just a couple of things I know about Mike
1.I don't know how much money he owes the IRS but believe me he is able to pay them off today.
2. Mike is already Solvent Mike is not like you or me he can go to any mall in the world and sign autographs and make a killing about 250.000.00 a day
3. It is impossible to spend that much money but you can give it away and you can let people steal it and that is what happen to Mike fortune .
4. I don't know how much Mike owes but he is doing very well right now he has some people who are being paid not to steal from him that are watching every dime.
Mike was just a very young man when he came into all this money you can listen to him talk today he still can't tell you what he really thinks and feels. But you know what our God is taking care of Mike because after everything this man has been through he is still standing and when he speaks people listen because they care. mIKE HAS MILLIONS, AND MILLIONS OF FANS ALL OVER THE WORLD. If Mike Tyson came up to you and said man I need a place to sleep to night can I stay at your place I bet you would say sure Mike so would I BECAUSE WE LOVE THE CRAZY GUY.
Thats the entertainment biz for you kids.
I have no clue...tons...
Ok... So everybody knows that Mike Tyson earned around half a billion dollars and blew it all... He was on a daytime TV show recently, and stated that all his 'Truth Tour' money is going to the IRS.
When asked how much he still owed the IRS - His wife said ''No comment, but it's a seven figure sum''
Mike still lives in a mansion, he dresses well, and appears to live a globe trotting lifestyle... I have three questions regarding this:
1) His diary is maxed out. He is doing almost nightly shows around the states. If this is all for the IRS - Why bother? Why put yourself under the microscope like that?
2) Will Tyson ever be solvent again? He finished boxing years ago... he has always done events, promo's, movie parts etc... And he still owes millions?
3) It must be near impossible to spend such a vast amount of money in such a short duration (Different quotes vary between $300M to $500M). I know he had an army of hangers on - But still, that's some serious cash to filter away... What primary people or events, was the main reason that Tyson got bled dry?
Your views please...
BQ: How much do you think Mike still owes...???
