|Mike Tyson's Big Meltdown recognized by Forbes Magazine
By Johnny Benz (Nov 26, 2008) DoghouseBoxing.com
In an interesting article from Forbes, the publication takes a look at top athletes who were bad with their money. Not surprisingly Mike Tyson made their "Sports Stars' Money Meltdowns" list. It's no secret that Tyson has blown tons of his money.
Forbes estimates that Tyson, who claimed bankruptcy back in 2003, has blown as much as $400,000 million. Below is a direct excerpt from Forbes.com on Tyson. It details some of Tyson's estimated losses.
From Forbes: One estimate pegs Mike Tyson's career earnings at $400 million. But the hard-punching heavyweight declared bankruptcy in 2003. Tyson, who earned up to $30 million for some of his fights, lived beyond his considerable means. ''He spent enormous amounts of money that were inappropriate at best,'' a lawyer for Tyson's ex-wife told The New York Times. ''Part of it can be attributed to a lack of willpower. Part of it can be attributed to people who he let get close to him and depended on his goodwill and took advantage of him.'' Documents from his divorce stated that he spent $400,000 a month. -- Forbes' excerpt end.
Other names of Athletes who were poor with their money, listed on Forbes include, Tennis Legend, Björn Borg, Denny McLain (Baseball pitcher), Michael Vick (NFL player and convicted for DogFighting),and Johnny Unitas (Legendary quarterback).
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