KEY POINTS

  • Mike Tyson earned around $700 million in his heyday 
  • He runs a marijuana business called Tyson Holistic Holdings
  • Tyson's comeback fight is against Roy Jones Jr. in September

Mike Tyson is one of the best ever to don boxing gloves. He is set to return to the ring after a 15-year hiatus.

Tyson’s return after retiring in 2005 stirs up talks as to what could be his reason to fight again. Granted that the fight is only an exhibition match against another boxing legend Roy Jones Jr. in September 2020, fans cannot help but think if Tyson is cash-strapped. The truth is that he may have lost much of his career earnings, but a new venture that is proving lucrative gives him more than enough recently. 

Once known as “The Baddest Man on the Planet,” the boxer is now into cannabis business and the investment is proving to be a wise decision. The 54-year-old launched Tyson Holistic Holdings in 2016 and reports claim he is earning at least $500,000 monthly off it. His ranch grows several strains of premium marijuana which he incorporates into different off-the-shelf products, per The Leaf Desk.  

Mike Tyson Former heavyweight boxing champion Mike Tyson arrives to the American Theatre Wing's annual Tony Awards in New York, June 9, 2013. Photo: Reuters/Carlo Allegri

Due to the success of Iron Mike’s weed business, he is eyeing an expansion which would include a “Tyson University” to formally future educate cannabis farmers and a multimillion weed resort. A 428-acre resort will be transformed and will feature glamping sites, a hotel, a spa and parks, among others.  

One of the slugger’s dreams is to host a music festival like Coachella inside his dream weed resort. The former heavyweight champion’s interest in marijuana grew over the years as he confessed he needed it to calm his nerves. He admitted to using opiates before but added it screwed him up. Tyson has had his fair share of wear and tear in his heyday. In a sport where the heads of athletes are subjected to life-threatening blows, marijuana is being eyed as a substitute for addictive painkillers. 

The Brooklyn, New York native earned an estimate of $700 million from prize winnings alone. According to Sportscasting, his net worth used to be around $400 million after expenses and taxes, but his tale was similar to sports superstars who thought money would roll in forever. 

Tyson acquired expensive cars, homes and maintained a luxurious lifestyle. Some of the things he splurged on were a $2 million golden bathtub, watches that were worth six figures, Bengal tigers that carried a $70,000 price tag each with a trainer that received $125,000 per year. Moreover, he used to live in a Connecticut mansion with 21 rooms and owned several properties in Las Vegas, Ohio, and Maryland.

In 2003, he filed for bankruptcy, due in part to lengthy legal battles. He bounced back and started appearing on some TV shows. Celebrity Net Worth reports that Iron Mike charges $75,000 per appearance on parties or shows. 

Tyson does not need to fight again, but if there is a chance to help charities and earn a bit while entertaining fans, critics are sure those are more than enough motivation for the “Baddest Man on the Planet.”