Mike Tyson Squandered $400 Million, Buys A New House For $2.5 Million

Mike Tyson, former bankrupt boxer, has purchased a two-story, 10,401-square-foot mansion in the Seven Hills golf community in Las Vegas for $2.5 million. The new home is just down the street from his old house. Mike Tyson and his wife, Lakiha, closed their purchase December 28, Clark County records show.

“A Henderson luxury home in Seven Hills that will stimulate the senses!” is how the brokerage firm Luxury Homes of Las Vegas describes Mike Tyson’s new abode. The listing also describes the property in further detail.

“Sensational Italian masterpiece situated on over ¾ acre guard gated lot with masterful curb appeal, a full RV parking garage, lush green landscaping, stately palms and two casitas, one being a full apartment. Impressive double entry doors welcome you into this Luxurious custom estate home elegantly designed with marble flooring and a sweeping marble staircase, a temperature controlled wine cellar, stone fireplaces, a graceful formal dining room, two grand master suites, both upstairs and downstairs, vaulted ceilings and superior finishes throughout!”

Inside the Tysons’ new, single family home are four en-suite bedrooms, chandeliers, custom iron railings, a media room, arched doorways, and floor-to-ceiling windows. The outside highlights include a disappearing edge swimming pool, spa, covered patio, water features, outdoor kitchen with a fireplace, and professional landscaping.

The seller, M. Tina Meyer, was a flipper and bought the 0.76-acre spread in March 2015 for $2.3 million, county records say. The $2.5 million sales price was 40 percent below what previous inhabitants paid in 2006, during the real estate bubble.

In a press release on PR Newswire broker Ken Lowman, owner of Luxury Homes of Las Vegas, announced the purchase of the house in the exclusive guard gated community. The press release quotes Lowman saying as follows.

“The lucky buyer will not only be able to live in Mike Tyson’s old home, they will also be his new neighbor!”

Luxury Homes of Las Vegas represented Tyson and Meyer in their transaction and have listed Tyson’s old house. Mike Tyson’s old home is listed for $1.5 million and is a mere four-minute walk away from their new home.

Mike Tyson had lived at his former home since 2008. The 5,700-square-foot home has four bedrooms and five baths, and recently underwent a contemporary remodel.

Tyson would take a loss if the home sells at that price. “Iron” Mike bought the house from former NBA player Jalen Rose for $1.75 million in 2008.

Mike Tyson’s home upgrade represents the 49-year-old climbing back to financial success. After severe financial burdens, Tyson filed for bankruptcy in August, 2003. Claiming $23 million in debts, Tyson earned $400 million over the previous 20 years.

According to Tyson’s bankruptcy filing, his debtors included the following.

  • $13.4 million to the IRS
  • $800,000 to former trainer, Stacey McKinley, who sued Tyson in a Memphis court to repay a debt of that amount
  • $317,201 to the treasuries of Georgia and Michigan (owed by Tyson’s company, Mike Tyson Enterprises)
  • $600,000 to seven law firms that represented Tyson and his company
  • $500,000 to a financial manager
  • $450,000 to music producer Jimmy Henchmen

The New York Times reported Tyson had lived a lavish lifestyle, with mansions, jewelry, cars, and Siberian tigers.

Tyson rose to fame and fortune in the 1980s after winning 26 out of 28 professional fights by KO/TKO. At age 19, he had his first televised fight in 1986. By the age of 20, Tyson became the youngest Heavyweight champion in boxing history. At the height of his career, he could earn up to $30 million for a single fight.

Thanks to endorsements, media, and cameo appearances, Mike Tyson now has a net worth of approximately $1 million, according to Celebrity Net Worth. He also has an animated TV series, Mike Tyson Mysteries.

[Photo by Ethan Miller/Getty Images]