Legal entanglements, aides, extravagance and adviser-promoter Don King drained much of Mike Tyson's earnings, estimated at $100-million, according to a Washington Post report.
Tyson last year said his net worth was less than $15-million. Sources told the Post he spent $5-million since then on luxuries and legal fees.
The former heavyweight champion was convicted of rape and criminal deviant conduct in Indianapolis on Monday. Tyson, is in seclusion near Cleveland with King, while his attorneys plan an appeal.
Tyson, the youngest man ever to win the heavyweight title, commanded big money for television rights and product endorsements as well as huge purses. He has a 30,000 square-foot Ohio mansion, a multimillion-dollar jewelry collection and 30 telephone-equipped cars to show for it. One report, in Vanity Fair's March issue, set Tyson's earnings as high as $200-million.
"I spent a lot," Tyson said in a deposition last year. "I got a lot of goodies," he said in an interview last fall.
The Post quoted sources saying that Tyson will pay Williams & Connolly, a Washington-based law firm, about $2-million for defending him against the rape charge. But even before that, according to King, the fighter paid "several million dollars" to defend himself against lawsuits alleging libel, breach-of-contract, sexual assault and paternity.
King told the Post he received a third of Tyson's boxing revenues.
Tyson lost at least $15-million last fall when an injury forced him to withdraw from a fight against champion Evander Holyfield.
He has continued to spend freely, paying $50,000 over four years to a hypnotist, according to King, building a movie theater at his estate and buying luxury cars for himself and friends.
In a lawsuit pending in U.S. District Court in New York, Tyson claims his former manager, Bill Cayton, and his former partner, Jimmy Jacobs, defrauded him of more than $1-million.
Cayton denies the charges. Jacobs died in March 1988, four months before Tyson turned his career over to King.