Mike Tyson (Bankrupt in 2003): After legal troubles relating to sexual assault charges, the former boxing champ was bankrupted by lawyer fees — and, of course, lavish spending. In 2003, The New York Times ran a cutting article with the headline “Tyson’s Bankruptcy Is a Lesson In Ways to Squander a Fortune.” The article states that despite making $400 million over 20 years as a boxing sensation, he was bankrupt due to crazy expenses on jewelry, parties and even pet tigers. “One of his most recent extravagances came on Dec. 22, when Tyson walked into a Las Vegas jewelry store and picked up a $173,706 gold chain lined with 80 carats in diamonds. But he never paid for the fabulous jewelry, which is among the $23 million in debts specified in the Chapter 11 petitions he filed Friday with the United States Bankruptcy Court in Manhattan.” Oh boy. This was before facial tattoos and ear biting, but no less embarrassing.
- Poll of the Day