Mike Tyson down to his last $5,000 in cash

Jet, March 1, 2004

The life of luxury has its cost, and former heavyweight champion Mike Tyson says he can't afford it anymore.

Tyson, who earned more than $200 million during his boxing career that has seen lavish spending on homes, cars and jewelry, was down to his last $5,553 as of Dec. 31, according to papers filed with the U.S. Bankruptcy Court in New York.

Mired in debt, the 37-year-old Tyson has been pummeled financially for months and filed for Chapter 11 bankruptcy protection last August (JET, Aug. 18, 2003). According to court documents, Tyson also had $174,000 in property and equipment and more than $10.2 million in liabilities at the end of December.

Although Tyson has not had a drastic lifestyle change, he reported earning $720,018 and spending just $85.50 in December, and earning $5.68 and spending $22,000 in November.

Tyson's last payday was in February 2003 when he knocked out Clifford Etienne in 49 seconds. He earned $5 million for that fight.

Shelly Finkel, Tyson's manager, said the boxer wants to fight again and has been working out with a bodyguard, but does not have a trainer yet. The camp is exploring a fight for this May or June.

Also, Tyson has blamed promoter Don King for his financial woes and has a $100 million lawsuit pending. The trial is scheduled this year.