Wednesday, Aug. 6, 2003 | 9:54 a.m.
Dean Juipe's column appears Monday, Tuesday, Wednesday and Friday. His boxing notebook appears Thursday. Reach him at [email protected] or (702) 259-4084.
A couple of years ago Mike Tyson made it clear that he had spent a lot of money in his adult life.
"I've blown half a billion," he said in one of his patented, cleansing-of-the-soul interviews. "It's not an issue for me."
I believed him then and those who doubted him will believe him now.
As has become apparent in his filing for Chapter 11 bankruptcy protection, as he did last week in New York, the former heavyweight champion has verified from $300 million to $500 million in expenses.
He's frivolous, of course, and something of a soft touch. He buys on impulse or whim and worries about paying later.
He has also been ripped off and exploited to the max by supposed friends and business partners. Hence, he and promoter Don King have dueling $100 million lawsuits filed against each other that are finally due to be heard in court next month; Tyson claims he made $112 million while alleging that King (and associates John Horne and Rory Holloway) made $113 million on a series of Tyson fights shortly after he was released from prison in 1995.
When those U.S. District Court papers were initially filed in New York in the King-related lawsuit, Tyson's specific expenses -- as documented by a court-approved accountant -- became a matter of public record. Though a bit dated, looking back on them helps explain how a man can make a half-billion dollars and find a way to spend it.
All figures are totals from 1995 through '97:
Give or take, that's $35 million he spent in just three years alone and it excludes the actual cost of the three homes that were already in his possession.
Could he have legitimately spent a half-billion dollars in his life? Sure.
Will he continue to spend like a madman? Most likely.
Should anyone who is owed money by him expect to get paid? Absolutely not.
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