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Top 10 Athletes Who Should Have Hired a Good Accountant

Steve Berman, LedgerLink

3. Mike Tyson

Houses, jewelry, cars, drugs, Siberian tigers…you name it, Mike Tyson wasted his money on it. The story of a boxer taken advantage of by slimy promoters and leech-filled entourages has been told many times, but Tyson’s story is perhaps the epitome of the up and down cycle of professional boxing – and that’s not even counting the time he bit off a piece of Holyfield’s ear.

For over a decade, Tyson was his sport’s lead attraction, but with a multitude of highly-publicized mental and legal troubles his financial downfall seemed inevitable. It also didn’t help that Tyson had the willpower of a young child and the spending habits of a Fortune 500 corporation.

According to court documents reported by the New York Times, “Tyson spent $400,000 a month to maintain his lifestyle. From 1995 to 1997, he spent $9 million in legal fees, $230,000 on pagers and cellphones, $410,000 on a birthday party. In June 2002, he owed $8,100 to care for his tigers and $65,000 for limos.”

Tyson filed for bankruptcy in 2003, and has bounced in and out of the courtroom since, mostly for drug and DWI arrests. Lately his life has seemed to calm down a little, as he recently married and has reportedly been clean and sober for the last couple years. He even had a cameo in last summer’s hit movie, The Hangover.