How Mike Tyson went from a net worth of $300 million to broke

Mike Tyson is famous — and infamous — for many things. He was the undisputed boxing heavyweight champion of the world in the late 1980s. He was also one of the most famous and highest-paid athletes in the world at the time and had a reported net worth of around $300 million, according to Celebrity Network.

Other estimates put "Iron Mike" Tyson's net worth north of $420 million at one time. But the money was apparently not meant to last. Over the years, Tyson found himself in serious trouble on more than one occasion.

💰💸 Don’t miss the move: SIGN UP for TheStreet’s FREE Daily newsletter 💰💸 He was convicted of rape in 1992 (he claimed the sex was consensual) and sentenced to six years in prison. Tyson was paroled after just three years. After his release from prison, he booked a fight with Evander Holyfield, but during the bout, Tyson bit off part of Evander Holyfield's ear and was disqualified from the fight.

As a result, the Nevada Athletic Commission revoked his license to box for 16 months, which surely affected his earnings. Related: How Al Pacino went from a net worth of $50 million to broke All along, Tyson was living a lavish lifestyle, spending money on multiple multi-million dollar homes across the U.S.

, luxury cars, jewelry and bodyguards. He also owned two $70,000 Bengal tigers, which required a special habitat at his home in Las Vegas, plus an expensive caregiver who reportedly earned $125,000 a year. The Ring Magazine/Getty Images Mike Tyson's .