Tyson: Millions gone on diamonds, limos, rugs

Posted: Wednesday, August 06, 2003

NEW YORK A diamond necklace worth as much as some houses. More than $300,000 in limousine rides. Sixty thousand dollars worth of rugs.

Mike Tyson's Manhattan bankruptcy filing lays out the surprising ease with which the former heavyweight champion burned through hundreds of millions of dollars during his career.

Tyson, 37, now has pegged much of his hope for financial resurrection on a lawsuit against Don King, according to the filings.

''There's no question that the lawsuit could potentially be the largest asset of his estate,'' Tyson attorney Debra Grassgreen said.

Tyson became the youngest heavyweight champ at 20, grossing an estimated $300 million in the ring over the years. He is suing his former promoter for $100 million.

The boxer describes the litigation as part of his ''substantial intangible assets'' in a filing that traces the arc of his career beginning with the words, ''I am a professional boxer and a former heavyweight champion of the world.''

It goes on to recount his rape conviction, the 1997 bout when he bit Evander Holyfield's ears, and alleged financial mismanagement by King, whose spokesman did not return a telephone call seeking comment.

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