Millionaires who lost everything: Mike Tyson, Ivan Zamorano and Allen Iverson. How did they squander their fortune?

By Juan Angel Aiesi

Millionaires who lost everything: Mike Tyson, Ivan Zamorano and Allen Iverson. How did they squander their fortune?

The richest athletes can go bankrupt, eccentric spending, bad investments and uncontrolled lives can make a fortune disappear.

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In recent months, two cases have come to light that perfectly illustrate the financial decline of sportsmen. First, the former Chilean soccer player Iván Zamorano and, second Mike Tyson who was even offered to wash toilets to earn money to support himself. Bad financial decisions, wrong investments, swindles and unfortunate events are some of the reasons that appear in sports for a star to end up in absolute economic bankruptcy.



These are some examples of athletes who, after achieving fame and millions, ended up in poverty and lost everything.



Mike Tyson: the former heavyweight champion made nearly $300 million in profits, but filed for bankruptcy in 2003. Spending several millions on jewelry, clothes and other goods, as well as financing his cocaine addiction years before, led him to bankruptcy.

In addition, he had to spend a large amount of money on his legal defense when he was accused of rape. During the trial, which lasted three years, he generated no income. Afterwards, he dedicated himself to giving talks and participating in events.


Scottie Pippen: he won six NBA rings with the Chicago Bulls, but lost more than $120 million in failed investments in aviation businesses, gourmet food and the construction of a luxury resort that was a failure. After the bankruptcy, the retired player played for teams in Finland to earn some money.


Iván Zamorano: the former Chilean soccer player had a successful career for 15 years and played for clubs such as Real Madrid in Spain and Inter in Italy. At the time when the Chilean was a world-renowned striker and star, Inter had paid US$ 7 million to have him on its roster and paid him a salary of close to US$ 2.5 million per season.


Allen Iverson: the NBA's most valuable player in 2001, received $154 million in salary alone during his career, in addition to lucrative advertising contracts. However, his eccentricities and mismanagement of his income evaporated all his wealth.


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