The 10 Biggest Boxing Champs to Go Broke

Image via Complex Original

Today it isn't too uncommon to hear about former athletes who've fallen on hard times. In most cases, it's second-tier athletes who tried to keep up with the ballin' lifestyle well after their careers were over. However, what is surprising is the alarming rate at which world champion boxers who've earned seven, eight, and in some cases nine-figure salaries go broke. Whether it's greedy promoters, gold-digging groupies and wifeys, splurging on friends and family, or just reckless spending no other sport has seen more of its high-profile stars go from riches to rags than the sweet science.

Evander "The Real Deal" Holyfield turns 49 today. And while most would figure he'd be enjoying retirement at that age with the estimated $250 million earned throughout his career, instead he continues to box most likely in an effort to battle the financial troubles he's faced after having to reportedly support 11 children from eight different women. Just last year his $10 million mansion was put into foreclosure. But Holyfield is far from the only fighter to get KO'd financially. From Iron Mike to Joe Louis, fighters have a long history of losing millions in a variety of different ways. So, today's flashy champions should take note (that's you Money Mayweather!), and check out the 10 Biggest Boxing Champs to Go Broke...

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10. Rocky Lockridge

Record and Accolades : 44-9-0 (36 KOs); Former WBA Super featherweight champion
Estimated Career Earnings: $2.5 million
Prior to 2010, many remembered Rocky Lockridge as a tough boxer who surprised Roger Mayweather with a first-round KO to win the WBA super featherweight championship. Sadly, today he's become an Internet and reality-TV sensation all thanks to him being featured on A&E's Intervention. The infamous clip of Lockridge breaking down during the intervention with his family has become known as "Best Cry Ever." Updates on Lockridge say the former boxer is clean and would like to return to the sport as trainer. We wish Rocky the best in his recovery. On another note, the Internet can be one messed up place.

9. Wilfred Benitez

Record and Accolades : 53-8-1 (31 KOs); Youngest world champion in boxing history
Estimated Career Earnings: $3-6 million
Think back to what you were doing at 17. Busy ditching classes? Begging your parents for keys to the whip? How about becoming a world champion boxer? That's exactly what Wilfred Benitez did when he won a split decision over 30-year-old Antonio Cervantes for the WBA light welterweight championship. Today, after years of punishment in the ring, Benitez is confined to a wheelchair and relies on government assistance to survive. His sister--who works as his caregiver--says Benitez' father mismanaged most of the money his son earned by splurging it on rides, women, and big gifts. Cars, broads, and some of life's other luxuries? Sounds like sensible spending to us. We kid.

8. Leon Spinks

Record and Accolades : 26-17-3 (14 KOs); Former WBC and WBA Heavyweight Champion
Estimated Career Earnings: $4.5 million
The crowning moment of Leon Spinks' career came when he defeated Muhammad Ali in 1978 to win the world heavyweight title. Less than two decades later, Leon Spinks was homeless. Spinks has had numerous run-ins with the law and admits he squandered most of his earnings on drugs. Most recently Spinks worked as a janitor at a YMCA in Columbus, Neb. From cleaning people's clocks for a living to cleaning their toilets, shit is real out there.

7. Joe Louis

Record and Accolades : 69-3-0 (57 KOs); Reigning heavyweight champion from 1937 to 1949
Estimated Career Earnings: $4.6 million
Joe Louis is not only one of the most recognizable boxing greats of all time but he was considered as an American hero by many for his service during World War II. Unfortunately, neither of these two things could protect him from debt. In fact, after returning from service he owed $100,000 in taxes. And though he made over $4 million during his career, all but $800,000 of that went to his management team and promoter Mike Jacobs. Between that and the incremental tax rates, Louis was in a debt cycle that seemed to have no end. As a result, he was forced to work a number of odd jobs and even took up a career as a professional wrestler. Later on in life, friends--including his rival Max Schmeling--gave Louis money to ease his financial strain. Even your former enemies are more likely to help you than the government. SMH.

6. Iran Barkley

Record and Accolades : 42-12-0 (27 KOs) WBC Middleweight, IBF Super Middleweight, and WBA Light Heavyweight champion
Estimated Career Earnings: $5 million
In 1988 Iran Barkley stunned boxing fans everywhere by knocking out Tommy Hearns for the WBC middleweight championship. His victory was named the Upset of the Year by Ring magazine and prompted high-profile bouts against Roberto Duran and James Toney. But last year, the New York Post revealed that the former champ was now homeless and surviving off of meals provided by friends. A couple months later, an update was given on Barkley that revealed he had moved into a halfway house. Today he trains boxing amateurs and is even considering returning to the ring despite being 51-years-old. We're glad he's getting back on his feet, but please stick to training fam. #notworthit

5. Thomas Hearns

Record and Accolades : 61-5-1 (48 KOs); Held eight world titles in six different divisions
Estimated Career Earnings: $40 million
Way before Manny Pacquiao and Floyd Mayweather became known for winning world titles in multiple weight classes, Thomas Hearns became the first boxer to hold five titles in five different divisions. But last year, the Hitman's biggest blow came when he was forced to auction off many of his possessions in order to pay tax debts of $250,000. Hearns says he lost most of his fortune by helping out members of his large family; a decision he does not regret making.

4. Dariusz Michalczewski

Record and Accolades : 48-2-0 (38 KOs); Former WBA, WBO, & IBF light heavyweight champion and WBO cruiserweight champion
Estimated Career Earnings: €30 million
The Polish-German boxer went 12 years before receiving his first defeat in the ring. Outside of the squared circle though, he was taking major hits as two divorces cost the boxer over €15 million. He says the rest of the money was spent on cars, homes and even a racehorse. Sidebar: How many times you think reporters mispronounced or misspelled this dudes name? Coach K, you got some competition for the toughest name in all of sports.

3. Riddick Bowe

Record and Accolades : 43-1-0 (33 KOs); Former Undisputed Heavyweight Champion
Estimated Career Earnings: $50 million
With only one loss on his professional record, Bowe holds the distinction of being the only boxer to defeat Evander Holyfield twice. After becoming the undisputed heavyweight champion of the world at the age of 24, Bowe brought in millions through fight purses and endorsements from companies such as FILA. So, how did the former champ go from making millions to trying to sell his own autographed memorabilia at a flea market in New Jersey? Bowe admits to splurging on lavish homes, luxury cars and helping out friends and family but also says his money was mismanaged by advisers. Kind of ironic considering his boxing nickname was Sugar Man.

2. Evander Holyfield

Record and Accolades : 44-10-2 (29 KOs); Former Undisputed Cruiserweight and Heavyweight Champion
Estimated Career Earnings: $250 million
Two of the fastest ways for any athlete to blow millions of dollars is having lots of kids by many different women and going through multiple divorces. This lethal one-two combo put a hurting on Holyfield's pockets to the tune of nine figures and have forced the boxer to continue his career as he pushes 50. In the summer of 2008, Holyfield's $10 million mega mansion (109 rooms and 17 bathrooms, really fam?) went into foreclosure. Despite these financial troubles, Holyfield remains adamant about giving to the church. According to his third wife, an argument over paying tithes is the reason behind him allegedly assaulting her last year. SMH, doesn't he know God don't like ugly?

Update: Evander owes $372,000 in child support and may be headed to jail.

1. Mike Tyson

Record and Accolades : 50-6-0 (44 KOs); Former Undisputed Heavyweight Champion
Estimated Career Earnings: $350-400 million
Iron Mike was not only the top earning boxer of his time, but one of the highest paid athletes period. In 1991, he came in second on Forbes' top earning athletes list--beating out competition like MJ--with an estimated $31.5 million earned. He had major endorsement deals with companies like Pepsi, his own video game, and brought in unprecedented purses from his championship bouts. Or at least we thought he did. According to Tyson, promoter Don King robbed him of $100 million. Tyson sued the promoter in 2003 but ended up settling out of court for $14 million. Think Tyson is still bitter about losing that cake to King, today? Uhh...is calling someone a "wretched, slimy, reptilian motherfucker," a strong enough statement for you?