The former heavyweight boxing legend has revealed how he lost millions of the enormous fortune he gained after years in the ring.

Boxing icon Mike Tyson revealed how he spent over £500m of his earnings on “crazy s***” at the height of his fame. The former undisputed world heavyweight champion managed to earn a fortune during a career spanning more than two decades. But the former fighter has since claimed he spent the majority of his fortune on lavish gifts.

Tyson amassed his vast fortune thanks to a career that cemented his place as one of the greatest boxers of all time. After turning professional at 18 years old in 1985, “Iron Mike” went on to compete in 58 fights, winning 50 and claiming 44 of those wins via knockout.

At 20 years, 4 months and 23 days old, Tyson still holds the record as the youngest boxer to ever win a heavyweight title. And thanks to his skill inside the ring he was able to earn a vast fortune. Sadly for the 57-year-old, he has little of his reported £500 million in earnings left having spent the majority of his winnings during his heyday.

“I spent the last money that I had from fighting on rehab, around a million bucks,” Tyson admitted while appearing on The Pivot podcast. “I had enough money left, like two million dollars of my whole life left, and I bought a house in Phoenix, [Arizona]. The house was difficult to sell, but somebody loved it and boom they gave me the money. This is God working.”

Tyson went on to address the claims that he lost his fortune quickly at the height of his fame. “When you’re making that much money it lasts for a long time,” Tyson added.

“That didn’t die right away, it took like 15 or 16 years to go broke. I’m throwing s*** like ‘Hey baby, you like that car? OK, you come and spend the weekend with me.’ Just crazy s*** you can do with your money.”

The boxer then claimed that he wouldn’t give his remaining fortune to any of his eight children because it wouldn’t help them. “To pray the most and to work the most,” Tyson said when asked what he would pass down to his children.

“Be the hardest worker and believe [in] yourself, I can’t help them by giving them money. I can only hurt them if I give them money. They have to learn because if they don’t have no aspiration and they don’t experience no adversity, under the slightest struggle they are going to give in.”

Tyson is currently back in the gym and is working with former UFC heavyweight champion Francis Ngannou. The MMA star has enlisted “Iron Mike’s” help ahead of his bout against Tyson Fury on Oct. 28 in Saudi Arabia.

Speaking to Daily Mail (as per Boxing Scene) ahead of the bout, Tyson said: “I am helping Ngannou. I am learning what he is able to do. He’s able to do so much more than I anticipated. He has what it takes to knock out anything or anybody standing in his way. Once he lands a punch on Tyson Fury’s jaw he is going to knock him out too. Nobody can survive that.”