Michael Spinks Net Worth: He is a famous boxer. Michael Spinks boxer whose worth is $5 Million. If you want more about his life, Net Worth, Biography, Age, Height, Family, and Career.
|Net Worth:||$5 Million|
|Date of Birth:||Jul 13, 1956 (66 years old)|
|Place of Birth:||St. Louis|
|Height:||6 ft 2 in (1.88 m)|
|Nationality:||United States of America|
What is Michael Spinks Net Worth?
Michael Spinks is a former professional boxer from the United States who currently has a net worth of $5 million. Michael Spinks, who competes in professional boxing and goes by the ring name “Jinx,” is the brother of Leon Spinks and Cory Spinks, both of whom have won titles in the sport. During the course of his career, Michael competed in 32 professional bouts and suffered only a single loss. His knockout victories totaled 21.
In the life
Michael Spinks won into the world on July 13, 1956, in St. Louis, Missouri, and began to garner attention in the early 1970s as a result of his repeated victories in the amateur boxing circuit. Between the years 1974 and 1976, he won the Golden Gloves Light Middleweight Championship, the National Golden Gloves Middleweight Championship, the Silver Medal at the National AAU Championships, and the Gold Medal at the 1976 Montreal Olympics. The next year, he turned professional and immediately began a streak of success that would nearly last the entirety of his time spent competing at that level.
The Run of Streak
Before calling it quits, he competed in and won thirty-one of his thirty-two bouts in the ring. His knockouts were responsible for twenty-one of his victories. His only professional loss came in his very last fight, which took place in 1988. During that fight, Mike Tyson brought him down twice in the first round, and he was eventually knocked out. Spinks was knocked out by an opponent for just the second time in his professional career, the first time coming in 1983 when he was defeated by Dwight Muhammad Qawi.
The fight against Mike Tyson took place in June of 1988 at the Convention Hall in Atlantic City, New Jersey. It was the most lucrative fight in boxing history at the time, grossing perhaps in the neighborhood of $70 million. After knocking out Spinks in 91 seconds, Tyson won away with a purse of about $22 million, while Spinks walked away with $13.5 million.
Earnings in One’s Profession and Difficulties with Money
Spinks is one of the extremely few professional boxers who was able to retire with both his wealth and his health in pristine condition. During his career, he earned around $24 million before taxes were taken out. Butch Lewis, who was also his promoter, oversaw the majority of the management of his financial affairs. After Lewis passed away in 2011, Spinks launched a lawsuit against the promoter’s estate, alleging that the tens of millions of dollars Spinks earned in the ring were poorly managed by the estate. In the lawsuit, it was stated that Lewis had spent money belonging to Spinks on his own personal expenses as well as those of his children. The attorneys for Spinks claimed that Lewis was responsible for the boxers’ worth of health insurance coverage and the failure to pay monthly expenses totaling $50,000. According to the allegations, Spinks was forced to borrow funds from his pension and retirement account, incurring large tax penalties in the process, in order to pay down his debt and his monthly obligations. Spinks was seeking compensation for damages from the approximately $8.5 million that was still available in Lewis’ estate. It is not apparent if the lawsuit was won or lost.
In January of 1983, Michael Spinks was dealt a terrible blow when his wife Sandy Massey, who was only 24 years old at the time, passed away in an automobile accident. As a result, Spinks was left to raise their daughter Michelle, who was two years old, by themselves. It wasn’t until two months later that he successfully defended his light heavyweight championship against Qawi in the boxing ring. In the fight that was touted as “The Brawl For It All,” Spinks secured his title by knocking down Qawi in the eighth round and receiving scores of 144-140, 144-141, and 144-141 from the three judges.
Personal Life & Real Estate
Although Michael Spinks has, for the most part, avoided the public glare ever since he retired from fighting, he does make occasional appearances at schools as a motivational speaker and trains fighters. In Wilmington, Delaware, where he resides, Spinks has a mansion that is 7,000 square feet in size and includes a huge guest house on three acres of property. He paid $316,000 for the home in 1985, but its value has increased to somewhere between $1.5 and $2 million since then. He did not acquire the property through the use of a mortgage.