What is Michael Spinks' Net Worth?
Michael Spinks is a retired American boxer who has a net worth of $5 million. Nicknamed the "Jinx", Michael Spinks is the brother of fellow professional boxing champs Leon Spinks and Cory Spinks. Michael fought in 32 professional matches during his career, ending with just one loss. He had 21 wins by KO.
Early Life
Born in St. Louis, Missouri, on July 13, 1956, Michael Spinks began to gain notice in the early 70s as he won multiple amateur boxing titles. Between 1974 and 1976, he won the Golden Gloves Light Middleweight Championship, won Silver at the National AAU Championships, won the National Golden Gloves Middleweight Championship, and the Gold Medal at the 1976 Montreal Olympics. He turned pro the following year, and went on to a winning streak that almost stretched the length of his professional career.
The Streak
He fought thirty-two bouts before retiring, and won thirty-one of them. Twenty-one of his wins were via knockout. His final fight in 1988 was his only loss as a professional. In that fight, he was knocked down twice by Mike Tyson in the first round. It was only the second time in his career—the other to Dwight Muhammad Qawi in 1983—that Spinks was floored by an opponent.
Mike Tyson
The fight against Mike Tyson was held at the Convention Hall in Atlantic City, New Jersey, in June of 1988. At the time, it was the richest fight in boxing history grossing around $70 million. Tyson earned a purse of around $22 million and Spinks $13.5 million for the 91-second contest that Tyson won via KO.
Career Earnings & Financial Issues
Spinks is one of the rare professional boxers who retired with his money and health fully intact. He earned approximately $24 million pre-tax during his career. For most of it, his finances were managed by promoter Butch Lewis. Upon Lewis' death in 2011, Spinks filed a lawsuit against the promoter's estate alleging that tens of millions of dollars Spinks earned in the ring were mismanaged. The lawsuit alleged that Lewis used Spinks' money on personal expenses for himself and his children. Spinks' lawyers alleged that Lewis allowed the boxers' health insurance to lapse and caused $50,000 worth of monthly bills to go unpaid. Spinks allegedly had to use pension and retirement funds, at significant tax penalties, to pay down debt and monthly bills. Spinks was seeking damages to be paid from the roughly $8.5 million left in Lewis' estate. It's unclear if the lawsuit was resolved.
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Tragedy
Tragedy struck for Michael Spinks in January of 1983 when his 24-year-old wife, Sandy Massey, died in a car crash. This left Spinks a single parent of their two-year-old daughter, Michelle. It was only two months later that he defended his light heavyweight championship in the ring against Qawi. Spinks knocked Qawi down in round eight and scored 144-140, 144-141, 144-141 from the judges to secure his title in the bout billed as "The Brawl For It All."
Personal Life & Real Estate
Though Michael Spinks has mostly remained out of the public eye since retiring, he occasionally visits schools as a motivational speaker and trains fighters. Spinks lives in a 7,000 square-foot home with a large guest house on three-acres of property in Wilmington, Delaware. He purchased the house in 1985 for $316,000, and it's now worth upwards of $1.5 – $2 million. He owns the property without a mortgage.
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