Michael Spinks Net Worth

What is Michael Spinks’ Net Worth?

Michael Spinks, the retired American boxer, has a net worth of $5 million. Spinks, also known as the “Jinx”, is the brother of two other professional boxing champions, Leon and Cory Spinks. He had a successful career, winning 31 out of 32 professional matches, with 21 of those wins by KO.

Early Career

Michael Spinks was born in St. Louis, Missouri, on July 13, 1956. He gained 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.

Professional Career

Spinks turned pro the following year and went on to a winning streak that almost stretched the length of his professional career.

Michael Spinks’ Boxing Record

Michael Spinks had a successful boxing career, winning 30 out of 32 bouts. He achieved 21 knockouts throughout his career. His only loss as a professional was in his final fight in 1988 against Mike Tyson. Spinks was knocked down twice in the first round. This was only the second time in his career that he was floored by an opponent, the first being in 1983 against Dwight Muhammad Qawi.

Mike Tyson vs Michael Spinks: The Richest Fight in Boxing History

The fight between Mike Tyson and Michael Spinks took place at the Convention Hall in Atlantic City, NJ in June 1988. It grossed around $70 million, making it the richest fight in boxing history at that time. Tyson earned a purse of approximately $22 million, while Spinks earned $13.5 million for the 91-second fight that Tyson won via KO.

Michael Spinks’ Lawsuit Against Promoter Butch Lewis’ Estate

Former professional boxer Michael Spinks retired with his health and finances intact, having earned approximately $24 million before taxes during his career. However, upon the death of his longtime promoter Butch Lewis in 2011, Spinks filed a lawsuit against Lewis’ estate for mismanagement of his earnings. The lawsuit alleged that Lewis used Spinks’ money for personal expenses and allowed the boxer’s health insurance to lapse, resulting in $50,000 worth of monthly bills going unpaid. Spinks reportedly had to dip into pension and retirement funds to pay down debt and monthly bills, incurring significant tax penalties. The lawsuit sought damages from the roughly $8.5 million left in Lewis’ estate, but it’s unclear if it was resolved.

Tragedy Strikes Michael Spinks

Michael Spinks suffered a personal tragedy in January of 1983 when his 24-year-old wife, Sandy Massey, died in a car accident. This left Spinks as a single parent to their two-year-old daughter, Michelle. However, Spinks did not let this tragedy affect his professional career, as only two months later, he defended his light heavyweight championship in the ring against Qawi. In a bout billed as “The Brawl For It All,” Spinks knocked down Qawi in round eight and secured his title with a score of 144-140, 144-141, 144-141 from the judges.

Michael Spinks’ Current Lifestyle

Since retiring, Michael Spinks has kept a relatively low profile, but he occasionally makes appearances at schools as a motivational speaker and trains fighters. He currently resides in a 7,000 square-foot home with a large guest house on three acres of land in Wilmington, Delaware. Spinks purchased the house for $316,000 in 1985, and it’s now valued at $1.5 to $2 million. Notably, Spinks owns the property outright without a mortgage.

Michael Spinks Net Worth - Pulptastic