Mike Tyson: 'I was totally out of my league'

Former heavyweight champion "Iron" Mike Tyson has gone from rags to riches and back again over the course of his career.

Appearing Monday on CNBC's "Power Lunch," the boxing great revealed that at the height of his career, his net worth was between $400 to $500 million.

But after spending his fortunes on everything from 80-carat jewelry to a car collection — and going through a costly divorce — he filed for bankruptcy in 2003, declaring debts exceeding $23 million.

"I was totally out of my league. [I] didn't know how to handle money, didn't know how to handle the people that were involved with me with my money," he said.

Since leaving the ring, Tyson has turned to media and entertainment to help recover his lost assets. He's scored book deals, starred in movies and even put on a Broadway show.

"I've got more fans than I ever did in my boxing career and you know how come I know? ... Because I have the Internet," he said. Tyson has nearly 5 million Twitter followers and 97 percent awareness among the public, according to Repucom's CelebrityDBI profile.

Though the boxing legend said he is still paying back his debts, he's been able to use this second wave of stardom to once again become a millionaire. He's also learned to stay out of his own way, he said.

"I'm very dangerous and toxic sometimes with money," he said.

As for starring in another "Hangover" film? Tyson said he'd be open to it.

"If they call me and pay me," he said.