Seven-time NWA World champion Harley Race rushed to the ring and performed CPR, but was unable to save Iron Mike's life.

DiBiase turned heel against the Junkyard Dog and formed a group called The Rat Pack with Jim Duggan and Matt Borne, ran Mid-south for months.

While locked in talks with the National Wrestling Alliance in 1987 after the UWF was acquired by Jim Crockett, DiBiase received an offer from the WWF.

[18] Later that year, DiBiase and Hansen entered the 1985 World's Strongest Tag Determination League and would emerge victorious, finishing in first place with 7 points.

[19] On July 3, 1987, DiBiase and Hansen would lose the PWF Tag Team Championship to Jumbo Tsuruta and Tiger Mask, ending their two-year reign as champions.

Two months later, on November 13, 1993, DiBiase and Hansen would be stripped of the title so it could be put on the line for the 1993 World's Strongest Tag Determination League.

Other skits featured DiBiase traveling in limousines, giving $100 tips to waiters, and using $100 bills in convenience stores for small purchases like chewing gum.

In reality, DiBiase's road travel was deliberately booked for first-class airplane flights and five-star hotel accommodations, and he was given a stipend of petty cash from the WWF Offices so that he could "throw money around" in public (i.e. pick up tabs and "overtip", buy drinks for entire bars, actually pay for small items with a $100 bill, etc.)

Other times, DiBiase invited fans (including a young Rob Van Dam and a then-unknown Linda McMahon[27]) to perform humiliating acts (such as kissing his feet) for money.

The reason for the bye was a double-elimination of Hulk Hogan and André the Giant when they both were disqualified in their match, with DiBiase meant to face the winner.

DiBiase was defeated by "Macho Man" Randy Savage in the finals, helped by Hulk Hogan negating André's repeated interference in the match.

Although pro-heel commentator Jesse "The Body" Ventura served as the guest referee, Hogan pinned DiBiase to win the match.

DiBiase then defeated Brutus Beefcake, Ken Patera, Ron Bass, and Randy Savage to win the 1988 King of the Ring tournament, receiving his first WWF success.

Sensational Sherri, who earlier in the night had turned on a losing Randy Savage, came down midway through the match to help DiBiase and became his full-time valet.

DiBiase regained the Million Dollar Championship from Virgil with help from Repo Man on the November 11 edition of Prime Time Wrestling which was dubbed Survivor Series Showdown.

Shortly after Royal Rumble 1992, DiBiase quietly dropped Sherri as his valet (so she could manage Shawn Michaels) and officially formed the tag team Money Incorporated with Irwin R. Schyster (IRS).

After losing a match to the Legion of Doom at SummerSlam, DiBiase and IRS regained the belts on the October 13 edition of Wrestling Challenge from the Natural Disasters.

DiBiase and IRS were defeated by the Steiners for the WWF Tag Team Championship on June 14 in a non-televised match at a Wrestling Challenge taping.

After a few months back in AJPW, where he won the World Tag Team Championship with Hansen, he quietly announced his retirement due to sustaining an injury to two cervical discs in his neck and returned to the USA.

[40] DiBiase's last appearance with the company was at In Your House: Beware of Dog 2 in 1996, where he was kayfabe forced to leave the WWF after Steve Austin lost to Savio Vega.

DiBiase debuted in WCW on August 26, 1996, revealing himself as the fourth member of the New World Order, joining Scott Hall, Kevin Nash and Hollywood Hogan.

A few months later, on the August 4, 1997, episode of Nitro, he made a face turn and began managing The Steiner Brothers, leading them to two World Tag Team Championships.

As each week went by pretty soon Eric isn't the announcer anymore, he becomes part of the nWo and I just went to him one day and told him I'm not just going to walk out there and be Hulk Hogan's Virgil, you hired me to be the spokesperson for this, so if that's not what I'm going to do you can send me home.

DiBiase inducted his former manager Sensational Sherri into the WWE Hall of Fame on April 1, 2006[44] and made an appearance at WrestleMania 22, offering Eugene $1,000 to dribble a basketball 100 times backstage and kicked the ball away at the last second.

DiBiase made his first in ring appearance in over five years at the Raw 15th Anniversary Special on December 10, 2007, by winning a 15-man battle royal, in which he was not even an active participant.

Later in November 2010, DiBiase made an appearance on Raw, accompanied by Irwin R. Schyster, wherein Goldust returned the stolen Million Dollar Championship to him.

He returned on the March 4, 2013 Old School Raw at ringside with The Prime Time Players and agreed to be their manager if they won the match against Team Hell No.

In 1999, he founded Heart of David Ministry and travels the world ministering to churches, camps and conferences including Promise Keepers and Youth of the Nation.

[57] His son, Brett, pleaded guilty to creating fraudulent statements in what has been labeled as Mississippi's largest public embezzlement case in state history.

[59] In May 2022, the Mississippi Department of Human Services sued DiBiase, his sons, and retired NFL quarterback Brett Favre, and several others to recover more than $20 million in money "squandered" from the Temporary Assistance for Needy Families anti-poverty program.