First, if the place has had a succession of owners since, we have no way of knowing how much of that gear is "original Mike", and how much isn't.
Also, if the house is as large and sprawling as the outside pic shows, it's very logical that there might (have) be(en) more than one audio system in the place. Are we sure that the system shown wasn't for the servants, or just the pool area, or...?
When was that gear bought and installed? Probably during the height of the "BPC era", when it might have been considered decent... at least by the salesperson in the big chain store that Mike --or whoever was assigned to get a system-- went to.
Not everyone is an audiophile, and no one at all should suggest that a golden gloves boxer (ear-biter, rapist, whatever) has to have "golden ears" as well.
Anyway, I agree that the taste in decor is deplorable. That said, one might recognize that Mike comes from a different background than many people. He is from an ethnic group that often has its own tastes, somewhat different from the preferred tastes of other groups: zebra carpet might look gauche to "WASP" eyes, but perhaps not to African-Americans, to whom it may represent respect for African heritage and roots. The interiors you might see in Ebony are not usually the same as those in Martha Stewart Living. Similarly, he came from a relatively poor background, and lower-income groups often have different tastes. "Nouveau Riche" tastes often tend towards the kitschy or gaudy, as a reassuring display of newly-found wealth. Bright red carpet plays into that, as does some of the furniture. Graceland --another mansion built by a poor guy who struck it rich-- is hardly an icon of good taste, either, and there are many more such examples in many places. Just search celebrity homes, and you'll find a whole range of interiors, from immaculate to horrible. Often they tell you a lot about the backgrounds of the owners/inhabitants.
What I will say in defense of that eyesore is this: there is terrific potential in the "craftsman" wood paneled walls and vaulted ceilings. Think of traditional European castles and great homes, Gothic, Antonio Gaudi, Art Nouveau and the Craftsman movement, up through Eames, and some of the better modern barn and loft conversions: that woodwork could be pushed into something somewhat reminiscent of any of these, or something original with a more attractive appearance than it has now. There is actually LOTS of potential there, just disguised by those awful floor coverings and the cr*p stuck in there. Imagine the place stripped of floor coverings and decor, taken back to bare walls and floor. Then put in some nice, high-quality flooring and suitable, well-chosen decorations. With some thought and effort (and money), that place could look like a million bucks' worth of good taste, as much as it now looks like a monument to bad taste. All it needs is a sane and capable decorator, with some decent taste.
That said, I probably wouldn't buy it. At the very least, I'd want it checked over VERY carefully. I'd guess that architects and construction people would have seen Iron Mike as a Golden Fleece, and taken him for a ride all the way to the bank, cutting corners and "cheaping out" all over the place. Most likely, he wouldn't have known better. Sure looks like it. If I did get it, I'd gut the place and completely redo the interior, but keeping some of that woodwork. It would probably be easier to find something better to begin with, perhaps a home that an experienced builder had made for himself; those are often the best-built homes, because they know what quality is (and isn't), and how to achieve it. I'd hate to buy a home like that and then find that the roof leaked in many places, the doors didn't fit right, the walls had no insulation, etc... it could be the nightmare Money Pit from hell --which might be why it has been sitting empty!