George Foreman, a retired American boxer turned successful entrepreneur, boasts a staggering net worth of $300 million. His journey is a testament to resilience and achievement, encompassing titles such as two-time World Heavyweight Boxing Champion, Olympic Gold Medalist, and devout Christian minister.
Despite his boxing accolades, the bulk of Foreman’s wealth doesn’t stem from his time in the ring. Surprisingly, during his prime in the 1980s, his net worth peaked at a modest $5 million. However, his financial trajectory drastically changed, primarily due to the immense popularity of a grill branded with his name. Details on this transformative grill and Foreman’s royalties will be elaborated on later in this article.
| Category | Richest Athletes › Boxers |
|---|---|
| Net Worth | $300 Million |
| Birthdate | Jan 10, 1949 (75 years old) |
| Birthplace | Marshall |
| Gender | Male |
| Height | 6 ft 3 in (1.92 m) |
| Profession | Professional Boxer, Entrepreneur, Actor, Minister, Author |
| Nationality | United States of America |
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Early Life
The name George Foreman evokes varied associations across different age groups. Some may reminisce about the young 24-year-old Texan who achieved a TKO victory over the undefeated Smokin’ Joe Frazier in 1973. Others may recall his iconic bout with Muhammad Ali in the 1974 Rumble in the Jungle, a historic event immortalized in the Oscar-winning documentary “When We Were Kings,” which took place in Zaire. For younger generations, George Foreman might be more familiar as the amiable television personality endorsing Meineke mufflers and the George Foreman Lean Mean Fat Reducing Grilling Machine.
Born George Edward Foreman on January 10, 1949, in Marshall, Texas, he grew up in Houston alongside six siblings under the care of J.D. Foreman, although Leroy Moorehead was his biological father. Foreman detailed in his autobiography a tumultuous youth, marked by dropping out of school at fifteen and engaging in criminal activities like mugging. Seeking a turnaround, he persuaded his mother to enroll him in Job Corps, where he obtained his GED and trained as a carpenter and bricklayer. His journey into boxing began during his time in Pleasanton, California, where he embarked on a path that would shape his legacy.
Boxing Career
Foreman burst onto the boxing scene with a resounding triumph, clinching a gold medal in the 1968 Mexico City Olympic Games in the heavyweight division. His opponent, Jonas Cepulis, a seasoned 29-year-old with over a decade of experience, was defeated by the younger Foreman, who, at the time, proudly paraded the US flag around the ring, acknowledging the cheers of the crowd. He later reflected that this Olympic victory stood out as the pinnacle of his career.
Transitioning to professional boxing in 1969, Foreman made an explosive debut, claiming victory in 13 matches, with 11 ending in total knockouts. The following year, he maintained his dominance, winning all 12 of his fights. His winning streak extended into 1971, marked by seven more knockout victories. However, his unbeaten run came to an end in 1974 when he faced formidable adversaries like Ken Norton and Muhammad Ali, notably in the historic “Rumble in the Jungle” match in Zaire, where Ali famously floored Foreman, dealing him his first defeat. Subsequent losses, including a significant setback against Jimmy Young in 1977, led Foreman to retire temporarily.
Despite amassing substantial wealth from his boxing career, Foreman found himself on the brink of financial ruin by 1987, having squandered nearly all of his $5 million fortune on ill-advised investments and lavish living. Expressing the gravity of his situation in a recent interview, he admitted to the imminent threat of homelessness, describing it as a frightening prospect. To remedy his financial woes, Foreman returned to boxing, orchestrating an impressive comeback throughout the late 1990s, alongside his role as a boxing commentator for HBO.
Foreman ultimately hung up his gloves for good in 1997 at the age of 48, concluding his illustrious career with a remarkable record of 76 wins, including 68 knockouts, and just five losses. His contributions to the sport were duly recognized with inductions into both the World Boxing Hall of Fame and International Boxing Hall of Fame, solidifying his legacy as one of the greatest heavyweight boxers in history.
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George Foreman Grill
Upon returning from retirement in the 1990s, Foreman attributed his success to adopting a healthier lifestyle and dietary habits. In 1994, Salton, Inc. approached him to endorse their fat-reducing grill, to which Foreman agreed. By 2009, sales of the grill had surpassed 100 million units. Although Foreman has not disclosed his total earnings from the endorsement, it is known that Salton paid him $138 million in 1999 for the rights to his name. Prior to this deal, he received 40 percent of the profits from each grill sold, which amounted to approximately $4.5 million per month at its peak. Estimates suggest that his earnings from the grill exceed $200 million, surpassing his earnings as a boxer by a significant margin.
Other Pursuits
Foreman is a partner in the Panther Racing Indy Car team. He has authored 10 books, and he still makes the occasional appearance on TV (guest on “The 700 Club,” judge on “The American Inventor,” “The Masked Singer”) and film (cameo in “Night at the Museum: Battle of the Smithsonian).
Personal Life
George and his wife, Mary Joan, have been united in marriage since 1985, during which time George has fathered a total of 12 children through various relationships.
Prior to his marriage with Mary Joan, Foreman had experienced four previous marriages: firstly with Adrienna Calhoun from 1971 to 1974, then with Cynthia Lewis from 1977 to 1979, followed by Sharon Goodson from 1981 to 1982, and finally with Andrea Skeete from 1982 to 1985. Remarkably, all of his sons bear the name George Edward Foreman, while his daughters carry George as a middle name, except for one named Georgetta.
Foreman has made it a priority that all of his children pursue higher education, although some of them have chosen to step into the boxing ring even after obtaining their diplomas. George III is treading the path of his father’s boxing career, having recently claimed victory in his inaugural professional boxing match. Freeda, another of Foreman’s daughters, briefly engaged in boxing, amassing a record of 5-1 before retiring in 2001. Tragically, she passed away in 2019 at the age of 42 in what was reported as an apparent suicide. In contrast, Natalie, another daughter of Foreman’s, is pursuing a career as a singer. While his children are carving out their own professional paths, George Foreman Sr. remains committed to expanding his business ventures.
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Real Estate
George and Mary Joan own a 300-acre estate called The Foreman Ranch in Marshall, Texas. They live in a home in the Houston area.