George Foreman Net Worth: Heavyweight of Business Success

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George Foreman is a retired American boxer, shrewd entrepreneur, and mentor. He is a two-time world heavyweight champion. He won his second championship at 45. This made him the oldest world heavyweight champion. His net worth of $300 million makes him the second-wealthiest boxer in the U.S. after Floyd Mayweather.

Dive into George Foreman’s incredible wealth journey! From boxing champ to savvy entrepreneur. Get a ringside view of his financial knockout.

George Foreman’s Biography

Early Life and Education

George Foreman is a former Texan professional boxer born in Marshal on January 10, 1949. He was among seven children of Leroy Moorehead and Nancy Foreman. Foreman was raised by J.D. Foreman, the man his mother married when George was very young.

The name George Foreman is a legend. It has different meanings in different generations. To the 1970s generation, he is the man that broke the unbeaten streak of Smokin’ Joe Frazier in 1973. The 24-year-old Foreman beat the undefeated Frazier with a technical knockout. His first loss was to the legendary Muhammad Ali in the Rumble in the Jungle 1974.

The historic match occurred in Zaire, now the Democratic Republic of Congo. It inspired the Oscar-winning 1996 documentary When We Were Kings.

George Foreman was a difficult teenager. He became a street thug after dropping out of school at 15. After a year on the streets, he decided to take a different path. His mother signed him up at the Job Corps to study carpentry and bricklaying.

Personal Life

George Forman has been married to Mary Joan since 1985. He has five children with Joan and nine from his previous marriages. Foreman was married four times before he settled down with Mary Joan. His first marriage was with Adrienne Calhoun, with whom they shared two children. The others were with Cynthia Lewis, Sharon Goodson, and Andrea Skeete.

All his sons bare his name, George Edward Foreman. He said he let them bear all his three names to have something in common. Foreman has put all his children through college. Though he insists they must have college degrees, some took after him to become boxers.

George Edward Foreman III is the absolute copy of his father. He is a professional boxer and entrepreneur. He won his third professional boxing match on September 2009. Foreman’s daughter, Freeda Foreman, was in the ring briefly and retired in 2001. She reportedly committed suicide in 2019 at 42. George V is the last-born son of the retired boxer.

Career

Foreman discovered his boxing talent when he moved to Pleasanton, California. He started training at Pleasanton, and soon his career started flying. It kicked off with a bang in 1968. He competed in the heavyweight division of the Mexico City Olympic Games, winning a gold medal. He walked around the ring bearing the United States flag after the win.

He went beast mode in 1969 and won 13 bouts that year, 11 total knockouts. The following year, George won every single fight. In 1971, he won seven bouts, all by total knockout.

Foreman continued undefeated until 1974, when he faced big names like Muhammad Ali. He fought Ali in Zaire in the legendary Rumble in the Jungle. His loss to Muhammed was historic. It was the first time a boxer knocked Foreman down.

In 1977, George Foreman fought Jimmy Young in a 12-round unanimous decision match. Foreman suffered a devastating loss to Young that changed his life forever. He retired from the ring in 1977.

By this time, the boxing legend had built a substantial net worth of around $5 million. Unfortunately, it was all gone within the next ten years. He lived extravagantly and made bad investment decisions.

Foreman was on the verge of bankruptcy in 1987. He has said in interviews that he was fractions away from homelessness. After being a boxing commentator for HBO, Foreman staged a huge comeback into the ring. In 1991, he beat Michael Moorer to become the oldest heavyweight champion in history at 45.

George Edward Foreman retired from the ring again in 1997. He took home 78 victories, 68 knockouts, and five losses. He was inducted into the World Boxing and International Boxing Hall of Fame. He also ranks eighth among the greatest heavyweights in history.

Earnings & Financial Data

Net worth$300 million
Monthly Income and SalaryOver $2 Million
Yearly Income and SalaryOver $20 Million

Real Estate

George Foreman owns several real estate properties in the United States. He has a ranch in his birth town of Marshall and a home in Houston, Texas. Geroge also owns several commercial properties that include a Houston shopping center.

Big George has been involved in several real estate ventures throughout his career. In the 1990s, Foreman acquired and developed several properties in Houston, Texas. The Texan ring legend has also been involved in other business ventures. These ventures include partnering with Russell Corporation, a clothing line.

Legacy

George Foreman’s legacy spans from boxing to entrepreneurship and mentorship. He is by far one of the greatest boxers in American history. He is a successful entrepreneur with an impressive net worth of $300 million. A tiny percentage of George Foreman’s wealth comes from his boxing career.

He was inducted into the World Boxing and International Boxing Hall of Fame. He has also received many awards and honors for his achievements. Foreman is an inspiration to many, both in the boxing and entrepreneurial fields.

Take a Look at George Foreman’s Lifestyle:

The George Foreman Grill

When he returned to the ring after a ten-year break, Foreman said his success was thanks to healthy nutrition and lifestyle. He remains the oldest heavyweight champion in history, a victory he achieved at 45.

In 1994, Salton, Inc approached him to be a spokesman for their fat-reducing indoor grills. Big George took the deal, and by 2009, he had earned over $100 million from sales of these fat-reducing grills. One of his biggest earnings was the $138 million he received from Salton Inc. for the rights to use his name on the popular grill. George Foreman Grill became popular across the United States.

Foreman worked with the grill manufacturer to ensure every household had one. Before lending his name to the grill manufacturer, Foreman received an average monthly paycheck of $4.5 million. He received 40% off every grill sold.

His work as a salesperson with Salton Inc. and the George Foreman Grill spoke volumes, and other manufacturers wanted to work with him. Foreman said at some point, he earned up to $8 million a month from George Foreman Grill sales.

Facts about George Foreman

NameGeorge Foreman
Net worth$300 million
Date of birth, ageJanuary 10, 1949, 74 Years
ParentsBiological father: Leroy Moorehead Father figure: JD Foreman Mother: Nancy Foreman
Spouse(s)Adrienne Calhoun: 1971 – 1974 Cynthia Lewis: 1977 – 1979 Sharon Goodson: 1981 – 1982 Andrea Skeete: 1982 – 1985 Mary Joan Martelly: 1985 – present
ChildrenSons: George III, George VI, George Jr., George IV, George V Daughters: Freeda, Georgetta, Natalie, Isabella Brenda Lilja, Michi, Leola, Courtney Isaac.
Height, weight6’2″, 260lbs
professionRetired boxer
NationalityAmerican

Favorite Quotes from George Foreman

  • “The world is full of people who want to play it safe, people who have tremendous potential but never use it. Somewhere deep inside them, they know that they could do more in life, be more, and have more — if only they were willing to take a few risks.”
  • “Heroes have a rough time because they stand up when they ought not to, they speak when they ought not to; they always have to go that extra mile.”
  • “It’s very important that people know that I really enjoy everything that has happened to me. And I tell my kids… you’re not going to be the tallest, fastest, prettiest, the best track runner, but you can be the nicest human being that someone has ever met in their life. And I just want to leave that legacy that being nice is a true treasure.”

Business Lessons from George Foreman

Learn How to Sell

According to George Foreman, a successful entrepreneur must know how to sell. According to Big George, the ability to sell is not just about convincing people to acquire your products. It is about convincing everyone involved to believe in what you are doing.

Being a great salesperson has earned George Foreman many spokesperson and endorsement deals.

Get People to Like You

Foreman did not have many friends during his early days as an amateur boxer. He was in the game for the paycheck and did not care what anyone else thought.

After returning to the ring, he had to change this persona and get people to like him. Otherwise, he would never have succeeded as a salesperson.

Keep Trying Until it Works

George Foreman believes that every opportunity is worth trying. He has tried several ventures, including a health-food business. He has also tried diabetes shoes and a reality TV show. These business ventures have contributed significantly to George Foreman’s net worth.

FAQs

How Much Did George Foreman Profit from the Grill?

George Foreman made over $200 million from the famous George Foreman Grill, way more than his fortune from boxing.

Is George Foreman the Wealthiest Boxer?

As of 2022, George Foreman is the second-richest boxer, after Floyd Mayweather, worth $400 million. Most of his wealth is fortune from business ventures. The George Foreman Grill takes two-thirds of his net worth.

How Many of His Matches Did Foreman Lose?

George Foreman lost only five fights in his entire boxing career. He retired from boxing for the second time in 1997 with a career record of 81 fights.

Conclusion

George Foreman, a two-time world heavyweight boxing champion, started his career in street fights. He trained himself and rose through the noise of poverty to become one of the greatest boxers. He has a net worth of $300 million.