Net Worth Ranker
What Is Thomas “Hitman” Hearns’ Net Worth?
Thomas “Hitman” Hearns, the celebrated American former professional boxer, has accumulated a net worth of approximately $450,000. This figure reflects the culmination of earnings from his boxing career, endorsements, and other ventures, offset by financial challenges he faced later in life.
Early Career and Earnings
Hearns began his professional boxing journey in 1977, quickly establishing himself as a force to be reckoned with. Under the guidance of trainer Emanuel Steward, Hearns transformed into a formidable puncher, achieving an undefeated record of 28-0 in his initial years. This early success culminated in a world title match against Pipino Cuevas in 1980, where Hearns secured a TKO victory in the second round, ending Cuevas’s four-year reign. This win earned Hearns the prestigious “Fighter of the Year” award from Ring magazine, marking a significant milestone in his career.
A defining moment in Hearns’ career came in 1981 when he faced Sugar Ray Leonard. While Hearns suffered his first professional loss in this bout, the fight was a financial triumph for both boxers. Hearns and Leonard collectively earned $17 million, an amount equivalent to approximately $50 million in today’s dollars. This substantial purse marked the largest in sports history at the time and underscores the significant financial rewards associated with high-profile boxing matches.
Championship Titles and Career Milestones
Following his loss to Leonard, Hearns moved up in weight and continued to achieve remarkable success. In 1982, he secured the WBC super welterweight title by defeating three-time world champion Wilfred Benítez. Hearns successfully defended this title against several opponents, including Luigi Minchillo, Roberto Durán, Fred Hutchings, and Mark Medal. Notably, his victory against Durán was particularly significant, as Hearns became the first boxer to knock out the Panamanian fighter. This achievement earned Hearns his second “Fighter of the Year” honor from Ring magazine, solidifying his status as one of the sport’s leading figures.
In 1985, Hearns ventured into the middleweight division to challenge champion Marvin Hagler. The resulting bout is widely regarded as one of the greatest in boxing history, elevating both fighters to legendary status. Despite a fierce and brutal exchange in the first three rounds, Hearns suffered a broken right hand, ultimately leading to the fight’s stoppage when he was unable to continue. This setback, however, did not deter Hearns, who made a strong comeback the following year with a first-round knockout victory against James Shuler.
Hearns continued his winning streak in 1987, scoring six knockdowns against Dennis Andries to claim the WBC light heavyweight title. Later that year, he defeated Juan Roldán to win the WBC middleweight title. However, in a major upset, Hearns lost the middleweight title to Iran Barkley in 1988. Undeterred, he rebounded later that year to win the inaugural WBO super middleweight title against James Kinchen. This victory was particularly noteworthy as it made Hearns the first boxer in history to win world titles in five different weight divisions, a testament to his versatility and skill.
Closing out the decade, Hearns had a rematch with Sugar Ray Leonard, which ended in a controversial draw. The financial details of these later fights, while not explicitly detailed, would have contributed significantly to his overall earnings. These fights continued to bolster his reputation and solidify his legacy in the sport, contributing to endorsement deals and public appearances.
Later Career and Earnings
Hearns experienced what could be argued as his last great bout in 1991 when he challenged the undefeated WBA light heavyweight champion Virgil Hill. Hearns emerged victorious, marking Hill’s 11th and final defense of the title. However, Hearns lost the title the following year to his former rival, Iran Barkley. Although precise financial figures for these fights remain undisclosed, capturing the WBA light heavyweight title from an undefeated champion would have undoubtedly commanded a substantial purse and enhanced his marketability. This victory likely led to further opportunities for endorsements and appearances, contributing to his overall earnings.
Hearns continued competing after that, winning his subsequent eight bouts. In late 1998, he had a career highlight fighting Jay Snyder in a match with a rare double knockdown. Ultimately, Hearns was able to get up before the count to claim the win. He had another strong year in 1999, beating Nate Miller by unanimous decision to win the IBO cruiserweight title. Financial specifics from these matches are not readily available, but securing wins, especially in title fights, would consistently add to his income. The IBO cruiserweight title, while perhaps not as prestigious as other belts, still carried financial incentives and increased his profile.
Financial Challenges and Auction
Despite his considerable earnings throughout his career, Hearns faced financial difficulties later in life. In 2010, he was reportedly in debt to the IRS for around $450,000. Marvin Gooden, a close associate, explained that Hearns had accrued this debt due to his generosity towards his extended family. To address this financial burden, Hearns was compelled to auction off a number of his possessions at the Auction Block in Detroit.
Among the items auctioned were a beloved 1957 Chevy, three boats, a motorcycle, and various memorabilia from his boxing career. While the specific amounts raised from this auction are not publicly available, it is understood that the proceeds were used to satisfy his debt to the IRS. This episode highlights the financial challenges that can arise even for successful athletes and the importance of sound financial management. This auction marked a significant turning point, affecting his overall net worth and necessitating a reevaluation of his financial strategies.
Post-Retirement and Current Ventures
Since retiring from professional boxing, Hearns has remained involved in the sport through various ventures. He has worked as a trainer and promoter, sharing his expertise and experience with aspiring boxers. Additionally, he has made appearances at boxing events and conventions, maintaining his presence in the boxing community. While specific income figures from these activities are not publicly available, they contribute to his overall financial well-being and allow him to continue his involvement in the sport he loves.
Hearns also operates a fight promotion company called Hearns Entertainment with his mother, Lois. This venture allows them to promote boxing events and manage fighters, further contributing to their income streams. The success of Hearns Entertainment depends on the events they promote and the fighters they manage, and it represents a continued effort to stay active and profitable in the boxing industry. Hearns also resides in Southfield, Michigan, a suburb of Detroit. The specific details of his residence, such as its value or mortgage status, are not publicly known, but it represents a stable base from which he conducts his various business activities.
In conclusion, Thomas “Hitman” Hearns’ net worth of $450,000 reflects a complex interplay of earnings from a successful boxing career, financial challenges, and ongoing ventures. His career earnings were substantial, including significant payouts from high-profile fights. Despite facing financial difficulties and needing to auction off possessions, Hearns has worked to maintain financial stability through various post-retirement activities.
