Net Worth Ranker
What Is Richard Petty’s Net Worth?
Richard Petty, a name synonymous with NASCAR racing, has amassed a considerable fortune over his illustrious career. His net worth is estimated to be around $65 million. This figure reflects his earnings from decades of racing, endorsements, and various business ventures.
Early Life and Career Beginnings
Born in Level Cross, North Carolina, in 1937, Richard Petty’s journey to racing stardom began under the tutelage of his father, Lee Petty, a NASCAR driver himself. Richard attended Randleman High School, where he played football as an All-Conference guard, showcasing his athletic abilities even before entering the world of motorsports. After high school, he briefly attended Greensboro Junior College before dedicating himself to his father’s racing company. His NASCAR career officially started shortly after his 21st birthday in 1958 with a race at CNE Stadium in Toronto. He was named NASCAR Rookie of the Year in 1959, marking the beginning of a legendary career.
Racing Breakthroughs and Championship Victories
Richard Petty’s career truly took off in the 1960s. In 1960, he secured second place in the NASCAR Grand National Points Race and achieved his first career win at the Charlotte Fairgrounds Speedway. By 1963, he was winning races at iconic tracks like Bridgehampton and Martinsville. His breakthrough year, however, was 1964 when he won his first Daytona 500 and his first Grand National Championship. This victory solidified his position as a top contender in NASCAR.
The mid-1960s presented challenges, including a period spent drag racing due to the Chrysler boycott of NASCAR in 1965. A tragic accident at the Southeastern Dragway in Dallas, Georgia, resulted in a fatality and injuries, leading to over $1 million in lawsuits. Despite this setback, Petty returned to NASCAR and won his second Daytona 500 in 1966.
The year 1967 was a monumental one, where Petty won 27 out of 48 races, including a record ten consecutive wins from August to October. This outstanding performance earned him his second Grand National Championship. Continuing his dominance into the 1970s, Petty won his third Daytona 500 in 1971, driving a Plymouth Road Runner. He secured 20 more race wins and claimed his third Grand National Championship that year. His consistent performance, with 28 top ten finishes, also led to his fourth NASCAR Cup Series championship.
Petty’s success continued throughout the 1970s, marked by consistent race wins, top finishes, and championship titles. In 1973, he won his fourth Daytona 500. The following year, in 1974, he secured his fifth Winston Cup. In 1975, Petty achieved another milestone by winning his first World 600, contributing to his sixth Winston Cup championship. In 1979, driving an Oldsmobile Cutlass Supreme, he secured his seventh and final NASCAR championship by an 11-point margin.
Racing in the 1980s and Final Years
In the early 1980s, Petty’s racing career saw both successes and setbacks. In 1980, he started strong with victories at Nashville and North Wilkesboro, but a major crash at Pocono hampered his championship aspirations. He made a comeback in 1981, winning his seventh and final Daytona 500. However, a switch to the Pontiac Grand Prix in 1982 resulted in his first winless season since 1978.
The 1983 season saw a resurgence, with three victories and numerous top ten finishes. On Independence Day in 1984, Petty celebrated his officially recognized 200th race win at the Firecracker 400, becoming the first driver to reach this milestone. His final top ten finish occurred at Budweiser at the Glen in 1991, after which he announced his retirement following the 1992 season.
In his final season in 1992, despite mediocre race results, Petty managed to qualify for all 29 races. His last race was the season-ending Hooters 500 at Atlanta Motor Speedway, attended by a record 160,000 spectators. During the race, he was involved in an accident on the 94th lap, causing his car to catch fire. After his pit crew repaired the car, he finished in 35th position.
Post-Racing Career
After retiring from racing, Petty transitioned into various roles within and outside the sport. In 1995, he became a color commentator for CBS television. He also served as a spokesman for companies like Liberty Medical, Cheerios, Nicorette, and Goody’s Headache Powder. These endorsements contributed significantly to his income after retirement.
Petty’s commitment to charitable causes led him to found Victory Junction, a summer camp providing seriously ill children with enriching outdoor experiences. His efforts to help children and his community has been recognized over the years.
In 2006, Petty lent his voice to the Disney/Pixar animated film “Cars,” voicing Strip Weathers, a character modeled after his famous number 43 Road Runner Superbird. This venture showcased his enduring popularity and cultural relevance.
Personal Life
In 1958, Petty married Lynda Owens, and together they had four children: Kyle, who also became a NASCAR driver, and Sharon, Lisa, and Rebecca. Lynda passed away from cancer in 2014. The family resides in Petty’s hometown of Level Cross, where they operate the Richard Petty Motorsports team. Additionally, Petty owns Petty’s Garage, a car restoration and modification shop in Level Cross.
Petty’s political involvement includes his run as the Republican nominee for North Carolina Secretary of State in 1996, although he was defeated by State Senator Elaine Marshall.
Richard Petty’s Endorsements and Business Ventures
Throughout his career, Richard Petty has secured numerous endorsement deals that have significantly contributed to his wealth. Some notable brands he has represented include STP, Coca-Cola, and McDonalds. The specific financial details of these endorsement contracts are not publicly available, but they are estimated to be worth millions of dollars over the years.
Beyond endorsements, Petty has also engaged in various business ventures. His ownership of Richard Petty Motorsports, a NASCAR racing team, is a significant asset. The team’s value fluctuates depending on performance and market conditions. Petty’s Garage, a car restoration and modification shop, is another successful business venture. The garage specializes in restoring classic cars and modifying vehicles for performance and aesthetics. The income generated from these ventures adds to his overall net worth. While specific annual revenue figures for these businesses are not public, they are considered successful enterprises within their respective industries.
Richard Petty’s Real Estate and Assets
Richard Petty’s primary residence is located in his hometown of Level Cross, North Carolina. The exact details of the property, such as its size and specific features, are not publicly disclosed. However, it is known that the property serves as both his home and the base of operations for Richard Petty Motorsports and Petty’s Garage. In addition to his primary residence and business properties, Petty may own other real estate assets. Details about these additional properties are not publicly available.
Beyond real estate, Petty’s assets include his collection of classic cars, memorabilia from his racing career, and investments in various ventures. The exact value of his car collection and memorabilia is difficult to estimate, but they represent a significant portion of his overall wealth.
Richard Petty’s financial success is a result of his talent, hard work, and business acumen. His legacy as a racing icon and his diverse business ventures have contributed to his substantial net worth. Richard Petty’s name will forever be etched in the history books as one of the greatest drivers to ever grace the track. His story stands as a testament to the enduring allure of auto racing and the rewards that come with dedication and success.
