Net Worth Ranker
What Is George Foreman’s Net Worth
George Foreman, the retired American boxing legend and successful entrepreneur, boasts a net worth of $300 million. This impressive figure represents a remarkable journey of success and perseverance, encompassing his achievements as a two-time World Heavyweight Boxing Champion, Olympic Gold Medalist, multimillionaire entrepreneur, and ordained minister. While his boxing career laid the foundation, the majority of Foreman’s wealth stems from his entrepreneurial ventures, most notably the George Foreman Grill.
Boxing Career and Early Earnings
Foreman’s professional boxing career commenced in 1969, amassing a record of 76 wins out of 81 fights. Despite his undeniable success in the ring, by the 1980s, Foreman’s net worth stood at a relatively modest $5 million at the peak of his boxing career. This highlights the evolution of his financial success, with the bulk of his fortune accumulating post-boxing through strategic business ventures.
Born George Edward Foreman on January 10, 1949, in Marshall, Texas, Foreman’s early life involved growing up in Houston with his six siblings. Raised by J.D. Foreman, with Leroy Moorehead as his biological father, Foreman faced a turbulent youth, dropping out of school at fifteen and engaging in petty crime. Seeking a positive change, he enrolled in Job Corps, obtaining his GED and training as a carpenter and bricklayer. A move to Pleasanton, California, marked the beginning of his boxing journey.
Foreman’s boxing career began with a significant victory at the 1968 Mexico City Olympic Games, where he secured a gold medal in the heavyweight division, defeating Jonas Cepulis. Following his Olympic triumph, Foreman turned professional in 1969, achieving 13 victories, 11 by knockout. In 1970, he maintained a perfect record, winning all 12 of his fights, and continued his knockout streak with seven more wins in the following year. His winning streak continued until 1974, when he faced more formidable opponents such as Ken Norton and Muhammad Ali. His fight against Ali, famously known as The Rumble in the Jungle, saw Ali defeat Foreman, marking the first time Foreman was knocked down in his career. Foreman faced a loss to Jimmy Young in 1977. Foreman’s boxing record stands at 76 wins (68 knockouts) and five losses.
In 1987, Foreman faced financial difficulties, losing nearly all of his $5 million fortune from boxing due to poor investments and an extravagant lifestyle. He describes being close to homelessness. Foreman returned to boxing, after which he also became a boxing commentator for HBO. Foreman officially retired for good in 1997 at the age of 48. Foreman was inducted into the World Boxing Hall of Fame and International Boxing Hall of Fame. He has been ranked the eighth-greatest heavyweight in history.
The George Foreman Grill: A Culinary Empire
Foreman’s association with the George Foreman Grill began in 1994 when Salton, Inc. sought a spokesperson for their fat-reducing grill. The endorsement proved to be exceptionally lucrative. By 2009, over 100 million units of the grill had been sold. While the precise figures remain undisclosed, Salton paid Foreman $138 million in 1999 for the rights to use his name. Prior to this agreement, Foreman received 40% of the profits from each grill sold, earning him approximately $4.5 million per month during its peak. It is estimated that he has earned over $200 million from the grill, surpassing his boxing earnings.
Other Ventures and Media Appearances
Beyond boxing and the grill, Foreman has engaged in various ventures. He is a partner in the Panther Racing Indy Car team, demonstrating his diverse business interests. Foreman has also authored 10 books, further expanding his creative and entrepreneurial portfolio. He has made occasional appearances on television, including guest spots on “The 700 Club,” serving as a judge on “The American Inventor,” and participating in “The Masked Singer.” He also had a cameo in “Night at the Museum: Battle of the Smithsonian.”
Personal Life and Family
George Foreman has been married to Mary Joan since 1985, their enduring relationship forming the cornerstone of his personal life. He has a total of 12 children from his various relationships. Prior to marrying Mary Joan, Foreman was married to Adrienna Calhoun (1971-1974), Cynthia Lewis (1977-1979), Sharon Goodson (1981-1982), and Andrea Skeete (1982-1985). All five of his sons are named George Edward Foreman, and his daughters have George as a middle name (except for one daughter named Georgetta). Foreman has emphasized the importance of education, encouraging all his children to obtain a college degree. Despite this, some of his children have pursued boxing careers, including George III, who recently won his first professional boxing match. His daughter Freeda had a brief career trading jabs, with a record of 5-1, and retiring in 2001 before dying of an apparent suicide in 2019 at the age of 42. Daughter Natalie has taken a different path and is an aspiring singer.
Real Estate Holdings
George and Mary Joan own a 300-acre estate called The Foreman Ranch in Marshall, Texas. They also reside in a home in the Houston area.
George Foreman’s Net Worth Milestones
1968: Wins gold medal at the Mexico City Olympics, marking the start of his boxing career.
1969: Begins his professional boxing career.
1973: Defeats Joe Frazier, becoming the World Heavyweight Champion for the first time.
1974: Loses to Muhammad Ali in the “Rumble in the Jungle.”
1977: Initially retires from boxing.
1987: Faces financial difficulties and is nearly broke.
1994: Partners with Salton, Inc. to endorse the George Foreman Grill.
1999: Receives $138 million from Salton, Inc. for the rights to use his name.
1997: Officially retires from boxing for good.
2009: Over 100 million units of the George Foreman Grill have been sold.
George Foreman’s Car Collection
While details of Foreman’s specific car collection aren’t widely publicized, it’s known that he appreciates luxury vehicles. Given his Texas roots and financial success, it’s plausible to assume that he owns a collection of high-end cars, including American muscle cars, SUVs, and luxury sedans. Possible cars that could be in his collection would be a Cadillac Escalade, a Ford F-150, or a Mercedes-Benz S-Class.
