George Foreman is an American retired professional boxer, entrepreneur, and ordained minister. A former two-time world heavy weight champion, Foreman is regarded as one of the world’s greatest boxers of all time. After coming out of a 10 year hiatus in the late 1980s, Foreman hit the jackpot with an endorsement deal that netted him upwards of $200 million contributing hugely to his net worth of $300 million. Here is his success story.
George Foreman Net Worth: How He Began
George Edward Foreman was born on January 10, 1949 in Marshall, Texas and raised in Fifth Ward, Houston alongside 6 siblings. As a teen, Foreman lived the thug life and dropped out of high school in the 9th grade, aged 15. Subsequently, he joined the Job Corps in 195, a program set up by the US government with the aim of helping teens and young adults better their lives via academic and vocational training. It was there that Foreman encountered a boxing trainer Doc Broaddus who encouraged him to pursue a career in boxing.
Three years later in 1968, Foreman had honed his boxing skills enough to land him a berth on the US team ahead of the 1968 Mexico City Olympic Games. Foreman won the gold medal in the heavy-weight division, marking the beginning of a decorated boxing career. His amateur career record was 22–4. Foreman turned pro in 1969.
George Foreman Net Worth: Professional Career And First Retirement
Foreman’s pro career took the world by storm. He remained undefeated for 37 straight bouts winning 34 by KO. His record qualified him for a bout for the world heavyweight tittle against undefeated champion Joe Fraizer who had defended the title 4 times. Foreman entered the bout as an underdog but beat Fraizer to claim the title, stretching his unbeaten streak to 38. He defended his title twice one which lasted just 2 minutes to become the fastest KO in boxing history.
Foreman with a record of 40-0 was matched up against Muhammad Ali in a fight promoted by Don King and dubbed “The Rumble in the Jungle” was held in Kinshasa, Zaire (now Democratic Republic of the Congo) in 1974. Ali won by KO to become the first ever to defeat Foreman. The bout was also Foreman’s only defeat by KO throughout his pro career.
After a near death experience following his bout versus Jimmy Young, Foreman gave his life to Christ and became a born again Christian. Foreman retired unofficially in 1977 and dedicated his life to God becoming an ordained minister. He also founded the George Foreman Youth and Community Center in Houston. He began appearing in Christian shows like 700 club. By 1977, it was estimated that Foreman had amassed $5 million ($20 million in 2016 dollars) from his professional career.
George Foreman Net Worth: Near Bankruptcy And Comeback
Ten years later in 1987, Foreman was on the verge of bankruptcy and immediately returned to professional boxing. He slowly re-built his image and attracted much acclaim following his defeat against world heavyweight champion Evander Holyfield. The acclaim came as a result of his ability to last longer than expected. Foreman pocketed about $12.5 million of the total fight purse.
At the second try in 1994, this time against 27 year old Michael Moorer, Foreman won by KO to became the world heavyweight champion for the second time. Aged 45, Foreman became the oldest in history to win the world heavyweight title.
Foreman finally retired in 1997 with a 76-5 record with 68 KOs. In addition to boxing, Foreman became a ring analyst for HBO for 12 years between 1992 and 2004. He continues his devotion to Christianity teaching bible studies on Saturdays and Sundays.
George Foreman Net Worth: George Foreman Grills And Other Endorsement Deals
George Foreman has pitched for a number of brands including Meineke, Nike and McDonald’s, but the most-famous and one which gave him his multi-millionaire status was with Salton, Inc (now under Spectrum Brands). Foreman sold his name to the brand in 1989 to be used for their fat-reducing grill called George Foreman Grills.
Foreman’s astonishing comeback in the ring played a huge role in the success of the grill. George Foreman grill sold over 100 million units within 15 years. Foreman earned a 40% cut of profits made from the sale of each grill. His income reached $4.5 million per month at its peak. By 1999, Salton paid him $137.5 million for the rights to his name and image.
Foreman began a boxing promoting business called Foreman Boys Promotions in 2013. He also owns George Foreman’s Butcher Shop, an online meat company that sells all-natural Black Angus beef from small family farms.
Foreman lives in a gated 45-acre property around Houston, Texas. He boast a car collection of about 40 cars including Ferrari, Porsche, Maybach, Tesla and his favorite a 1977 VW Bug. He also owns a stable of 50 horses.