A highly successful entrepreneur and retired American boxer, George Foreman’s Net Worth is a staggering $300 million.
George Foreman has a hefty net worth, but you’d be astonished to find how little of it is derived from boxing.
In reality, by the 1980s, Foreman had a net worth of $5 million, despite starting professional in 1969 and amassing an astounding 76 wins out of 81 contests.
Fortunately, Foreman is a very wealthy man today, thanks to a highly successful grill that bears his name.
Moreover, George Foreman represents an incredible story of achievement and perseverance.
As a two-time World Heavyweight Boxing Champion, Olympic Gold Medalist, multimillionaire entrepreneur, and born-again Christian minister.
George described himself as a difficult adolescent in his autobiography. Then, at the age of fifteen, he dropped out of school and became a mugger.
Later a year, he decided to change his life and persuaded his mother to enroll him in Job Corps.
Furthermore, he enrolled in Job Corps to get his GED and train as a carpenter and bricklayer. Finally, after relocating to Pleasanton, California, he began boxing training.
So, let’s get to know George Foreman a little better, starting with some basic facts about him.
|Full Name||George Edward Foreman|
|Known name||George Foreman|
|Date of Birth||Jan 10, 1949|
|Birthplace||Marshall, Texas, United States|
|Age||73 Years Old|
|Height||6′ 4″ (193 cm)|
|Weight||192 lb / 87 kg|
|Eye color||Dark Brown|
|Education||Drop Out at 15|
|Profession||Professional Boxer, Actor, Author, Minister of Religion, Entrepreneur, and Businessman|
|Spouse/Wife||Mary Joan Martelly|
|Hobbies||raising and riding the horses|
|Wins by KO||68|
|Net Worth||$300 million|
|Social Media||Twitter, Facebook, Wikipedia|
|Last Update||May, 2022|
George Foreman’s Net Worth and Income
George Foreman’s Net Worth
A highly successful entrepreneur and retired American boxer, George Foreman’s Net Worth is a staggering $300 million.
George had set aside around $5 million from his boxing earnings between 1969 and 1977. After adjusting for inflation, that equates to over $20 million today.
Unfortunately, George was broke by 1987 (ten years into his retirement) due to a succession of disastrous investments and an unduly lavish lifestyle.
With his bout against Evander Holyfield in 1991, Foreman would have another high-paying fight. This battle, dubbed “The Battle of the Ages,” would pay him $12.5 million and solve all of his financial problems.
However, his major source of income is the George Foreman Grill, which he named after himself and sold for $138 million in 1999.
George Foreman’s Income
George was given 40% of the earnings from the sale of each grill at first. Also, the George Foreman Grill has sold over 100 million units globally throughout the years.
In addition, he was paid $8 million every month for several months.
If that wasn’t enough, the grill’s creators concluded in 1999 that it might be cheaper to pay out their spokesperson in one go.
As a result, the company paid George a whopping $138 million in cash to acquire the inalienable right to put his name on their grill in eternity.
George himself gained at least $250 million from the grill, thanks to monthly royalties and the buy-out.
Even though he is formally retired and has a personal net worth of $250 million, George shows no signs of slowing down.
Let’s see his earnings from year:
George Foreman: House, Cars, and Watches
George resides in Huffman, Texas (TX), the US, where he and his fifth wife, Mary Joan Martelly, live at the mansion.
However, the worth of the mansion and detail of it is yet to be disclosed. In April of this year, a golf cart was reported to have caught fire at this property.
Except for the golf cart, the fire was restricted to the garage. Apart from smoke and water, none of his other 40 automobiles in the collection were harmed.
Foreman, who is 72 years old, claims to own at least 50 automobiles. However, that figure is subject to change. He appears to be unsure of how many he has.
He joked, “I’ve taken to hiding them from my wife lately.” “Some are in various locations.”
Although he isn’t on the same level as Jay Leno, a chronic auto junkie, 50 cars is still a lot of cars for anyone.
Stutz Blackhawk (1971)
This was the most expensive car in America in 1971. In the United States, a Corvette could be purchased for £4,000 at the time.
Also, a Ferrari Daytona, the fastest production automobile in the world, cost £11,000. In addition, the Stutz Blackhawk cost £20,000, which is equivalent to £285,000 today.
Chevrolet Bel Air (1954)
The Chevrolet Bel Air is a classic American cabriolet from the 1950s. Foreman has a thing for Chevys, and he owns many of them, including the brand’s flashy Corvettes.
Moreover, George has a unique perspective on the matter. “If you’re going to buy a car, purchase a Rolls-Royce first, and then you’ll see why a Chevrolet is so important.”
Plymouth Prowler (1999)
George sold the George Forman Grill to Russell Hobbs for a stunning $138 million in 1999, after making up to £3.5 million a month from sales of his lean, mean cooking machine.
George Foreman is an absolute fond of watches. He has luxurious collections of it.
His initial watch was a $150 Bulova Accutron, which he unwillingly gave to his brother.
“It crushed my heart since I handed it to my brother, but they stopped making watches with batteries, so I began collecting them across the country. They went from $150, $250, to $500 when they found out I was collecting them. Crazy!”
Foreman has a fascinating story to tell about a Hublot that got away as he was outbid on a customized George Foreman WBC Chronograph at a Bonham’s WBC charity auction a few years ago.
“There was this watch with my name on it,” says George. “I didn’t stop bidding until it reached $100,000. At $110,000, I had no choice but to give up. Someone else was more interested in it than I was. That watch was a dream come true for me.”
Furthermore, he has a whole collection of Franck Muller watches. Currently, he has been wearing Rolex Daytona ref. 16528.
You might also want to read about: Adrian Peterson’s Net Worth: Career & Income.
George Foreman: Lifestyle and Vacation
In the months leading up to his fight with Ali in 1974, Foreman spent most of his time cutting wood and demolishing training partners. Likewise, he also liked to go for dawn runs around golf courses.
Foreman’s late-career renaissance began in the mid-90s when he focused more on his cardio.
In detail, Foreman would spend 90 minutes on the heavy bag after his run, saying, “We might hit the bag with nothing but a left jab for half an hour. Then I’d toss for a half-hour with my right hand. We’d then move on to both hands. For another half-hour, boom, boom, boom.”
Similarly, in the evenings, Foreman could spar with a lengthy line of fighters eager to take on the legend.
Specifically, Foreman’s diet consisted of a cup of coffee and breakfast, which consisted of “half a dozen or more egg whites and toast and jelly.”
Moreover, his wife would bring him an apple, grapefruit, or orange for lunch, or he would eat a tuna sandwich. He’ll eat some rice and macaroni with olive oil for dinner.
If you are a fan of George Foreman, you might already know that he travels a lot worldwide. However, he hardly takes a long vacation.
He himself admitted in an interview that it’s true. The strange thing about doing the show “Go Away With … George Foreman.”
Is that before it, he’d never taken a really nice, long vacation.
However, he went to many wonderful places — Korea, Japan, Thailand, and Hong Kong.
Personally, George loves Hong Kong. For him, looking out and seeing all the boats is very nice.
However, Korea also stands out. It was his first trip there, and he was able to do things he’d never done before.
In addition, he admitted — not all of the countries he visited made him feel at home when he sat down to eat. But Korea had all this tasty grilling.
It tasted different from American barbecue, obviously. But it was delicious food that made him feel like he was at home.
Boxing, Grilling, Endorsements, Book Publications
Foreman began his boxing career with a bang, winning a gold medal in the 1968 Mexico City Olympic Games in the boxing/heavyweight division.
Moreover, Jonas Cepulis, a 29-year-old veteran ten years Foreman’s senior and with a 12-year career under his belt, was defeated.
After his triumph, Foreman walked around the ring, waving a US flag and bowing to the audience. He has stated that winning the gold medal was the proudest achievement of his entire career.
After a crushing loss against Jimmy Young in 1977, Foreman quit due to his inability to earn another victory.
By this point, Foreman had amassed a sizable fortune from his historic matches.
Unfortunately, by 1987, nearly all of his $5 million wealth had been lost due to poor investments and an excessively lavish lifestyle. George was on the verge of declaring bankruptcy.
So Foreman returned to boxing, creating an astonishing comeback that lasted until the late 1990s, following which he became an HBO boxing analyst.
At the age of 48, George Foreman announced his retirement for good in 1997. He finished with a 76-5 record (68 knockouts) and only five losses.
The International Boxing Hall of Fame and The World Boxing Hall of Fame both inducted Foreman. Also, he is regarded as the eighth greatest heavyweight of all time.
When Foreman returned from retirement in the 1990s, he maintained that his success was due to a healthier lifestyle and nutrition.
Moreover, Salton, Inc. approached him in 1994, asking for a spokesperson for its fat-reducing grill. In addition, the Grill had sold over 100 million units by 2009, thanks to Foreman’s efforts.
We don’t know how much money Foreman got from the endorsement, but we do know that Salton paid him $138 million for the license to use his name in 1999.
Before then, he was paid 40% of the earnings on each grill sold, which amounted to nearly $4.5 million per month at its peak. It’s estimated that he’s made more than $200 million from the grill, far more than he earned as a boxer.
In 1999, Foreman agreed to a five-year sponsorship agreement with Salton worth $137.5 million. Salton, Inc. was looking for a spokesperson for its fat-burning barbecue at the time.
He was paid around 40% of the revenues on each grill sold (making him $4.5 million per month at its peak), in addition to being compensated for the use of his name ($137.5 million).
Overall, the Spectrum Brands purchase is thought to have netted him roughly $200 million.
Foreman began his career as a spokesperson for Russell Hobbs Inc., a household appliance manufacturer.
McDonald’s, Nike, Doritos, KFC, and Meineke are among the major brands he has served as a brand ambassador.
Moreover, he’s also created a range of environmentally friendly cleaning products, a line of personal care items, a health shake, and a diabetic prescription shoe.
George is not only a professional boxer, actor, business but also the author of 6 books. They all are available on Amazon. The books and its price are listed below:
- God In My Corner: A Spiritual Memoir:- $4.99
- George Foreman’s Indoor Grilling Made Easy:- $11.99
- George Foreman’s Big Book of Grilling, Barbecue, and Rotisserie: More Than 75 Recipes for Family and Friends:- $9.99
- Fatherhood By George:- $2.99
- George Foreman’s Guide to Life:- $8.99
- Knockout Entrepreneur:- $7.99
George has donated numerous charities and foundations, including $100,000 to the AIDS Foundation of Houston’s Stone Soup Pantry, for which he received a humanitarian award.
Moreover, he was also awarded an honorary doctorate from the Hon Graduate School of Theology for his charitable work with children.
With the money he had accumulated during his eight-year retirement, Foreman established The George Foreman Youth & Community Center in 1984. He desired to create a safe refuge for children.
Foreman went on to earn a gold medal at the 1968 Olympics in Mexico City in the Heavyweight Boxing Championship.
During this time, there were riots in the United States over civil rights and the Vietnam War. The African-American community was undecided on whether or not to accept US policy.
After a year, Foreman chose to pursue boxing professionally, and he underwent intense and grueling boxing training sessions.
Despite his victories, others attacked Foreman, claiming that he only won because he fought against has-beens.
Foreman’s life altered dramatically in 1977. In Florida, he defeated Pedro Agosto, but in Puerto Rico, he lost to Jimmy Young.
After a ten-year absence from the ring, Foreman surprised everyone by announcing his comeback at 40 in 1987.
Then he knocked out Steve Zouski in the fourth round of the match in Sacramento, California, despite being out of condition.
In 1988, he won nine fights, including one in which he knocked out Cruiserweight Champion Dwight Muhammad Qawi.
George Foreman’s net worth is a staggering $300 million.
3 Things About George Foreman
- During his “second career” (31-3 1987-1997), he was never knocked down. Surprisingly, in each battle. Between rounds, he stood still.
- He once discovered that some cashiers had withdrawn money from his bank account.
- Foreman admitted that his most difficult match was against Ron Lyle.
To whom did Foreman defeat?
Muhammad Ali. The younger, stronger Foreman was forced to lose his championship belt after a shock loss to underdog Muhammad Ali at the 1974 “Rumble in the Jungle” in Kinshasa, Zaire.
When did George Foreman first begin boxing?
Foreman had become a mugger and brawler on the rough streets of Houston’s Fifth Ward by the age of 15.
What was George Foreman’s age when he came out of retirement?
George Foreman tells BBC Sport’s Alex South how he came out of retirement on November 5, 1994, to become the world heavyweight boxing title at 45.