George Foreman Net Worth 2022: How Much Money He Made From the Grills?
American former professional boxer George Edward Foreman competed from 1969 to 1977 and from 1987 to 1997. He goes by the moniker “Big George” and is a two-time Olympic gold medalist and world heavyweight champion. He is a published author, entrepreneur, and ordained minister outside of sports. Although George Foreman has a wealthy fortune, you might be surprised to find how little of it is actually derived from boxing.
Brief Information About George Foreman
|Wife||Adrienne Calhoun (m. 1971, div. 1974), Cynthia Lewis (m. 1977, div. 1979), Sharon Goodson (m. 1981, div. 1982), Andrea Skeete (m. 1982, div. 1985) and Mary Joan (m. 1985)|
|Net Worth||$300 Million|
Early Life of George Foreman
On January 10, 1949, George Foreman was born in Marshall, Texas. He had six siblings and grew up in Houston. Leroy Moore head was his real father, but J.D. Foreman raised him. George acknowledged that he had a difficult childhood in his memoirs.
At the age of fifteen, he stopped attending school and started robbing people. He persuaded his mother to enroll him in Job Corps after a year because he wanted to make a change in his life. He enrolled in Job Corps to pursue his GED while also receiving training as a bricklayer and carpenter. He moved to Pleasanton, California, and there he started boxing training.
George Foreman's Net Worth
George Foreman is a retired American boxer and a very successful businessman with a $300 million net worth, according to celebrity net worth.
Although George Foreman has a wealthy fortune, you might be surprised to find how little of it is actually derived from boxing. In actuality, Foreman had a net worth of only $5 million at the height of his boxing career in the 1980s after turning pro in 1969 and compiling an amazing record of 76 victories out of 81 contests. Fortunately, Foreman is now extremely wealthy thanks to a very well-known barbecue that bears his name.
Personal Life of George Foreman
Since 1985, George and his wife Mary Joan have been wed. From all of his partnerships, he has a total of 12 kids.
Adrienna Calhoun from 1971 to 1974, Cynthia Lewis from 1977 to 1979, Sharon Goodson from 1981 to 1982, and Andrea Skeete from 1982 to 1985 were his four prior wives. His daughters have the middle name George, and all five of his sons are named George Edward Foreman (except for one daughter named Georgetta).
While Foreman has required that each of his children earn a college degree, some of them have nevertheless entered the ring with degrees in hand.
George III, who recently won his first professional boxing battle, is carrying on his father's boxing legacy. Freeda, the daughter, had a brief career dealing blows and went 4-1. Natalie, the mother's daughter, has chosen a different route and wants to be a singer. While his children are busy pursuing their own careers, father George keeps coming up with fresh ideas to expand his enterprise.
How Much Money Was Made by George Foreman From the Grills?
However, the George Foreman Grill, for which he sold the naming rights in 1999 for $138 million, has been the source of the majority of his wealth.
He was making up to an estimated $4.5 million a month at its peak before selling the rights, or 40% of the income. Foreman earned an estimated $200 million from the George Foreman Grill company overall. It is a transportable, electrically heated grill made by Spectrum Brands, and more than 100 million of them have been sold since 1994.
“When I was little, my father told me that if you learn to sell, you'll never go hungry. That really hit me,” Foreman remarked. Since then, he continued, “I like to think of myself as a salesperson.”
Foreman finally received $137.5 million in cash and shares from Salton Inc. for the right to use his name and image on the barbecues and other food preparation equipment throughout the world. Foreman and two business partners received shares of Salton worth $23.5 million as well as five $22.75 million yearly cash payments.
Why is George Foreman So Wealthy?
When Foreman competed against Muhammad Ali in “The Rumble in the Jungle” in 1974, his boxing career reached its zenith. This was one of the most eagerly anticipated fights in history, and Foreman was picked to prevail.
At the conclusion of his initial boxing career, Foreman‘s net worth was barely around $5 million. But by the 1980s' conclusion, George Foreman was in serious debt as a result of poor business decisions, and he was on the verge of filing for bankruptcy. He said that he was just “fractions away” from homelessness.
He had no other choice except to attempt a comeback. After living a life of excess, he decided to go back to the gym out of pure desire and ambition.
Frequently Asked Questions
What businesses is George Foreman an owner of?
Foreman started his boxing promotion company, Foreman Boys Promotions, in 2013. Additionally, he is the owner of George Foreman's Butcher Shop, an online retailer of meat that sells all-natural beef from small family farms.
What was George Foreman's winnings from his most recent fight?
Therefore, the business paid George an astounding bulk sum of $138 million to acquire the rights to use his name on their grill forever. George personally made at least $250 million from the grill between the monthly royalties and the buy-out.
What is George Foreman's height?
George Foreman stands 1.91 m (6′ 3″) tall.