George Foreman Net Worth

What was George Foreman's Net Worth?

George Foreman was an iconic American boxer and highly successful entrepreneur who had a net worth of $300 million at the time of his death. Between 1969 and 1977, George had set aside approximately $5 million from his boxing career earnings. That's the same as around $20 million in today's dollars. Unfortunately, thanks to a series of bad investments and an overly extravagant lifestyle, by 1987 (ten years into his retirement), George was flat broke. These financial problems forced him to un-retire as a boxer and stage an impressive comeback in the 1990s.

As you probably know, boxing is not how George Foreman's net worth ballooned to $300 million. As you probably know, the vast majority of his multi-hundred-million-dollar net worth at the time of his death came from a simple yet brilliant invention. More details on this grill and George's grill royalties in the next section below.

George Foreman emerged as one of boxing's most iconic heavyweights, with a career spanning over four decades. Born January 10, 1949, in Marshall, Texas, Foreman first gained prominence by winning the gold medal at the 1968 Mexico City Olympics. He turned professional shortly after and quickly established himself as a fearsome knockout artist.

In 1973, Foreman reached the pinnacle of his early career by defeating Joe Frazier to become the undisputed heavyweight champion. His reign was short-lived, however, as he lost the title to Muhammad Ali in 1974 in the legendary "Rumble in the Jungle" in Zaire.

After an unexpected retirement in 1977, Foreman became an ordained minister. Ten years later, at age 38, he launched one of sports' most remarkable comebacks. Against all odds, Foreman recaptured the heavyweight championship in 1994 by knocking out Michael Moorer at age 45, becoming the oldest heavyweight champion in history.

Beyond boxing, Foreman achieved tremendous success as an entrepreneur. His George Foreman Grill became a household staple, earning him far more wealth than his boxing career. Known for his transformation from an intimidating fighter to a jovial personality, Foreman's business acumen and charismatic persona made him a beloved figure in American culture.

Foreman finished his professional career with an impressive record of 76-5, including 68 knockouts, and was inducted into the International Boxing Hall of Fame in 2003.

George Foreman Grill

The George Foreman Lean Mean Fat-Reducing Grilling Machine, commonly known as the George Foreman Grill, revolutionized home cooking when it debuted in 1994. This simple yet innovative countertop appliance featured a distinctive sloped design that allowed fat to drain away from food during cooking, appealing to health-conscious consumers of the 1990s.

The grill's inception came not from Foreman himself but from inventor Michael Boehm, who created the prototype alongside business partner Robert Johnson. The pair initially struggled to find a celebrity endorser for their product until connecting with Foreman, whose post-boxing career as a minister and entrepreneur made him an appealing spokesperson. Foreman later admitted he had never used the grill before agreeing to endorse it, but quickly became a believer in the product after trying it.

When Salton, Inc. acquired marketing rights and launched the grill with Foreman as its pitchman, few anticipated its phenomenal success. Foreman's authentic, jovial demeanor in infomercials resonated with viewers. His famous catchphrase, "It's so good I put my name on it," helped the appliance transcend typical as-seen-on-TV limitations and become a legitimate kitchenware phenomenon.

The financial impact for Foreman was staggering. Initially paid about $138,000 for monthly royalties, Foreman watched his compensation skyrocket as sales exploded. By 1999, the grill had sold over 20 million units worldwide, prompting Salton to buy out Foreman's rights to the product for a reported $137.5 million in cash and stock. At his peak, George was earning $8 million per month in royalties. Foreman's total earnings from the grill exceeded $250 million—far surpassing the money he earned during his boxing career.

In a 2014 interview with AARP (the American Association of Retired People), George was pointedly asked about his grill earnings. Here's how the conversation went down:

AARP: "Estimates are that you earned in excess of $200 million on the grill. True?"

George: "Much more. There were months I was being paid $8 million per month."

The grill's legacy extends beyond sales figures. It pioneered the modern celebrity-endorsed kitchen appliance category and demonstrated how a retired athlete could successfully transition into business. The product line expanded to include multiple sizes and features, selling over 100 million units globally.

Perhaps most remarkably, the George Foreman Grill helped rehabilitate Foreman's public image, transforming him from the intimidating boxer who scowled at Muhammad Ali before the "Rumble in the Jungle" into a beloved grandfatherly figure welcome in kitchens across America. This marketing masterstroke represents one of the most successful celebrity endorsement deals in business history.

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Early Life

The name George Foreman means different things to different generations. Some folks will recall the young 24-year-old Texan who delivered a TKO to the undefeated Smokin' Joe Frazier in 1973. The same fighter whose first defeat was to Muhammad Ali in the 1974 Rumble in the Jungle. The Rumble was a historic battle that took place in Zaire and became the subject of the Oscar-winning documentary "When We Were Kings." If you are younger, George Foreman is probably better known as that jolly guy on TV who sells Meineke mufflers and the George Foreman Lean Mean Fat Reducing Grilling Machine.

George Foreman was born George Edward Foreman on January 10, 1949, in Marshall, Texas. He grew up in Houston with six siblings. He was raised by J.D. Foreman, but his biological father was Leroy Moorehead. George explained in his autobiography that he was a troubled youth. He dropped out of school at the age of fifteen and became a mugger. A year later, he wanted to change his life and convinced his mother to sign him up for Job Corps. He earned his GED through Job Corps and trained to become a carpenter and bricklayer. He began training for boxing after a move to Pleasanton, California.

(DALE de la REY/AFP/Getty Images)

Boxing Career

Foreman started his boxing career out with a bang, winning a gold medal in the 1968 Mexico City Olympic Games in the boxing/heavyweight division. He defeated Jonas Cepulis, a 29-year-old veteran, 10 years older than Foreman and with a 12-year career already under his belt. Foreman walked around the ring carrying a US flag and bowing to the crowd after his victory. He has said that earning the gold medal was the achievement he was most proud of in his entire career.

Foreman turned pro in 1969, winning 13 fights that year, 11 of them total knockouts. In 1970, he won all 12 of his bouts, and the next year, he won seven more fights by knockout. He continued his impressive winning streak until 1974, when he faced tougher opponents, such as Ken Norton and Muhammad Ali. For his fight against Ali, he traveled to Zaire, and the match was being touted as The Rumble in the Jungle. Ali defeated Foreman and became the first boxer to knock him down. Unable to secure another victory, Foreman retired in 1977 after a devastating loss to Jimmy Young.

By now, Foreman was sitting pretty on a pile of money he had made from his historic matches. Unfortunately, by 1987, nearly all of that $5 million fortune from boxing had gone through bad investments and an overly extravagant lifestyle. George was literally on the verge of total bankruptcy, in an interview, he was quoted as saying, "It was that scary because you hear about people being homeless, and I was only fractions, fractions from being homeless." So Foreman started boxing again, staging an impressive comeback that lasted into the late 1990s after he had also become a boxing commentator for HBO.

George Foreman officially retired for good in 1997 at the age of 48. His final record was 76 wins (68 knockouts) and just five losses. 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.

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Car Collection

In November 2023, George Foreman announced he was auctioning off his prized car collection through Hagerty Marketplace, featuring more than 50 classic and enthusiast vehicles—all offered without reserve. The online auction ran through December 21, 2023, drawing heavy interest from collectors around the world and generating impressive results. The collection spanned everything from muscle cars and luxury tourers to rare exotics, with bidding activity reflecting both the vehicles' condition and their celebrity provenance. Altogether, the sale was a major success and served as a fitting showcase of Foreman's long-standing passion for automobiles.

Here are some notable highlights from the auction:

• 2005 Ford GT – This red supercar with under 790 miles sold for $330,000.
• 1963 Chevrolet Corvette Split-Window "Fuelie" Coupe – The iconic Sebring Silver model fetched approximately $125,000.
• 1987 Ferrari Testarossa – With only 3,400 miles and owned by Foreman since 1992, this classic sold for $143,000.
• 1959 Chevrolet Impala Tri-Power Convertible – A stylish black-over-red cruiser that brought in $153,000.
• 1999 Prevost Vantare H3-45 VIP Touring Coach – Foreman's fully decked-out luxury bus sold for about $115,000.

Personal Life

George and his wife, Mary Joan, were married from 1985 until his death in 2025. He had a total of 12 children from his various relationships. Foreman was married four times: 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. 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 insisted that all of his children obtain a college degree, but that hasn't stopped a few of them from hopping into the boxing ring, diploma in hand. George III is following in his father's boxing footsteps by recently winning his first professional boxing match. 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

George Foreman's earliest known property was a 4-acre ranch in Livermore, California, where he trained in the 1970s and famously kept exotic pets like a lion and a tiger. He sold it in 1977 after retiring and becoming a minister. In the 1990s, Foreman settled in Kingwood, an upscale suburb of Houston, Texas, where he raised his family in a sprawling home with a backyard pool—though he later retained ownership while relocating. Around the same time, he purchased a 300-acre ranch in Marshall, Texas, his hometown. This property became his rural retreat, complete with horses, cattle, and a menagerie of animals. In 2002, he added a luxury, beachfront townhouse in Malibu, California, for $2.3 million, used as a vacation home during trips to Los Angeles. His most opulent estate was in Huffman, Texas, built in the early 2000s on 29 acres. This custom Mediterranean-style mansion included nearly 12,000 square feet of living space and an 11,000-square-foot garage capable of housing 55 cars. It was listed for $9.5 million in late 2024. Here is a video tour:

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