George Foreman is a name that is synonymous with boxing and grilling. He is a former professional boxer who became a two-time world heavyweight champion and an Olympic gold medalist. He is also a successful entrepreneur who made millions from his endorsement of the George Foreman Lean Mean Fat Reducing Grilling Machine. But how much is George Foreman worth in 2023? And how did he earn his fortune? In this article, we will answer these questions and more.
How Did George Foreman Start His Boxing Career?
George Foreman was born in Marshall, Texas on January 10, 1949. He grew up in Houston with six siblings and had a troubled childhood. He dropped out of school at the age of 15 and became a mugger. He later joined the Job Corps, where he learned to be a carpenter and a bricklayer. He also started to train for boxing after moving to Pleasanton, California.
Foreman made his professional boxing debut in 1969 and quickly rose to fame with his powerful punches and knockout victories. He won his first 37 fights, 34 of them by knockout. He became the world heavyweight champion in 1973 when he defeated Joe Frazier in Jamaica. He defended his title twice before losing it to Muhammad Ali in the famous “Rumble in the Jungle” in Zaire in 1974.
Foreman continued to fight until 1977 when he retired after losing to Jimmy Young in Puerto Rico. He became a born-again Christian and became an ordained minister. He also opened a youth center in Houston and devoted himself to charity work.
What Is George Foreman Net Worth In 2023?
George Foreman’s net worth is $300 million as of August 2023. This makes him one of the richest boxers in the world, behind only Floyd Mayweather Jr., who has a net worth of $450 million. Foreman’s net worth is mainly derived from his boxing career and his endorsement deals, especially the grill that bears his name.
Foreman has been married five times and has 12 children, five of whom are named George (he also has a daughter named Georgetta). He lives on a 40-acre ranch in Marshall, Texas, where he raises horses and cattle. He also owns a mansion in Houston and a penthouse in Las Vegas.
Foreman is still active in the boxing world, as a commentator, analyst, and mentor. He is also a motivational speaker and a philanthropist. He supports various causes, such as education, health, and youth development. He is also a member of the International Boxing Hall of Fame and the World Boxing Hall of Fame.
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When Did George Foreman Become the World Heavyweight Champion?
Foreman became the world heavyweight champion for the first time on January 22, 1973, when he knocked out Joe Frazier in two rounds at Kingston, Jamaica. Frazier was the undefeated champion who had beaten Muhammad Ali in 1971. Foreman dominated Frazier with his power and aggression, knocking him down six times in the fight.
Foreman defended his title twice, knocking out Jose Roman in one round and Ken Norton in two rounds. He was considered invincible and unbeatable by many boxing experts and fans. However, he faced his biggest challenge on October 30, 1974, when he fought Muhammad Ali in the iconic “Rumble in the Jungle” in Kinshasa, Zaire (now Congo).
Ali used his speed, skill, and strategy to frustrate and tire Foreman, who was used to overpowering his opponents. Ali employed a tactic called “rope-a-dope”, where he leaned back on the ropes and let Foreman punch himself out. Ali then counterattacked with quick jabs and combinations, eventually knocking out Foreman in the eighth round.
Foreman lost his title and his aura of invincibility. He fought five more times after losing to Ali, winning four and losing one to Jimmy Young in 1977. After that fight, Foreman claimed to have a religious experience in his dressing room, where he saw a vision of God and felt reborn. He retired from boxing and became an ordained Christian minister.
50 years ago today, I won the world heavyweight title from Smoking Joe Frazier (who I really miss). It was a big moment in my life, and I celebrated with my friends and family. Everything changed for me after that:
On this date 50, years ago I captured The world heavyweight title from Smoking Joe Frazier ( whom I miss dearly ) Everything changed for me.
Celebrated with friends and family. pic.twitter.com/JMvxBs8o3d— George Foreman (@GeorgeForeman) January 23, 2023
How Did George Foreman Make His Comeback?
In 1987, at the age of 38, Foreman decided to make a comeback in boxing. He said he needed money to support his youth center and his growing family (he had 10 children at the time). He also wanted to prove that he could still compete at the highest level.
Foreman surprised many critics by winning his first 24 comeback fights, 23 of them by knockout. He challenged Evander Holyfield for the undisputed heavyweight title in 1991 but lost by unanimous decision. He did not give up, however, and fought on until he got another title shot in 1994 against Michael Moorer. At the age of 45, Foreman became the oldest heavyweight champion in history by knocking out Moorer in the 10th round.
Foreman defended his title once against Axel Schulz in 1995 but was stripped of his WBA and IBF belts for refusing to fight their mandatory challengers. He kept his WBO belt until he vacated it in 1997. He retired from boxing for good in 1997 at the age of 48, with a record of 76 wins (68 by knockout) and 5 losses.
What Did George Foreman Do After His Boxing Career?
Foreman’s boxing career was not the only source of his fame and fortune. He also became a successful entrepreneur and a popular media personality. He is best known for his promotion of the George Foreman Grill, a fat-reducing electric grill that he endorsed in 1994.
The grill was a huge hit, selling more than 100 million units worldwide. Foreman earned more money from the grill than from his boxing career. He sold the commercial rights to the grill for $138 million in 1999. He also endorsed other products such as Meineke mufflers, Doritos chips, and KFC chicken.
Foreman also wrote several books, including his autobiography By George (1995), God in My Corner (2007), and Knockout Entrepreneur (2009). He also appeared in several movies and TV shows, such as The Simpsons, Family Guy, and Rocky V. He was a ringside analyst for HBO’s boxing coverage for 12 years until 2004.
Foreman is also a devoted family man, who has 12 children, including five sons named George Edward Foreman Jr., III, IV, V, and VI. He lives on a ranch in Texas with his wife Mary Joan Martelly, whom he married in 1985.
How Did George Foreman Become A Successful Entrepreneur?
George Foreman is not only a boxing legend, but also a business mogul. He is best known for his endorsement of the George Foreman Lean Mean Fat Reducing Grilling Machine, which is a countertop electric grill that cooks food with less fat and grease. Foreman signed a deal with Salton Inc., the manufacturer of the grill, in 1994. He agreed to promote the product in exchange for 40% of the profits.
The grill became a huge hit, selling over 100 million units worldwide. Foreman earned an estimated $200 million from the deal, making him one of the richest athletes of all time. In 1999, he sold his name and image rights to Salton for $137.5 million, making it one of the largest endorsement deals ever.
Foreman did not stop there. He also endorsed other products, such as Meineke Car Care Centers, InventHelp, Doritos, KFC, Taco Bell, and Skechers. He also launched his own line of products, such as clothing, shoes, books, DVDs, and even a cryptocurrency called Foreman Coin. He also invested in real estate and owned several properties across the US.
Conclusion
George Foreman is a boxing legend and an entrepreneurial genius who has amassed a fortune of $300 million in 2023. He is an inspiration to many people who want to overcome challenges and achieve success in life. He is also a generous philanthropist who gives back to his community and his faith. George Foreman is truly a remarkable man who deserves respect and admiration.