George Foreman is an American former professional boxer, entrepreneur, minister and author.
He is a two-time world heavyweight champion, an Olympic gold medalist, and known for the George Foreman Grill.
Foreman had a successful boxing career between 1967 and 1997, winning the heavyweight title and making a remarkable comeback at age 45 to become a world champion again.
Beyond boxing, he has ventured into entrepreneurship, ministry and authored books.
Foreman’s life and achievements have been recognized through various honors, including inductions into the World Boxing Hall of Fame and International Boxing Hall of Fame.
He is also known for his role as a pitchman for the George Foreman Grill, a popular kitchen appliance.
Net worth | $300 million |
Profession | Former professional boxer, entrepreneur, minister, author |
Date of birth | January 10, 1949 |
Nationality | American |
Background and early life
Foreman, born on January 10, 1949, in Marshall, Texas, had a challenging early life.
Growing up in Houston’s Fifth Ward, he dropped out of school and was involved with street gangs until joining the Job Corps in 1965.
Through the Job Corps, Foreman discovered boxing and quickly excelled, earning a spot on the U.S. Olympic boxing team for the 1968 Olympics in Mexico City, where he won a gold medal in the heavyweight division.
This success marked the beginning of his boxing career, transitioning to professional boxing shortly after his Olympic victory.
Foreman’s raw power and dominance in the ring led to significant achievements, including becoming the world heavyweight champion in 1973 by defeating Joe Frazier.
Despite setbacks, such as his loss to Muhammad Ali in the famous, Rumble in the Jungle, bout in 1974, Foreman’s career was characterized by resilience, culminating in a remarkable comeback in his forties to reclaim the heavyweight title at the age of 45.
Net worth
Foreman’s net worth is estimated to be $300 million.
His wealth stems from a combination of successful business ventures, including the iconic George Foreman Grill, which has sold over 100 million units and brought him substantial earnings.
Additionally, Foreman’s involvement in various endorsement deals, clothing lines, personal care products and other business ventures has significantly contributed to his impressive net worth.
Despite his challenging childhood and early setbacks, Foreman’s resilience, entrepreneurship and diverse income streams have propelled him to financial success, solidifying his status as a legendary figure in both the sporting and business worlds.
Endorsement deals
Foreman’s endorsement deals have been a significant source of income for him, surpassing his earnings from boxing.
One of his most notable endorsement deals was with Salton, Inc. for the George Foreman Grill, where he made a substantial sum of $138 million.
This deal allowed Foreman to profit from the naming rights of the grill, with royalties exceeding 40% of each grill sold.
His monthly earnings from this deal reached as high as $8 million at one point, showcasing the immense success of the partnership.
Additionally, Foreman has had endorsement deals with various companies like KFC, Doritos, UFood, and Meineke, further contributing to his financial success.
These endorsements, along with his entrepreneurial ventures and product sponsorships, have played a crucial role in building Foreman’s impressive net worth, which is estimated to be around $350 million.
Business ventures
Foreman’s business ventures have been diverse and highly successful, contributing significantly to his impressive net worth.
One of his most iconic ventures is the George Foreman Grill, which he endorsed beginning in the mid-90s.
The grill, marketed as a fat-reducing grilling machine, became a massive success, generating over $200 million in revenue by 1998.
Foreman’s royalties from the grill were substantial, with reports indicating that he once made as much as $8 million in a single month from his share of profits.
Additionally, Foreman has ventured into other business areas, including launching a line of cleaning products, a clothing line and personal care products.
He has also been a spokesperson for various brands like Meineke, KFC and Nike.
Beyond these ventures, Foreman has authored books, including his autobiography and a cookbook, showcasing his versatility as an entrepreneur, author and television personality.
George Foreman Grill
The George Foreman Grill, a revolutionary kitchen appliance, was introduced in the mid-90s and quickly became a household staple.
This grill, known for its fat-reducing design, simplified cooking procedures by offering fast and easy grilling with just the push of a button.
Initially expected to appeal to seniors, the grill unexpectedly gained immense popularity among college students, leading to a massive hit in the market.
By 1999, Salton, the company behind the grill, was selling $160 million worth of George Foreman grills annually.
The grill’s success continued to soar, with as many as 150 million units sold to date.
Its simple design, featuring a red light indicator for heating, made it user-friendly and efficient for a wide range of cooking tasks, from grilling burgers to toasting Panini.
The grill’s success transcended borders, with versions tailored for different markets, including a model in France equipped to make steaks “bleu.”
Foreman’s endorsement deal with Salton, which eventually offered him $137.5 million to use his name in perpetuity, is considered one of the most successful in sports marketing history, highlighting the immense impact and popularity of the George Foreman Grill as a kitchen essential that revolutionized cooking for millions worldwide.
Real estate
Foreman’s real estate portfolio includes a diverse range of properties, showcasing his keen eye for investments.
One of his notable properties is a $2.3 million Malibu townhome, a three-story 2,800-square-foot property with two master suites and an attached two-car garage.
Additionally, Foreman owns a lavish 45-acre mansion in Huffman, Texas, estimated at over $10 million.
This impressive estate features a main home, a guesthouse, a gym, six bedrooms, ten bathrooms, a custom indoor pool, a private lake, hiking and biking trails, stables and pastures.
While the total value of all his real estate holdings is not fully disclosed, these properties alone exceed $12.3 million in value.
Foreman’s real estate investments reflect his success in both boxing and business, showcasing his financial acumen and diverse interests in property ownership.
Early boxing career
Foreman began his boxing career after joining the Job Corps in 1965, where he connected with boxing trainer Doc Broadus.
He quickly excelled and was named to the U.S. Olympic boxing team for the 1968 Olympics in Mexico City, where he won the gold medal in the heavyweight division.
Shortly after, in 1969, Foreman turned professional and started defeating top opponents like Gregorio Peralta and George Chuvalo.
His rise continued as he became the heavyweight champion by defeating Joe Frazier in just two rounds on January 22, 1973.
Despite his early success, Foreman faced a setback when Muhammad Ali defeated him in the legendary, Rumble in the Jungle, in 1974.
This defeat led to a period of retirement and a shift towards becoming an ordained minister.
However, Foreman made a remarkable comeback in 1987, returning to the ring and eventually reclaiming the heavyweight title in 1994 at the age of 45, making him the oldest heavyweight champion in history.
Breakthrough
Foreman’s breakthrough in boxing came during the 1968 Olympics in Mexico City, where he won the gold medal in the heavyweight division.
This victory marked the start of his remarkable career, leading to his transition into professional boxing in 1969.
Foreman quickly gained recognition by defeating notable opponents like Gregorio Peralta and George Chuvalo.
His most significant breakthrough occurred on January 22, 1973, when he became the heavyweight champion by defeating Joe Frazier in just two rounds.
This victory solidified Foreman’s status as a dominant force in the boxing world and set the stage for his subsequent achievements and comebacks in the sport.
Notable fights
Foreman’s boxing career is marked by several notable fights that have left a lasting impact on the sport.
One of his most famous bouts was against Joe Frazier on January 22, 1973, where Foreman claimed the heavyweight title by defeating Frazier in just two rounds.
This victory solidified his position as a dominant force in boxing.
Another significant fight in Foreman’s career was against Muhammad Ali in the Rumble in the Jungle in 1974.
Despite being the favorite, he was defeated by Ali in an iconic match that showcased Ali’s tactical brilliance.
Foreman’s comeback in 1987 led to a series of impressive victories, including a notable fight against Dwight Muhammad Qawi, a former Light Heavyweight and Cruiserweight Champion, whom Foreman knocked out in the seventh round.
Additionally, his fight against Gerry Cooney in 1990 demonstrated Foreman’s enduring power and skill, as he secured a knockout victory after being wobbled in the first round.
These fights, among others, highlight Foreman’s resilience, power and enduring legacy in the world of boxing.
Acting career
Foreman’s acting career includes appearances in movies and TV shows, showcasing his versatility beyond the boxing ring.
Notably, he appeared in the movie “Let’s Do It Again” in 1975, where he played the role of a Factory Worker.
Additionally, he has worked as a producer and contributed to soundtracks in various projects.
Despite his success in boxing, Foreman’s foray into acting demonstrates his ability to diversify his talents and engage in different forms of entertainment.
His involvement in the entertainment industry adds another dimension to his multifaceted career, highlighting his presence in both sports and media.
Accolades
Foreman twice held the world heavyweight title, first from 1973 to 1974 and then again from 1994 to 1995.
Notably, when he regained the heavyweight title at the age of 45, he became the oldest world heavyweight champion in history.
Throughout his career, Foreman showcased his immense power, securing 76 wins, with an impressive 68 of them coming by knockout.
His remarkable achievements in the ring, including victories over notable opponents like Frazier and Michael Moorer, earned him a place in the International Boxing Hall of Fame in 2003.
Additionally, Foreman’s impact extended beyond boxing, as he became a successful television spokesperson and entrepreneur, notably with the introduction of the George Foreman Grill, which garnered significant fame and financial success.
International Boxing Hall of Fame
Foreman was inducted into the International Boxing Hall of Fame in 2003.
This prestigious honor recognized his remarkable contributions to the sport of boxing, including being a two-time world heavyweight champion and an Olympic gold medalist.
Foreman’s induction highlighted his exceptional boxing career, which saw him achieve significant victories, such as defeating Frazier to capture the championship in 1973 and making a remarkable comeback in 1994 at the age of 45 to become the oldest world heavyweight champion.
His induction into the International Boxing Hall of Fame solidified his legacy as one of the greatest boxers in the sport’s history, celebrating his achievements both inside and outside the ring.
Philanthropic efforts
Foreman has been actively involved in philanthropic efforts, particularly focusing on youth development and education.
He founded the Foreman Charitable Foundation, which supports various charitable initiatives aimed at benefiting the community.
Additionally, Foreman and his wife, Mary Joan Martelly, established the George Foreman Youth and Community Center in Houston, Texas, showcasing their commitment to making a positive impact on the lives of young people.
These initiatives reflect Foreman’s dedication to giving back to society and supporting causes that promote growth and development, especially among the youth.
George Foreman family
Foreman has 12 children, including five sons and seven daughters.
His five sons are named George Jr., George III (Monk), George IV (Big Wheel), George V (Red) and George VI (Little Joey).
Foreman chose to name all his sons George Edward Foreman to emphasize unity within the family. Among his daughters are Natalia, Leola, Freeda, Michi, Georgetta, Isabella and Courtney.
Freeda, one of his daughters, pursued a professional boxing career, while Isabella Foreman is known for her blog in Sweden under the name BellaNeutella.
Tragically, Freeda passed away in 2019 at the age of 42 in an apparent suicide.
Foreman’s family reflects his commitment to unity and family values, evident in the shared names among his sons and the diverse paths his children have taken in their lives.