How former boxing champion George Foreman accumulated a grand net worth of $300M

George Foreman is undoubtedly one of the best boxers the world has ever produced. For the duration of his professional boxing career, Foreman recorded 76 wins out of 81 fights. Unlike contemporary boxers who are profiting financially, Foreman only managed to accumulate a net worth of $5 million in the 1980s.

However, the two-time World Heavyweight Boxing Champion and Olympic Gold Medalist had a blissful retirement thanks to an endorsement deal he secured. Foreman was approached by Salton, Inc, which was looking for a celebrity spokesman for its fat-reducing grill.

According to Celebrity Net Worth, Foreman was paid $138 million in 1999 for the right to use his name by Salton. Prior to that, he was paid 40 percent of the profits on each grill sold, earning him roughly $4.5 million a month in payouts at its peak. This brought his total earnings to about $250 million, Celebrity Net Worth further reported. In total, the former boxing champion is said to be worth $300 million.

Foreman was born on January 10, 1949, in Marshall, Texas. He was raised by J.D. Foreman while growing up in Houston with six siblings. Foreman dropped out of school when he was 15 years and became a mugger. After a year, Foreman reportedly changed his life and convinced his mom to sign him up for Job Corps. However, he started training for boxing after a move to Pleasanton, California.

He won a gold medal at the 1968 Mexico City Olympic Games in the 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, according to Celebrity Net Worth.

He became a professional boxer in 1969, winning 13 fights that year, 11 of them total knockouts. He made a remarkable career run in 1970, winning all 12 bouts in a row, with seven of the bouts coming by way of knockout. He would later face Muhammad Ali, who became the first boxer to knock him down.

He retired from boxing at the age of 48, winning 76 bouts and losing just five. He was subsequently inducted into the World Boxing Hall of Fame and International Boxing Hall of Fame. He has been ranked the eighth greatest heavyweight in history.

Before taking up a role as spokesman for George Foreman Grill, the ex-boxer preached on Houston street corners and in fundamentalist churches. He ultimately opened his own church, the Church of the Lord Jesus Christ, in a mobile home where he ministered while trying to avoid the limelight as much as possible.