George Foreman Net Worth and Full Details of Heirs

George Foreman wasn’t just a boxing legend—he was a financial comeback king. From Olympic gold medalist to heavyweight champion, and later, from bankruptcy to a $300 million net worth, his story is one of resilience and smart business moves.

But how did he turn his fortunes around? And who will inherit his massive wealth?

This investigation uncovers Foreman’s financial journey, his iconic grill empire, and the family set to inherit his fortune.

What Was George Foreman Net Worth?

George Foreman was a legendary American boxer and a highly successful businessman. At the time of his death, his net worth stood at $300 million.

Between 1969 and 1977, he saved around $5 million from his boxing earnings—equivalent to about $20 million today. However, bad investments and an extravagant lifestyle drained his fortune.

By 1987, ten years into retirement, he was completely broke. To recover financially, he returned to boxing and made an incredible comeback in the 1990s.

Boxing didn’t make Foreman a multi-millionaire. Most of his $300 million fortune came from a simple yet brilliant invention. His famous grill and the royalties it generated played a massive role in rebuilding his wealth.

Early Life

George Foreman was born in Marshall, Texas, on January 10, 1949. He grew up in Houston’s Fifth Ward with six siblings. His mother married J.D. Foreman when George was young, but his biological father was Leroy Moorehead.

As a teenager, Foreman had a troubled past. He dropped out of school at 15 and got involved in crime, even working as a mugger. However, at 16, he decided to turn his life around. After seeing a Job Corps ad on TV, he convinced his mother to enroll him.

Through Job Corps, Foreman earned his GED and trained as a carpenter and bricklayer. With the help of a supervisor, he moved to Pleasanton, California, where he started boxing.

Initially, he loved football and idolized Jim Brown, but he eventually chose boxing as his path.

Professional Career

In 1973, George Foreman reached the peak of his early boxing career by defeating Joe Frazier to become the undisputed heavyweight champion. However, his reign was short-lived.

In 1974, he lost the title to Muhammad Ali in the legendary Rumble in the Jungle fight in Zaire.

Foreman shocked the world by retiring unexpectedly in 1977 and becoming an ordained minister. A decade later, at 38, he made a stunning comeback.

Defying the odds, he regained the heavyweight title in 1994 by knocking out Michael Moorer at 45, making him the oldest heavyweight champion in history.

Outside the ring, Foreman built an even greater legacy as an entrepreneur. His George Foreman Grill became a household staple, earning him more wealth than boxing ever did.

His transformation from a fierce fighter to a cheerful businessman made him a beloved figure in American culture.

Foreman ended his career with an outstanding record of 76 wins and 5 losses, including 68 knockouts. In 2003, he was inducted into the International Boxing Hall of Fame.

George Foreman Grill

The George Foreman Grill changed home cooking forever when it launched in 1994. Its sloped design drained fat away from food, making it a hit with health-conscious consumers.

Surprisingly, Foreman didn’t invent it—Michael Boehm and Robert Johnson did. They struggled to find a celebrity endorser until they approached Foreman.

At first, he had never used the grill, but after trying it, he became a firm believer. When Salton, Inc. acquired the marketing rights, the grill’s success skyrocketed.

Foreman’s warm and enthusiastic personality in infomercials won over audiences. His famous slogan, “It’s so good I put my name on it,” helped turn the grill into a must-have kitchen appliance.

Financially, the grill was a game changer for Foreman. He initially earned $138,000 per month in royalties, but as sales exploded, his earnings soared to $8 million per month.

By 1999, after selling over 20 million units, Salton bought out his rights for $137.5 million. In total, Foreman made over $250 million from the grill—far more than he ever earned in boxing.

Car Collection

In November 2023, George Foreman announced the auction of his prized car collection through Hagerty Marketplace.

The auction featured over 50 classic and rare vehicles, all offered with no reserve. Running until December 21, 2023, the event attracted collectors worldwide, generating impressive sales.

Foreman’s collection included muscle cars, luxury tourers, and rare exotics. Bidders valued both the vehicles’ pristine condition and their celebrity connection.

The auction was a huge success, reflecting Foreman’s deep passion for automobiles.

Notable Sales from Foreman’s Collection

• 2005 Ford GT – Sold for $330,000, featuring under 790 miles.
• 1963 Chevrolet Corvette Split-Window “Fuelie” Coupe – Iconic Sebring Silver model, fetched $125,000.
• 1987 Ferrari Testarossa – Owned by Foreman since 1992, with 3,400 miles, sold for $143,000.
• 1959 Chevrolet Impala Tri-Power Convertible – A sleek black-over-red cruiser, sold for $153,000.
• 1999 Prevost Vantare H3-45 VIP Touring Coach – A luxury bus, sold for $115,000.

The auction not only highlighted Foreman’s love for cars but also showcased his impeccable taste in classic automobiles.

Personal Life

George Foreman married Mary Joan in 1985, and they remained together until his death in 2025. Over his lifetime, he had 12 children from various relationships.

Foreman married four times before Mary Joan:

• Adrienna Calhoun (1971–1974)
• Cynthia Lewis (1977–1979)
• Sharon Goodson (1981–1982)
• Andrea Skeete (1982–1985)

In a unique tradition, Foreman named all five of his sons George Edward Foreman. Most of his daughters also have “George” as a middle name, except for one, Georgetta.

Real Estate

George Foreman’s first known property was a 4-acre ranch in Livermore, California, where he trained in the 1970s and kept exotic pets, including a lion and a tiger.

After retiring in 1977, he sold the ranch and shifted his focus to ministry work.

In the 1990s, Foreman moved to Kingwood, Texas, an upscale Houston suburb, where he raised his family in a sprawling home with a backyard pool. Though he later relocated, he retained ownership of the property.

Around the same time, he purchased a 300-acre ranch in Marshall, Texas, his hometown. This ranch became his rural retreat, complete with horses, cattle, and other animals.

In 2002, Foreman expanded his real estate portfolio, buying a luxury beachfront townhouse in Malibu, California, for $2.3 million. He used it as a vacation home during trips to Los Angeles.

His most extravagant estate was a 29-acre Mediterranean-style mansion in Huffman, Texas, built in the early 2000s.

The home featured nearly 12,000 square feet of living space and an 11,000-square-foot garage that could house 55 cars. In late 2024, Foreman listed the property for $9.5 million.

George Foreman Net Worth and His Heirs: Who Will Inherit His Fortune?

Foreman had 12 children—five sons and seven daughters—from multiple marriages. His wife, Mary Joan Martelly, whom he married in 1985, is expected to inherit a significant portion of his estate.

Foreman’s Complicated Family Legacy

Foreman was married five times:

• Adrienne Calhoun (1971–1974)
• Cynthia Lewis (1977–1979)
• Sharon Goodson (1981–1982)
• Andrea Skeete (1982–1985)
• Mary Joan Martelly (1985–2024)

He famously named all five of his sons George Edward Foreman, leading to jokes about “George Foreman’s George Foremans.” His daughters, however, have different names.

How His Wealth Will Be Divided

While exact details remain private, sources suggest:

• Mary Joan Martelly will likely control a large share.
• His 12 children will receive substantial inheritances.
• Some funds may go to charities and religious causes (Foreman was an ordained minister).