George Foreman Nearly Went Bankrupt In 1986 Then Bounced Back To An Estimated $300M Fortune

Have you ever wanted a grilled burger, but the weather wasn’t cooperating, or you didn’t feel like busting out the grill? In 1994, a solution to that first-world problem manifested with the release of the George Foreman Grill.

The introduction of the small kitchen appliance was revolutionary at the time and was all the rave for consumers seeking the benefits from this innovative product. This invention, however, was not the initial highlight of Foreman’s career. His boxing prowess made him a household name, a global superstar, and a well-respected athlete.

George Foreman was born in 1941 in Marshall, TX. Based on his website, he had a challenging upbringing that led him to engage in several street fights. However, he would get the opportunity to enroll in a Jobs Corp program where he met Doc Broaddus, a boxing coach.

Once he began training, Foreman progressed rapidly, jumpstarting his professional career in 1969 after winning Gold in the 1968 Olympics amateur boxing competition.

The former heavyweight champion would see similar success in his professional career, earning a perfect record of 37-0, including 35 knockouts by 1972.

These moments eventually built up to Foreman’s most famous fight against Muhammad Ali in Zaire, commonly known as the Rumble In The Jungle. While Foreman lost this match, it did not dim his light as a boxer.

However, after losing a match in 1977, Foreman had a religious experience and decided to quit boxing. He opened a church and a youth-centered organization in the years that followed.

The Wall Street Journal reports that by 1986, well into his ministerial career, the boxer was nearly bankrupt — losing almost all the money he saved from his go-round in the ring.

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