He is a legendary boxing promoter, and the net worth of Don King is $150 million. His income primarily comes from promoting major boxing matches, including iconic events like the “Rumble in the Jungle.” Additionally, King has invested in real estate and owned a music production company, and a casino, further contributing to his wealth.
]He frequently gained attention due to his controversial actions. King has been known to represent several famous boxers. Among those are Mike Tyson, Evander Holyfield, Muhammad Ali, George Foreman, and Larry Holmes. Muhammad Ali’s most recognized fights, ‘’Thrilla in Manila” and “Rumble in the Jungle” were promoted by him. Although many people disagree about Don King’s contributions to boxing, it is undeniable that he has made a name for himself. King has a net worth of $150 million. In this article, we will learn more about Don King’s life and career as a boxing promoter.
Early Life
He was born in Cleveland, Ohio on 20th August 1931. He went to Kent State University after graduating from John Adams High School. But he soon left. Initially, he used to run a bookmaking operation illegally. But that was put on hold when he went to prison for murder. During his imprisonment, King used to read a lot and educated himself. King would be exonerated for his crimes but only after spending some years in jail. He received letters of support from many well-known people which helped to ‘tidy up’ his reputation.
Net Worth of Don King
Don King’s net worth is estimated to be around $150 million. The boxing promoter has been a prominent figure in the sport for several decades and has made a significant amount of money through his various business ventures.
Dong King Career
King started his career in 1974 when he promoted a fabulous boxing event, ‘’the Rumble in the Jungle.’’ He promoted the 1975 boxing match between Muhammad Ali and Joe Frazier in Quezon City, Philippines, known as “Thrilla in Manila.”
He established himself as a boxing promoter in the 1970s and soon gained success in his field. Muhammad Ali filed a lawsuit against him for mishandling funds and underpaying him $1.1 million.
King successfully led ‘The Victory Tour’ of Michael Jackson and his brothers, named ‘The Jacksons.’ The Senate interrogated him over his ties to organized crime and relationships with gangster John Gotti. In 1998, he owned a weekly newspaper based in Cleveland. The primary goal of the paper was to help the African-American community. Mike Tyson sued him for $100 million for defrauding him of money for more than ten years.
Over the next few decades, Don King went on to promote some of the biggest boxing matches in history. He worked with many of the sport’s biggest names, including Mike Tyson, Evander Holyfield, and Julio Cesar Chavez. King’s promotional style was characterized by his flamboyant personality, his ability to generate hype around a fight, and his willingness to take risks.
Investments in Real Estate and Other Businesses of Don King
In addition to his work as a boxing promoter, Don King has also invested heavily in real estate and other businesses. He owns several properties in Florida and New York, including a large mansion in Boca Raton and a penthouse in Manhattan.
King has also made money from other business ventures. He has owned a music production company, a record label, and a casino. He has also been involved in politics, serving as a delegate to several Democratic National Conventions.
Controversies and Legal Troubles
Despite his success in the boxing industry, Don King has also been involved in numerous controversies and legal troubles over the years. He has been accused of exploiting boxers and taking advantage of their financial situations. He has also been accused of rigging fights and manipulating the outcomes of fights.
Don King killed two men while running his shady bookmaking business. King once shot a guy in the back when he was attempting to rob one of his undercover casinos. In another instance, King attacked a guy who owed him $600. This person used to work for King. Both these murders occurred between 1964 and 1967.
The Court decided that the first murder in which King shot a man in the back was justifiable as he was robbed. King was charged and convicted of second-degree murder for the second murder that he committed. But because it was done “in the heat of the moment,” this was officially amended to non-negligent manslaughter.
Larry Holmes claimed that Don King defrauded him of the $10 million from the fight purse. The boxer consented to a $150,000 settlement after suing King. He also agreed not to criticize King.
In 1999, he was sued by boxer Terry Norris for breach of contract and fraud. Norris alleged that King had cheated him out of millions of dollars in earnings. King settled the lawsuit for an undisclosed amount.
In 2001, King was indicted on charges of tax evasion. He was accused of failing to report more than $1 million in income. He pleaded guilty to one count of tax evasion and was sentenced to four years in prison. He was also ordered to pay more than $3 million in back taxes and penalties.
Conclusion
Don King’s net worth is estimated to be around $150 million, a testament to his successful career as a boxing promoter. However, his success has not come without controversy and legal troubles, such as accusations of exploiting boxers and manipulating fight outcomes. Despite these issues, King’s legacy in the boxing world is undeniable, having promoted some of the most iconic fights in history. His impact on the sport and his net worth is a reflection of his business and enduring influence on the industry.
