Floyd Mayweather Jr. Slams Claims He Is Going Bankrupt and Reveals How He's Building ‘Generational Wealth' Through Real Estate
Retired boxer Floyd Mayweather Jr. furiously shut down speculation that he is struggling financially—while opening up about his plan to accrue lasting 'generational wealth' by investing in 'smart' real estate purchases.
Mayweather, who is the son of boxing legend Floyd Mayweather Sr., retired from boxing with an undefeated record in 2017. In 21 years of throwing punches, he claimed 15 world championships across five weight classes—from super featherweight to light middleweight.
After exiting the ring for the final time, the 48-year-old decided to take a swing at another potentially lucrative endeavor: real estate investment.
Since his retirement from professional sports, Mayweather has snapped up a variety of properties, from trophy mansions and modern estates to affordable housing and rentals.
Now, he's lifted the lid on the logic behind his investments, which have reportedly helped him to amass a net worth of around $500 million, according to Essentially Sports.
However, that staggering sum was recently brought into question when sports commentary YouTube Channel 'Fighters Corner News' shared a clip, titled 'Stephen A. Smith Exposes Floyd Mayweather For Going Bankrupt After $402 Million Scam.'
The video went viral and prompted many to wonder if Mayweather's seemingly successful image was all an illusion.
Now, Mayweather has attempted to shut down all speculation about his financial struggles, insisting that the exact opposite is true.
'Everybody is entitled to their own opinion, but if that's what you call having two private jets, owning 100 buildings, and being able to do what you want, then I'm pretty sure everybody is going bankrupt,' he explained during an appearance at The Real Deal's New York City Forum.
Mayweather is so determined to protect his reputation—and his successes—that he recently launched a $100 million defamation lawsuit against Business Insider over a story the outlet published about one of his real estate deals.
After Mayweather took to Instagram to reveal that he had purchased 62 residential apartment buildings in Manhattan for the sky-high price of $402 million, the publication released a piece questioning whether the deal had ever happened.
'I'm not a liar. I work hard to build my name and build my reputation,' Mayweather said of the lawsuit. 'Out of my 48 years of life, I've never sued a media outlet, but the media has bashed me and my family throughout my life, and I have always been judged by them. I'm not going to let anyone go out there and smear my name and talk bad about me and my family.'
Business Insider issued a statement denying Mayweather's claims to Front Office Sports: 'We will vigorously defend against this meritless attempt to discredit our reporting and smear our reporter.'
As for his lucrative real estate dealings, Mayweather says he never planned to start small, instead opting to surround himself with 'smart' people who can help him to invest his money in the right places.
Mayweather—whose property portfolio includes retail buildings, luxury rentals, the former Versace mansion, and his recent $402 million investment—said: 'I kept thinking about life after boxing and generational wealth. When I started with real estate, I skipped over eight figures and I went to nine figures. I wanted my payouts to be bigger so I could travel with my family and friends.'
However, the former boxer says he doesn't consider himself an expert—at least not yet.
'But, I'm still learning in real estate. I learn every day. I always say real estate is like boxing because I'm always learning,' he added.
Mayweather confessed that his 'goal' has been to build wealth that can be passed down to his children: Koraun, 25, Iyanna, 25, Zion, 24, and Jirah, 20.
'The whole goal is for my children to be better than me, and that's a great thing in my eyes,' he explained.
'I don't want to call this a real estate dynasty; it's just building generation wealth. A lot of athletes go out here, and it's a lot physically on the knees and face, so you want to have something. I never took anything for granted.'
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