Financial Issues and Legal Battles
According to an article from The New York Times, "over the years, Frazier has lost a fortune through a combination of his own generosity and naïveté, his carousing, and failed business opportunities. The other headliners from his fighting days — Ali, George Foreman, and Larry Holmes — are millionaires." Asked about his situation, Frazier became playfully defensive, but would not reveal his financial status. "Are you asking me how much money I have?" he said. "I got plenty of money. I got a stack of $100 bills rolled up over there in the back of the room." Frazier blamed himself, partly, for not effectively promoting his own image.
His daughter Jackie Frazier-Lyde is a lawyer and worked on her father’s behalf in pursuit of money they claimed he was owed in a Pennsylvania land deal. In 1973, Frazier purchased 140 acres in Bucks County, Pennsylvania for $843,000. Five years later, a developer agreed to buy the farmland for $1.8 million. Frazier received annual payments from a trust that bought the land with money he had earned in the ring. However, when the trust went bankrupt, the payments ceased.
Frazier sued his business partners, insisting his signature had been forged on documents and he had no knowledge of the sale. In the ensuing years, the 140 acres was subdivided and turned into a residential community. The land is now worth an estimated $100 million.
Read more about this topic: Joe Frazier
Famous quotes containing the words financial, issues, legal and/or battles:
“Creditor. One of a tribe of savages dwelling beyond the Financial Straits and dreaded for their desolating incursions.”
—Ambrose Bierce (1842–1914)
“Your toddler will be “good” if he feels like doing what you happen to want him to do and does not happen to feel like doing anything you would dislike. With a little cleverness you can organize life as a whole, and issues in particular, so that you both want the same thing most of the time.”
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“In the course of the actual attainment of selfish ends—an attainment conditioned in this way by universality—there is formed a system of complete interdependence, wherein the livelihood, happiness, and legal status of one man is interwoven with the livelihood, happiness, and rights of all. On this system, individual happiness, etc. depend, and only in this connected system are they actualized and secured.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“So, when my days of impotence approach,
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On the dull shore of lazy temperance,
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While I behold the battles you maintain
When fleets of glasses sail about the board,
From whose broadsides volleys of wit shall rain.”
—John Wilmot, 2d Earl Of Rochester (1647–1680)