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:
“America is a nation with no truly national city, no Paris, no Rome, no London, no city which is at once the social center, the political capital, and the financial hub.”
—C. Wright Mills (1916–1962)
“I can never bring you to realize the importance of sleeves, the suggestiveness of thumb-nails, or the great issues that may hang from a boot-lace.”
—Sir Arthur Conan Doyle (1859–1930)
“Hawkins: The will is not exactly in proper legal phraseology. Richard: No: my father died without the consolations of the law.”
—George Bernard Shaw (1856–1950)
“Wars and revolutions and battles are due simply and solely to the body and its desires. All wars are undertaken for the acquisition of wealth; and the reason why we have to acquire wealth is the body, because we are slaves in its service.”
—Socrates (469–399 B.C.)