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:
“... aside from the financial aspect, [there] is more: the life of my work. I feel that is all I came into the world for, and have failed dismally if it is not a success.”
—Mary E. Wilkins Freeman (1852–1930)
“Cynicism formulates issues clearly, but only to dismiss them.”
—Mason Cooley (b. 1927)
“We should stop looking to law to provide the final answer.... Law cannot save us from ourselves.... We have to go out and try to accomplish our goals and resolve disagreements by doing what we think is right. That energy and resourcefulness, not millions of legal cubicles, is what was great about America. Let judgment and personal conviction be important again.”
—Philip K. Howard, U.S. lawyer. The Death of Common Sense: How Law Is Suffocating America, pp. 186-87, Random House (1994)
“In the long run all battles are lost, and so are all wars.”
—H.L. (Henry Lewis)