Facts of Jim Mcingvale
|Full Name||James Franklin McIngvale|
|Birth Name||James Franklin McIngvale|
|Other Name||Mattress Mac|
|Birth City||Starkville, Mississippi|
|Birth Country||United States|
|Father Name||George McIngvale|
|Mother Name||Angela McIngvale|
|Relation With||Cynthia Potter (ex-wife)|
|No Of Children||3|
|Education||University of North Texas|
|Date of Birth||February 11,1951|
Jim McIngvale is an American businessman is the owner of multi-million dollars worth of Gallery Furniture retail chain, established in 1981.
McIngvale started his business with an initial investment of $5,000 & with growing success, he now stands among the richest furniture businessman & tags himself in the multi-millionaire businessman's club.
The owner of Westside Tennis & Fitness Club, Jim is also an author; he co-authored Always Think Big.
What Is Jim McIngvale's Net Worth In 2020?
The University of North Texas graduate started his venture, Gallery Furniture in 1981 in Houston, with an investment of $5,000 & his own pickup truck.
Later, Jim put his life savings of $10,000 for the company's commercials in local TV in 1983, which grew to a mega-chain store by the 2000s.
With over 38 years of furniture business & success, the 69-year-old American businessman got hands in a hefty sum of money. According to Celebrity Net Worth, Jim McIngvale has a net worth of $300 million as of March 2020.
The furniture retail store started with less expensive furniture & then expanded to high-end products. By 2009, Jim opened his second Gallery Furniture store in the Galleria area of Houston, Texas.
Reportedly, in 2005, his Gallery Furniture store had a yearly revenue of $200 million-a-year. The further update in 2015 claimed that the business was making a revenue of $150 million.
Furthermore, he is also the owner of the Westside Tessis & Fitness Club since 1995.
Also, Jim is considered one of the largest owners of thoroughbred racehorses in Kentucky.
Did you know? His Gallery Furniture warehouse in North Houston burned down on May 21, 2009, that was reported to be arson by ATF.
Lost $13 Million On Baseball Bet
An avid fan of the MLB team Houston Astros, Jim McIngvale aka Mattress Mack, lost a whopping sum of $13 million in bet money after the Astros lost to the Washington Nationals in the 2019 World Series.
In the early 2019 season, the furniture businessman put a "Win it All" promotion & promised to refund the customers who would buy mattresses worth over $3,000, if the Astros won the 2019 World Series.
The entire idea would see him waiver from $20 million.
Even though the Houston Astros' loss skipped him to pay refunds, on the other, it saw him money leak another way as he lost the bet placed on Astros' win (had planned to pay refunds to customers from bet-win if his team would be victorious).
Before the playoffs, Jim got his hands off $5 million- he lost $3.5 million on October 1, 2019, & $1.5 million on October 3., which totaled $13 million by the end of World Series.
Reportedly, only from the bet at Scarlet Pearl Casino in Mississippi, McIngvale lost $6.2 million including a wager of $700,000.
As for a fact, if the American businessman had won the bet, he would have made $22 million.
Did you know? McIngvale previously offered the refund for products purchase in the 2017 World Series & had to pay back $13 million after the Houston Astros won the title.
Loss From 'Super Bowl XLVIII' Refund Provision
In 2014, Jim promised that if the Seattle Seahawks won in Super Bowl XLVIII, he would refund the customers buying worth over $6,000 in furniture.
The Seahawks became Super Bowl champ that season winning (43- 8) over Denver Broncos.
It cost him an estimated refund payment of $7 million.
Where Does Jim McIngvale Live?
The Gallery Furniture retail chain store owner McIngvale currently lives in Houston, Texas, though, prefers to keep his residence detail low-key.
The median house price in Houston is $191,161.
The IMDB reports that Jim has a 5-car garage in his house for his Ferrari collection- the cost of Ferrari ranges anywhere from $180,000 to $450,000.
Reportedly, back in September 2019, his car was broken into by a burglar; he made a Tweet posting his photo with his car's broken window.
Father Of 3 Children From 2 Marriages
Jim McIngvale has been married 2 times in his life. Formerly, he was in a marital relationship with Cynthia Potter- the detail on their marriage or divorce date is yet to be out.
Currently lives with second wife Linda McIngvale.
The couple is parents to 3 children: Elizabeth McIngvale, James McIngvale, Jr. and Laura McIngvale Brown.
Their eldest child, daughter Elizabeth was diagnosed with obsessive-compulsive disorder (OCD) at the age of 12 & underwent Exposure Response Prevention Therapy at Menninger Clinic.
Later, she learned to manage her OCD.
Now, Elizabeth works as an assistant professor of Psychiatry and Behavioral Sciences at the Baylor College of Medicine & is also the founder of the non-profit Peace of Mind Foundation.
McIngvale was born James Franklin McIngvale on February 11, 1951, in Starkville, Mississippi, the USA, to George and Angela McIngvale.
The Bishop Lynch High School graduate later enrolled at the University of North Texas (then known as North Texas State University), in Denton.
Following college, he ventured in many endeavors that failed miserably & then went to work convenience store. After he was fired, Jim opened up a furniture store on his own.
Also an active charity worker, the American businessman gives back to the community in Houston; through his Gallery Furniture, he furnishes many giveaways. Also, he partnered with Memorial Herman Hospital to develop a Mobile Stroke Unit.