Verne Gagne Net Worth

What Was Verne Gagne's Net Worth?

Verne Gagne was an American professional wrestler, promoter, trainer, and football player who had a net worth of $1.5 million at the time of his death.

Verne Gagne was one of professional wrestling's first nationally recognized television stars and later became the founder and longtime owner of the American Wrestling Association. Known for his legitimate amateur credentials, technical ability, and trademark sleeper hold, he won the AWA World Heavyweight Championship 10 times and remained an active wrestler into his 50s.

Gagne helped bridge the gap between professional wrestling's early territorial era and the modern television-driven industry. At the height of his popularity, he drew enormous crowds, earned $100,000 per year by 1960, and ranked among Minnesota's most recognizable sports figures. Through the AWA, he promoted shows across the Midwest, western United States, and Canada while developing or showcasing wrestlers such as Hulk Hogan, Jesse Ventura, Ric Flair, Nick Bockwinkel, and the Iron Sheik. However, Gagne struggled to adapt as the World Wrestling Federation expanded nationally during the 1980s. The AWA ceased operations in 1991, and Gagne filed for personal bankruptcy two years later.

Early Life

LaVerne Clarence Gagne was born on February 26, 1926, in Corcoran, Minnesota. He was raised on a farm and was the son of a saloonkeeper. His mother died when he was 11 years old.

Gagne became determined to pursue wrestling despite his father's preference that he work in the family saloon. At age 14, he left home and moved in with an aunt and uncle. He attended Robbinsdale High School, where he competed in wrestling, football, and baseball.

Near the end of World War II, Gagne served stateside in the United States Marine Corps. Because of his wrestling background, he was assigned to teach hand-to-hand combat.

College Wrestling and Football

Gagne attended the University of Minnesota, where he became one of the school's most accomplished athletes. He was a four-time conference wrestling champion, a three-time All-American, and a two-time NCAA champion. He won the NCAA title at 191 pounds in 1948 and captured the heavyweight championship in 1949. He also won an AAU national championship and served as an alternate for the United States wrestling team at the 1948 Summer Olympics.

In addition to wrestling, Gagne played football for the University of Minnesota. The Chicago Bears selected him in the 16th round of the 1947 NFL Draft, and he also received interest from the Green Bay Packers and San Francisco 49ers. Because professional football salaries were relatively modest at the time, Gagne chose professional wrestling instead.

Professional Wrestling Career

Gagne made his professional wrestling debut in 1949, defeating Abe "King Kong" Kashey in Minneapolis. His timing coincided with the growing popularity of television, and his athletic background, clean-cut appearance, and technical style made him an ideal television star.

Unlike many larger wrestlers, Gagne relied on speed, leverage, conditioning, and strategy. He generally performed as a heroic fan favorite against villains who cheated or used underhanded tactics. His best-known finishing move was the sleeper hold, which he applied by placing pressure around an opponent's neck until the opponent appeared to lose consciousness.

Gagne became a major national attraction during the 1950s. His matches drew large crowds across the country, including a 1957 Madison Square Garden event that caused enormous congestion around the arena as fans attempted to enter. By 1960, he was earning $100,000 per year, the equivalent of roughly $1 million in modern purchasing power.

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American Wrestling Association

In 1960, Gagne and promoter Wally Karbo helped establish the American Wrestling Association. Based in Minneapolis, the AWA promoted wrestling throughout Minnesota, Wisconsin, Illinois, North Dakota, and other parts of the Midwest, as well as in western states and Canada.

Gagne eventually became the promotion's sole owner and dominant champion. He held the AWA World Heavyweight Championship 10 times and spent thousands of combined days as champion. His major opponents included Nick Bockwinkel, Mad Dog Vachon, The Crusher, Dick the Bruiser, Killer Kowalski, and Hard Boiled Haggerty.

Gagne wrestled well into his 50s. He retired as AWA champion in 1981 after defeating Bockwinkel, ending an in-ring career that had lasted more than three decades.

Promoter, Trainer, and Film Career

As a trainer and promoter, Gagne played a role in launching the careers of numerous future wrestling stars. Wrestlers associated with his training camp or promotion included Ric Flair, the Iron Sheik, Ken Patera, Bob Backlund, Ricky Steamboat, Curt Hennig, and Gagne's son, Greg Gagne. Hulk Hogan and Jesse Ventura also became major stars while working for the AWA.

In 1974, Gagne served as executive producer and appeared in the feature film "The Wrestler." The film also starred Edward Asner and included several professional wrestlers from Gagne's promotion.

Decline of the AWA

During the 1980s, cable television transformed professional wrestling from a collection of regional promotions into a national entertainment business. Vince McMahon's World Wrestling Federation expanded aggressively and signed many of the AWA's top performers, including Hulk Hogan and Jesse Ventura.

Gagne remained committed to a traditional, technically focused presentation while the WWF emphasized larger personalities, elaborate storylines, and heavily muscled performers. The AWA gradually lost television exposure, attendance, and talent. It ceased operations in 1991, and Gagne filed for personal bankruptcy in 1993.

Despite his complicated relationship with the WWF, Gagne was inducted into the WWE Hall of Fame in 2006. He was also inducted into the WCW Hall of Fame, the Professional Wrestling Hall of Fame, and the National Wrestling Hall of Fame.

Personal Life and Death

Verne married Mary Marxen in 1949. They had four children: Greg, Elizabeth, Kathleen, and Donna. Mary died in 2002. Greg Gagne followed his father into professional wrestling and became a longtime AWA performer.

Gagne was diagnosed with Alzheimer's disease after he began experiencing serious memory and navigation problems. In 2009, while living in a memory-care facility, he was involved in an altercation with 97-year-old resident Helmut Gutmann. Gutmann fell, broke his hip, and died from complications following surgery. The medical examiner classified the death as a homicide, but prosecutors declined to charge Gagne because of his advanced dementia and inability to understand or recall the incident.

Verne Gagne died from complications of Alzheimer's disease on April 27, 2015, at the age of 89.

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