Jim McIngvale Net Worth
Jim McIngvale net worth and salary: Jim McIngvale, also known as Mattress Mack, is an American businessman who has a net worth of $300 million. Jim McIngvale was born in Starkville, Mississippi in February 1951. He is best known as the owner and operator of the Houston-based Gallery Furniture chain.
Becoming Mattress Mack: Jim launched Gallery Furniture from his pickup truck in 1981 with $5,000 in life savings. Business grew slowly but surely in those early months and years, however after the oil industry fell on hard times, so did pretty much every retail business in Texas. In 1983, Jim took his last $10,000 and invested in a series of local television commercial spots. During the filming of one of those spots, he got frustrated while cameras were rolling and proceeded to pull money out of his pockets while declaring "Gallery Furniture saves you money!". The line was a hit with audiences and would eventually become his trademark catch phrase. In its early days the company focused on low-end, inexpensive furniture but overtime branched out into higher-end lines.
Success: Today Gallery Furniture is one of the most-successful independent furniture retailers in the country. Its stores have at various times achieved the highest level of sales-per-square-foot of any store in the US. According to reports released in 2005, the company generates $200 million in revenue per year. An updated report in 2015 pegged annual revenue at around $150 million.
Sports Refunds and Bets: In 2014 the company ran a promotion for Super Bowl XLVIII offering a refund on any purchase over $6,000 if the Seattle Seahawks won. When the Seahawks ended up winning, Mattress Mack ended up refunding an estimated $7 million of furniture purchases.
Jim is a massive fan of the Houston Astros and is famous for making very large bets on the team. At the beginning of the 2019 season, Jim put out a promotion that would refund any mattress-set purchased for up to $3000 that season. This ended up being a $20 million liability when the Astros ended up making the World Series. To hedge his potential losses, Jim began placing bets that the Astros would win the series. By October 29, 2019, the night of game 6, Jim had wagered $12 million over a series of bets. He kept upping the bet as the Astros fell behind 0-2. An Astros win would be worth $22 million to Jim which should more than cover his refund losses.
|Net Worth:||$300 Million|
|Date of Birth:||Feb 11, 1951 (68 years old)|
|Nationality:||United States of America|