Muhammad Ali is a name synonymous with a legend. Unfortunately, he passed away on June 3, 2016, at the age of 74. Unsurprisingly, Ali earned millions of dollars during his career through his fights and endorsement deals. 

However, despite his success and wealth, Ali’s finances were not always in order and he struggled with money troubles in the later years of his life.

Why was Muhammad Ali struggling financially?

One of the significant factors that contributed to Ali’s financial difficulties was because of his protest over getting drafted. Ali went from a superstar to a pariah practically overnight. 

Ali also faced financial challenges due to his legal battles. In the 1970s, Ali was convicted of draft evasion and stripped of his boxing license, which greatly impacted his earning potential. He spent years fighting the conviction in court, which resulted in significant legal fees.

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Another factor that contributed to Ali’s financial struggles was poor financial management. Despite earning millions of dollars during his career, Ali did not always make wise investments or manage his money effectively. This led to him losing large sums of money, further depleting his wealth.

Read Also: Muhammad Ali’s IQ: How Smart Was the Legendary Boxer?

Despite these challenges, Ali’s estate was valued at around $80 million at the time of his death. But most of his wealth is tied to real estate and investments. These factors made it difficult for his family to access it easily.

Who got what after Muhammad Ali’s death?

After Ali’s death, his wife, Lonnie Ali, and his children inherited the bulk of his estate. However, the distribution of his assets was not without controversy. According to the reports, his children got $6 million each, and the rest went to his wife Lonnie Ali.

In 2017, Muhammad Ali Jr. and Maryum Ali filed a lawsuit against Lonnie Ali. They were alleging that she had mismanaged their father’s estate and kept them from receiving their fair share of the inheritance. The case was eventually settled out of court. The details of the settlement were not made public.

Despite the financial difficulties and legal battles that followed Ali’s death, his legacy lives on. Ali was not only one of the greatest boxers of all time, but also a cultural icon and philanthropist. He used his fame and wealth to promote social justice and equality. His spirit continues to inspire the world.

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