Jim McIngvale Net Worth

Jim McIngvale, widely known as “Mattress Mack,” is an American businessman with a net worth of $300 million. McIngvale amassed his wealth as the owner and operator of the Houston-based Gallery Furniture chain. Aside from his business acumen, Mattress Mack is famous for placing massive bets on sports events, particularly those involving the Houston Astros, and running promotions that often involve refunding customers if his team wins.

Who is Mattress Mack?

Jim McIngvale was born in February 1951 in Starkville, Mississippi. In 1981, with $5,000 in life savings, he launched Gallery Furniture from the back of his pickup truck. Business grew slowly at first, but when the oil industry crisis hit Texas, McIngvale’s business faced significant challenges.

In 1983, with his business struggling, McIngvale invested his last $10,000 into local television commercials. During the filming of one of these ads, he ad-libbed the line, “Gallery Furniture saves you money!” while pulling cash out of his pockets. The spontaneous tagline became an instant hit, and the phrase would go on to become his signature catchphrase.

Initially, Gallery Furniture focused on low-end, affordable furniture, but over time, the business expanded to include higher-end lines. Today, Gallery Furniture is one of the most successful independent furniture retailers in the country, known for achieving some of the highest sales per square foot of any furniture store in the United States. In 2005, the company reportedly generated $200 million in annual revenue, a figure that was later estimated at around $150 million in 2015.

Philanthropy

Jim McIngvale is as well-known for his philanthropy as he is for his business success. In August 2017, when Hurricane Harvey devastated Houston, Mattress Mack opened the doors of his stores to serve as shelters for those displaced by the storm. He did the same during Tropical Storm Imelda in 2019, and again in 2021 during the Texas power crisis and Hurricane Ida, extending his assistance to his locations in Louisiana as well.

Sports Betting and Promotions

Mattress Mack has become something of a legend in the world of sports betting, particularly for his bets on the Houston Astros. In 2014, he ran a promotion for Super Bowl XLVIII, offering refunds on purchases over $6,000 if the Seattle Seahawks won. When the Seahawks triumphed, McIngvale refunded an estimated $7 million in furniture purchases.

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His most famous bets, however, have involved the Houston Astros. When the Astros won the World Series in 2017, McIngvale refunded $10 million worth of customer purchases. In 2019, he offered a promotion that would refund any mattress set purchased for up to $3,000 if the Astros made it to the World Series. To hedge against this potential $20 million liability, he placed $13 million in bets on the Astros to win. Unfortunately for him, the Astros lost the series, costing him the entire $13 million.

Ahead of the 2021 World Series, McIngvale bet $3.45 million across several sportsbooks on the Astros to win. Had they been victorious, he would have earned $35.6 million in profits. In 2022, McIngvale’s bet on the Astros to win the World Series paid off, netting him $75 million in total payouts—the highest in sports betting history.

One memorable anecdote from his betting exploits involved him collecting $10 million in cash from BetMGM in Las Vegas. Rather than accepting a check or wire transfer, McIngvale opted to load the cash into a wheelbarrow and flew it back to Houston on a private jet.

Personal Life

Jim McIngvale and his wife, Linda, have four children and reside in the Northgate Forest community in Harris County, Texas. In 1992, the McIngvales served as executive producers for the action-comedy movie Sidekicks, starring Chuck Norris and Jonathan Brandis. In return, Chuck Norris appeared in several television ads for Gallery Furniture.

Jim McIngvale Net Worth

Jim McIngvale net worth is $300 million.