06 June 2016
Muhammad Ali’s $80m Estate Could be Contested
Muhammad Ali's reported $80m estate is set to become the subject of a legal battle.
Muhammad Ali, 74, who passed away on June 3, left behind a large family including nine children and four wives.
His fourth wife Lonnie, 59, who controlled his finances as his health declined with Parkinson’s disease, is thought to be either the executor or co-executor of his estate.
Whilst his whole family were at his bedside to support him and to say goodbye together, they are likely to contest the will.
His brother Rahman is supposedly looking to ensure that all of Muhammad’s confirmed children get a share.
Speaking in 2010 about Muhammad’s finances before they married in 1986, Lonnie Ali said: “I was somewhat stunned. I thought he should have been better off, but given the nature of who he was – and the people he was taking care of – it was understandable.”
Lonnie has been credited for rescuing Muhammad Ali’s finances and looking after him in his declining health, but has also been criticised for poisoning relationships with some of his family members and cutting those seen as ‘spongers’ off.
She added: “Muhammad is not a business person. Muhammad did what he wanted to do. That is the nature of the man; that is how he got to be who he is. Fortunately, as he got a little bit older, he got a bit smarter and wiser and he has been more prudent and frugal.”
After retiring from boxing in 1981 Muhammad made money off endorsements and image licensing deals through a company he set up called Goat LLC.
His brand reportedly made close to £5m every year when he sold his controlling share in the company in 2006 making £34m.