Jim McIngvale Net Worth
How much is Jim McIngvale 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.
Bob Levey/Getty Images
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.
Mattress Mack Net Worth 2019: How Much Did Jim McIngvale Lose Betting on Houston Astros?
By: Caroline John – Published: November 1, 2019 at 8:04 am
Honoree Jim McIngvale speaks onstage during the Fifth Annual UNICEF Gala Houston 2018 at The Post Oak Houston on May 4, 2018 in Houston, Texas. (Photo by Bob Levey/Getty Images for UNICEF)
*Disclaimer:The estimated net worth numbers are based on our research done on the Internet and are for entertainment purposes only. We do not guarantee the accuracy of these numbers.
Jim “Mattress Mack” McIngvale is one of the most reputed businessmen in Houston, and he’s willing to pour any amount of money into his hometown and customers. The “Saves you money!” entrepreneur has an estimated net worth of $300.0 million in 2019, a fortune largely intact despite incurring massive losses thanks to his tendency to place bets on major league sports. Just how did Mattress Mack build that net worth and what are his most infamous stakes, particularly on the Houston Astros? Find out about Mattress Mack’s exciting financial escapades here.
Jim McIngvale Owns Gallery Furniture
Jim McIngvale was born on February 11, 1951 in Mississippi, graduated from Bishop Lynch High School in Dallas, Texas, and attended the University of North Texas in Denton. With a knack for fast-paced sales pitches, he built the persona of Mattress Mack through his marketing skills.
He started Gallery Furniture in Houston in 1981, with $5,000 of his own and a pickup truck. Despite an investor failing to give him a loan, his business did fairly well.
However, a few months into the business, the setbacks in the oil industry negatively impacted his sales. To salvage his then-fledgling venture, McIngvale put the last of his $10,000 into local commercial spots that aired on two stations.
During the filming of the commercial, he was frustrated by the pace of things, the limited time, repeated takes. So he did a fast ad-lib, pulling out money from his pockets and declaring, “Gallery Furniture saves you money!”
That single moment made for a successful commercial that led to increased sales for Gallery Furniture, gave him his signature phrase, and turned him into Mattress Mack.
Gallery Furniture is now one of the most successful furniture retailers in the country. In the past, it has reportedly earned $150.0 million to $200.0 million in annual revenues.
He owns three stores in Houston and still manages to earn massive revenues despite his reluctance to take his business nationwide. Nonetheless, the inventory has since expanded from inexpensive furniture to more high-end lines.
McIngvale Earns and Loses Big on Sports Bets
Major league sports thrill McIngvale, who played collegiate football. And he’s a major player in the legal sports-betting-through-wagers game.
A huge Houston Astros fan, McIngvale had very high stakes in the team’s 2019 World Series run. He’s bet on the hometown team often, but this time it was big.
A post shared by FOX 26 Houston (@fox26houston) on Oct 1, 2019 at 8:12pm PDT
He put out a “Win it All” promotion this season, in which customers who purchased mattress sets totaling more than $3,000 would get their money back if the Astros won the World Series. The entire idea would be a loss of $20.0 million in refunds had the Astros won.
As the Astros were looking good to win the World Series title, Mattress Mack tried to offset the prospective loss by refunds with more bets on the Astros that escalated as the final games went on.
He bet a total of $10.9 million on the Astros in 2019. He lost an Oct. 1 bet of $3.5 million to win $7.7 million and an Oct. 3 bet of $1.5 million to win $3.3 million.
If the Astros had won the title, he’d have won $18.9 million, the largest amount ever bet on a single team. However, the Astros lost to the Washington Nationals in Game 7 and McIngvale lost the wager.
The Scarlet Pearl Casino Resort in D’Iberville, Mississippi made $6.2 million on bets from McInvgvale, including a $700,000 wager. The most notorious gambler took the loss like a sport, though he does have a little regret.
“I wish the Astros had won, because all the happy customers would tell their friends for the next 20 years about the mattress they got,” said McIngvale. “It’s all about the customers.”
But the loss doesn’t dent McIngvale’s fortune. He wagered smartly based on advice of Las Vegas gambling adviser Anthony Curtis and Steve Heston, a finance professor at the University of Maryland who daily crunched numbers to determine favorable odds as the betting lines changed.
McIngvale did a similar promotion in 2017, when the Astros won their first World Series title. He lost $13.0 million in refunds that year, but the publicity Gallery Furniture got from his gamble made up for it.
He also launched a promotion during Super Bowl XLVIII in 2014, offering refunds on purchases above $6,000 if the Seattle Seahawks won. The Seahawks did win and Gallery Furniture refunded around $7.0 million worth of purchases.
McIngvale Is a Philanthropist
Mattress Mack donates as much as he gambles for his beloved city of Houston. Most recently, he opened the showroom of Gallery Furniture to about 120 people displaced by a tropical storm, Imelda. The people were also treated to warm clothing—a Gallery Furniture sweatshirt—and food from the store’s in-house restaurant.
It wasn’t the first time he provided shelter to hurricane victims. He had first done it during Hurricane Katrina in 2005 and again during Hurricane Harvey in 2017. He also donated $80,000 towards Hurricane Harvey relief.
He donated $500,000 towards cancer research in 2016 and has also given away free Super Bowl tickets and furniture to people.
Column: ‘Mattress Mack’ could lose $15 million if Astros win World Series. He’s OK with that
Jim McIngvale isn’t much of a gambler. At least that’s what the Houston furniture store owner known as “Mattress Mack” claims when asked about the big wagers he has made.
“I couldn’t pick a big dog out in a room full of Chihuahuas,” he said. “I don’t gamble. I hedge.”
Whatever you want to call it, McIngvale has sports books across Nevada looking the other way when his name comes up.
Two years ago, McIngvale, 68, who earned his nickname by wearing a mattress in local ads, offered a refund on any mattress purchase of at least $3,000 if the Astros won the World Series. He hedged the promotion through insurance policies and multiple six-figure bets on Houston at various sports books.
When the Astros won, McIngvale returned about $13 million in mattresses. But by successfully hedging the bet, he lost only about $1 million — a small price to pay for the exposure he got.
“The word of mouth on the promotion was remarkable in 2017,” McIngvale said. “Everyone knew about it. We developed loyal customers with over 60% buying more furniture.”
Looking to make a similar splash this fall, McIngvale is offering the same deal and is currently on the hook for more than $15 million in mattresses if the Astros win the World Series. There’s only one problem: This time, insurance companies and sports books aren’t offering the same deal when it comes to the hedge.
McIngvale didn’t look to hedge on his promotion until last month, after the Astros had added pitcher Zack Greinke at the trade deadline. They currently have the best record in baseball and are favored to win the World Series at most sports books. The favorable insurance rates and odds he got two years ago when the Dodgers were favored are no longer available.
“I bought a huge insurance policy before where I didn’t have to do much hedging in Nevada,” he said. “I don’t have any insurance this year. The reason is, the Astros have been hot all year and the insurance rates weren’t as good as they were, and then the Astros got Greinke and became the favorites. So I’ve had to hedge in Nevada, but the Astros are more prohibitive favorites, so the price is lower.”
McIngvale had his attorney reach out to Anthony Curtis, a gambler who publishes the popular Las Vegas Advisor newsletter and various books on gambling. Many sports books that had happily taken McIngvale’s action two years ago were now turning him away, so he needed a local to help him out.
“Insurance is gambling, it has to do with odds and that’s how they set prices,” Curtis said. “So Mack didn’t pursue the policy fast enough before they made their big moves. So they gave him a cost that wasn’t as good as he could do by just going to the gambling market.
“The problem is the sports books don’t want to cooperate. I’m flabbergasted by their reticence. They’re worried about their balance sheets. This isn’t a professional gambler with an edge. This is a businessman looking to hedge and they should accept his bet, but they’re not and it stuns me. We can’t make legal bets for him and it’s disappointing.”
Many of the sports books that turned down McIngvale’s money or capped a possible wager in the low five figures wouldn’t go on the record to explain why, but privately they each had a similar reasoning for their decision: They like the Astros to win the World Series, and they like their current position on the wagering and don’t want to lose it all on one massive out-of-town bet.
How did mattress mack get rich
By Danica Smithwick | 4:39 PM Mar. 31, 2017 CDT
Now is the chance to help your local community succeed. Contribute to community journalism and gain daily insight into what’s happening in your own backyard. Thank you for reading and supporting community journalism.
Jim "Mattress Mack" McIngvale speaks to businesswomen at CYFEN’s monthly luncheon.[/caption]
Jim “Mattress Mack” McIngvale, owner and operator of the Gallery Furniture franchise in Houston, spoke in March at Cy-Fair Express Network’s monthly luncheon.
McIngvale shared his story and encouraged the guests in their business endeavors. Here are a few things Houstonians may not know about the man who "saves you money":
1. Oral Roberts inspired him to start his business.
About 38 years ago, McIngvale was sacking groceries for $3 an hour in Dallas. When he got fired, he said he went into a depression and felt sorry for himself.
“I felt like I was a victim of circumstance—like a lot of people in this country nowadays,” he said. “I felt like I was entitled to a nice home, nice car [and a] nice job without really having to work for it.”
One Sunday morning he turned the television on to see televangelist Oral Roberts preach about using talents.
“[Roberts] said, ‘Get up, go to work and make something of your life,’” McIngvale said. “I can remember that like it was yesterday. I felt like he was talking to me straight through the television.”
The next day, McIngvale got a job in a furniture store 40 miles from his parents’ home. He did not have a car, so he rode the bus two hours both way every day for 18 months.
At that point, he said he decided he wanted to start his own furniture store, so he called his real estate friend in Houston and secured a location two weeks later. When he told his girlfriend, Linda, they were moving to Houston, she refused at first. After hours of persuasion, she agreed to move—but not before McIngvale agreed to marry her.
2. He moved to Houston with just $5,000 to start his business.
In 1981, McIngvale opened his first store. He said he had very little furniture and would drive up to his supplier in Dallas when they sold out on Saturdays to bring another load back to sell on Sunday.
“All of our friends and neighbors all said we’d never make it,” he said. “They had 10 million reasons why we’d be failures. You can do anything you want to do if you want to do it bad enough.”
3. Much of the profits made at Gallery Furniture are given to charitable causes.
McIngvale has fed about 25,000 Thanksgiving dinners in the last 30 years, and he has furnished hundreds of homes for needy families at Christmastime.
Gallery Furniture has also furnished USO facilities around the world in addition to the George Bush Presidential Library at Texas A&M University.
The St. Luke’s mobile stroke unit was funded by McIngvale, and he is the largest contributor to the Texas Heart Institute.
McIngvale is also one of the largest contributors to the Houston Livestock Show and Rodeo with more than $4 million given.
4. He is funding the world’s first artificial heart.
McIngvale’s father and brother both died of congestive heart failure—a condition that affects the lives of 600,000 Americans every year, he said.
About 2,500 of those people receive heart transplants, but McIngvale is teaming up with doctors Bud Frazier and Daniel Timms to develop a lightweight machine called the BiVACOR.
“Daniel is the inventor, and he gets laughed at a lot,” he said. “All the naysayers are here to say you can’t do it. I’m here to say you can.”
Hard Work, Great Ambition
Jim"Mattress Mack"McIngvale has always believed in God, country, family, and hard work. A tireless powerhouse, Mack is usually found standing at the front desk of the original Gallery Furniture store on North Freeway, greeting every customer and overseeing the sales activities of the store, seven days a week. Mack is the hardest working person you will ever meet! He never stops moving and trying to get better, and his energy is infectious to all who come in contact with this Houston icon.
With only $5,000 and a dream to build the world’s greatest furniture store, Mack started Gallery Furniture under tents on the side of the freeway, over 30 years ago. To Mack, life is about lessons to be learned and opportunities to be seized. With his life’s motto"Grateful for everything, Entitled to nothing"directing his life, Mack has seen his dream grow and become a multi-million dollar enterprise, employing over 400 great American workers and helping to create countless others through his commitment to selling Made in America furniture.
Influencing American Industry
Gallery Furniture is also responsible for growing America’s furniture manufacturing industry. Mack has long felt that an emphasis on high-quality, solid wood furniture was missing from the furniture industry. Too much furniture sold in America today is made overseas, using pressed, composite materials, full of dangerous chemicals, and built using cheap construction techniques that produce furniture that won’t last more than a few years, at most, while leaching dangerous chemicals into the soil and groundwater when it ends up in landfills.
TODAY’s best furniture comes from American craftsman who use solid hardwoods and traditional, time-honored craftsmanship, producing beautiful furniture that can be handed down for generations to come and where value is measured in quality, not quantity. Mack is the country’s strongest proponent of Made in America furniture. As Mack puts it,"by selling Made in America furniture, we’re selling the best furniture made and creating good jobs for Americans."It’s a win-win situation.
"It’s only a start,"says Mack,"but we’re in this for the long haul. After 30-plus years selling furniture, we know our customers want long-lasting furniture at a fair price. And they prefer American-made quality."
While Mack’s promotions are well-known, his philanthropy is legendary."We believe in ‘Capitalism with a Cause,’"explains Mack, when asked why he gives so much to the community, schools, universities and more."Why work so hard if you can’t do something positive with what you earn?"
In fact, his philanthropy is as contagious as his passion for furniture. His work on special projects helped to build the first Mobile Stroke Unit in the USA, for patients in Houston, as well as raise millions for the Bush-Clinton Tsunami Disaster Relief Fund. When there’s a great charitable need, Mack and Gallery Furniture are usually the first to respond, if not spearhead the effort.
For years now, Gallery Furniture has been at the top of the industry in terms of size and earnings per square foot. As the largest independent furniture retailer in Texas — and bigger than most in other states — Mattress Mack knows continual innovation is needed to remain on top. TODAY, Gallery Furniture is enjoying tremendous growth with online marketing and sales, while employing cutting-edge technology on the sales floor, so sales consultants can provide a more personalized experience for customers, demonstrating value and expertise.
Due to overwhelming customer demand for a Gallery Furniture location to serve the massive growth of West Houston bedroom communities, Mack created a new store that sets a new standard for what a furniture store can and should be. The new store on Grand Parkway in Richmond is almost 50% larger than the North Freeway location and has become an anchor within that community, around which a shopping mecca is being built. Gallery Furniture Grand Parkway goes beyond expectations and provides a true community-centered destination, offering an experience that demonstrates why Gallery Furniture is different.
A Respected Houstonian & Great American
Anyone who’s ever worked with Mack knows that he builds his business and performs his acts of charity, not for recognition, but to benefit the community at large. Mack has a huge heart and is focused on helping Houston become the greatest city in America. Mack is one of Houston’s most recognized citizens and has touched the lives of countless Houstonians in a positive way.
Come To Gallery Furniture And Experience For Yourself Why Gallery Furniture Is"The World’s Greatest Furniture Store!"Meet"Mattress Mack"And Get A Picture With Him!