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.
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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
M attress Mack is the professional name of James Franklin McIngvale. He is a famous American entrepreneur and philanthropist. Mattress Mack is most renowned as the owner of the Gallery Furniture retail chain. Also, he is well-known for running the business. Continue reading to find the estimated net worth of Mattress Mack as of 2019.
Early Life & Biography:
Mattress Mack was born as James Franklin McIngvale on 11th February 1951 in Starkville, Mississippi in the US.
Mattress Mack completed his schooling from Bishop Lynch High School, Dallas, Texas. Mattress Mack studied from North Texas State University (now University of North Texas) in Denton. As a college student, Mattress Mack played football.
Mattress Mack and his wife, Linda McIngvale, have three children named Elizabeth McIngvale, James McIngvale, and Laura McIngvale. At age 12, Elizabeth was diagnosed with obsessive-compulsive disorder (OCD). At one point in time, doctors claimed that Elizabeth was beyond any treatment. When she was 15 years old, Elizabeth was sent to the Meninger Clinic. There, Elizabeth underwent Exposure Response Prevention Therapy to manage her OCD. Later, Elizabeth became an assistant professor of Psychiatry and Behavioural Sciences at the Baylor College of Medicine. Also, Elizabeth founded a non-profitable organization called ‘Peace of Mind Foundation’ to help people with OCD.
Career, Awards & Nominations:
Mattress Mack began owning and operating his business called ‘Gallery Furniture’ with $5,000 (1981). When business slowed down, Mattress Mack used his remaining $10,000 for local television commercials (1983).
Gallery Furniture retail chain sells around $200 million a year. It was ranked in the list of Top 100 Furniture Retailers of ‘Furniture Today’ for several years. This Company promoted the Super Bowl XLVIII. If the Seattle Seahawks won, then the Company would refund any purchase over $6,000. When the conditions were fulfilled, the Gallery Furniture had to refund $7 million for furniture purchases. Mattress Mack offered promotions for Houston Astros that required winning 63 or more games during 2014 seasons. Mattress Mack promised to refund the first 500 customers who purchased furniture worth $6,300 or more.
Mattress Mack (Jim McIngvale), Thomas Duening and John Ivancevich co-authored a book entitled ‘Always Think Big’ (2012). The book is on the history of Mattress Mack’s business and its ups and downs.
In 2014, Mattress Mack (James McIngvale) began his new branded Company called Mack-O-Pedic mattresses.
Net Worth & Earnings:
The net worth of Mattress Mack (Jim McIngvale) is $80 million. Most of Mattress Mack’s fortune comes from his ownership and running the Gallery Furniture retail chain. Also, Mattress Mack has earned from the sale of his co-authored book entitled ‘Always Think Big’ published in 2002. Mattress Mack is popular for his sales slogans such as ‘Saves you money!’
Mattress Mack is a well-known philanthropist. He donated $50,000 of his own money to the Salvation Army (2007). He donated to Houston Medical School of the University of Texas Health Science Centre. His funds were used towards the first Mobile Stroke Unit of the US (2014). In August 2017, Mattress Mack opened two Gallery Furniture stores to provide shelter for victims of the Hurricane Harvey.
Mattress Mack develops plan to help seniors, families in need during COVID-19 outbreak
Bill Barajas, Reporter
HOUSTON– Jim “Mattress Mack” McIngvale, Mayor Sylvester Turner and Congresswoman Sheila Jackson Lee Sunday announced a plan to help seniors and low income children during the coronavirus pandemic.
Mattress Mack is asking Houstonians to donate non-perishable items, cleaning supplies and toiletries that will be dropped off to Houston-area seniors.
"We’re going to ask for lots of volunteers to come pick these items up take them to seniors homes or we’ll leave them outside on the front door step so we won’t contaminate that way,” said Mattress Mack.
Gallery furniture will also do their part to help low income children and their families while their out of school.
“We’re going to cook BBQ here every day so the school children who need food can come by and grab a brown paper sack full of BBQ or chicken," said Mattress Mack.
Mattress Mack has started a gofundme page to help pay for the food. He’s also asking for volunteer to help deliver the items collected.
If you like would to donate or volunteer you can you can do so here.
Copyright 2020 by KPRC Click2Houston – All rights reserved.
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!
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.