Curious about Mattress Mack net worth? Let’s find out!
Mattress Mack, also known as Jim McIngvale, is a businessman known for his contributions to society and lives in Houston, Texas. Mattress Mack has a long history of philanthropy and charitable acts. He has donated millions of dollars to organizations such as Buckner International, the Houston Area Women’s Center, and the Houston Livestock Show and Rodeo. He also owns and operates his own charity called the Mack-a-Thon.
In this article, we will talk about Mattress Mack’s net worth, wealth, and how he made it. So let’s get started!
Mattress Mack Net Worth: $300 Million
|Net Worth||$300 Million|
|Date of birth||February 11, 1951|
Mattress Mack’s most notable milestones
Here are the most important Mattress Mack’s milestones:
- In 1981, Jim “Mattress Mack” McIngvale opened his first Gallery Furniture store in Houston, Texas.
- In 1985, Gallery Furniture relocated to a larger space in Houston.
- In 1992, Gallery Furniture opened a second store in Houston.
- In 2004, Gallery Furniture moved its corporate headquarters from Houston to Spring, Texas.
- In 2006, Gallery Furniture opened its third store in Houston.
- On August 27, 2017, Gallery Furniture suffered a major fire that destroyed its Houston store’s warehouse and showroom portion.
Mattress Mack Net Worth 2022
Houston-based furniture store owner Jim “Mattress Mack” McIngvale is well-known for his charitable work and an optimistic attitude. McIngvale, who opened his first furniture store in Houston in 1981, is famous for his commercials in which he proclaims that “every day is a sale at Gallery Furniture.”
Mattress Mack net worth in the last three years
Mattress Mack’s early life and career
Jim McIngvale was born in February 1951 in Starkville, Mississippi.
After graduating from the University of Texas at Austin, he started a furniture business with his brother, which he eventually sold to open a chain of furniture stores.
Jim founded Gallery Furniture in 1981 from the back of his pickup truck with $5,000 in life savings. Business grew slowly but steadily in those early months and years, but when the oil industry crashed, so did nearly every retail business in Texas.
Jim invested his final $10,000 in a series of local television commercial spots in 1983. During one of those commercials, he became frustrated while the cameras were rolling and proceeded to pull money from his pockets while proclaiming, “Gallery Furniture saves you money!” The line was well received by the audience and would eventually become his catchphrase.
Initially focused on low-end, low-cost furniture, the company gradually expanded into higher-end lines.
Mattress Mack Wealth
Today, Gallery Furniture is one of the country’s most successful independent furniture retailers. Its stores have achieved the highest level of sales-per-square-foot of any store in the United States at various times. According to 2005 reports, the company generates $200 million in revenue per year. An updated report from 2015 estimated annual revenue to be around $150 million.
McIngvale is a self-made millionaire and has been involved in several philanthropic endeavors. He is a major donor to the Houston Children’s Charity. He and his wife, Linda, have also established the Mack and Linda McIngvale Foundation, which provides scholarships to students in the Houston area.
McIngvale is a lifelong Houston Astros fan, and he has been known to offer refunds to customers who lose money betting on Astros games.
Mack is also well-known for his philanthropy. He has donated millions of dollars to various charities, and he frequently hosts events and fundraisers to raise money for local schools and churches.
Jim allowed his stores to be used as shelters for people during Hurricane Harvey’s devastation in August 2017.
When Tropical Storm Imelda flooded much of Houston in 2019, he once again allowed Gallery Furniture locations to be used as shelters and locations for free meal services.
During the Texas Power Crisis and Hurricane Ida in 2021, Jim opened his stores to serve as shelters, sources of meals, and other emergency amenities not only in Texas, but also in Louisiana.
Sports Refunds and Bets
In 2014, Jim’s company ran a Super Bowl XLVIII promotion in which it offered a refund on any purchase over $6,000 if the Seattle Seahawks won. When the Seahawks won, Mattress Mack refunded an estimated $7 million in furniture purchases.
Jim is a huge Houston Astros fan who is known for placing large bets on the team. He refunded $10 million in customer purchases when the Astros won the World Series in 2017.
Jim announced a promotion at the start of the 2019 season that would refund any mattress-set purchased for up to $3000 that season. When the Astros won the World Series, this turned out to be a $20 million liability. Jim began betting on the Astros to win the series in order to hedge his potential losses. Jim had wagered $13 million in a series of bets by October 29, 2019, the night of game 6. The Astros eventually lost the series, which cost Jim $13 million.
Mattress Mack waged $3.45 million at a half dozen sports books on the Astros to win the 2021 World Series. If the Astros won, the payout would have generated a $35.6 million profit. At the same time, Mack estimated that his store refund promotion would cost him slightly more than $20 million, making it a true win-win situation if the Astros won. Several sportsbooks offered to cash out his bets before the World Series began, but at a lower value. Mack turned down every offer.
2022 Super Bowl Bet
Mattress Mack bet $4.5 million on the Cincinnati Bengals to defeat the Los Angeles Rams in Super Bowl LVI in early February 2022. He placed the wager via the Caesars Sports Book app, and it was the largest mobile wager ever placed at the time. Because of the app’s per-wage limits, he had to load the bet in $20,000 increments. If the Bengals won, he would have earned $7.7 million at the time he placed the wager. Furthermore, anyone who purchased $3,000 in mattress sets or living room furniture would be eligible for a refund.
On February 11, Mattress Mack increased his wager to $5 million on the Bengals. This is the largest single legal sports bet in history. If the Bengals win both bets, he will receive $16.2 million.