Exploring Lance Armstrong’s net worth
Discover the net worth of Lance Armstrong, the American professional cyclist, author, and public speaker, which is $50 million. Lance Armstrong’s name was strongly associated with athletic perfection for nearly a decade. He positioned himself as one of the most successful athletes, overcoming challenges such as cancer. From his high school years when he won the National Sprint-Course Triathlon at the age of 16 to his numerous victories, including being the first American to win several races, Lance Armstrong’s career was illustrious. His journey faced a major setback when he was diagnosed with cancer in 1996, affecting his lungs and brain, leading to his retirement for medical treatment. However, he made an extraordinary comeback in 1998 and went on to win the Tour de France seven times between 1999 and 2005. Despite his heights of success, his career took a dramatic turn in 2012 when he was accused of using steroids, resulting in his suspension from professional racing and the loss of major sponsorships like Nike, Oakley, Trek, and Anheuser Busch.
However, his impact extended beyond sports as he inspired millions of cancer patients worldwide through his foundation, which raised nearly $500 million for research. Despite the controversies, Lance Armstrong’s net worth peaked at $125 million during his prime. He was a top-earning athlete, garnering up to $20 million+ annually from endorsements and prizes. Even during his retirement phase, before the scandals unfolded, he was earning approximately $15 million yearly from speaking engagements, appearances, and sponsorships.
Financial setbacks
In a revealing interview with Oprah Winfrey in January 2013 where he confessed to doping, Lance Armstrong estimated that his endorsement losses due to the scandals could amount to $75 million, including legal expenses and settlements. Furthermore, he faced a potential lawsuit from the U.S. Federal government that could have cost him $100 million. Ultimately, he settled the lawsuit for $5 million.
Successful Uber Investment
In December 2018, Lance Armstrong shared with CNBC that his early investment in Uber proved to be a financial lifesaver for his family over the previous five years. Despite mistakenly thinking he was investing in Twitter through Chris Sacca’s venture capital firm, Armstrong put $100,000 into Uber when the company was valued at $3.7 million. By December 2018, Uber had a private valuation of $120 billion, making Lance’s investment incredibly lucrative. While his exact investment value remains undisclosed, given his early involvement, it is presumed to be highly valuable.
Although some sensationalized reports claimed Lance could be a billionaire due to his Uber investment, his actual return was closer to $20-30 million after fees, still an exceptional outcome from a $100,000 investment.
Early Years and Career Beginnings
Lance Armstrong, originally Lance Gunderson, was born on September 18, 1971, in Richardson, Texas. His early diversions in swimming led him to transition into triathlons, winning events like the Iron Kids Triathlon at 13. Armstrong’s journey as a professional triathlete began successfully, earning him national sprint-course triathlon titles in 1989 and 1990.
Success with Motorola Cycling Team and Health Battle
In 1992, Armstrong joined the Motorola Cycling Team, marking the start of a successful stint with notable victories, such as the World Road Race Championship in 1993. Despite facing a major health battle with advanced testicular cancer in 1996, Armstrong fought courageously, underwent treatments, and ultimately triumphed over the disease. His return to cycling post-recovery was inspiring, winning races like the Tour of Luxembourg and successive Tour de France titles from 1999 to 2005.
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Final Cycling Years
Competing in the Tour de France, Armstrong emerged from retirement in 2009. With the Astana team, he secured third place. Armstrong returned to the Tour de France in 2010 with Team RadioShack for his final tour. Despite finishing 23rd due to early crashes, he still helped Team RadioShack triumph over Caisse d’Epargne. In early 2011, amidst a federal doping investigation, Armstrong announced his official retirement from professional cycling.
Doping Scandal
Throughout his career, Armstrong faced doping accusations which escalated into a scandal in 2010. The US Justice Department investigated Armstrong and his team following accusations by cyclist Floyd Landis. While the federal investigation was dropped in early 2012, the United States Anti-Doping Agency later charged Armstrong with running a doping ring based on blood samples and testimonies. Consequently, Armstrong lost all victories from August 1998 onwards and received a ban from all sports adhering to the World Anti-Doping Code. In early 2013, he confessed to doping.
Personal Life and Charity
Armstrong married Kristin Richard in 1998 and together they had children before divorcing in 2003. Following this, he dated Sheryl Crow and later Anna Hansen, whom he married in 2022. Armstrong is involved in various charitable efforts, notably founding the Lance Armstrong Foundation in 1997, which raised over $500 million. Additionally, he supports Athletes for Hope and Wonders & Worries to aid those affected by serious illnesses.
Real Estate
At his career peak, Lance Armstrong amassed a real estate portfolio worth $30 million with properties worldwide. Notable acquisitions include homes in the Bahamas, the South of France, Spain, and Texas. Noteworthy transactions include the purchase and subsequent sale of properties in the Lake Austin and Aspen areas.