What is Mattress Mack's net worth in 2021? Jim McIngvale loses millions at Kentucky Derby

Eve Edwards May 2, 2021
Photo by Mark Felix for The Washington Post via Getty Images

What is Mattress Mack’s net worth in 2021? The businessman is in the news after losing the biggest racing bet ever at the Kentucky Derby.

On Saturday 1 May 2021, Mattress Mack, also known as James McIngvale, placed a $2.3 million bet on Essential Quality. Unfortunately for Mack, Medina Spirit took the Kentucky Derby.

Photo by Bob Levey/Getty Images for UNICEF

Who is Mattress Mack?

Mattress Mack is the nickname of American businessman James “Jim” McIngvale.

The 70-year-old Gallery Furniture founder was born on 11 February 1951 in Starkville, Mississippi.

McIngvale reportedly founded Gallery Furniture in 1981. He started the business out of his pickup truck. It wasn’t until 1983 that the company grew in popularity. In this year, McIngvale invested in a series of television commercials for Gallery Furniture. Frustrated during the filming of these ads, Jim McIngvale exclaimed “Gallery Furniture saves you money,” while pulling money out of his pockets. This became his catchphrase and proved popular with audiences.

Mattress Mack’s net worth in 2021 explored

Jim McIngvale, AKA Mattress Mack, currently has a net worth of $300 million.

The multi-millionaire is known for gambling away his eight-figure fortune. So, his huge bet at the 2021 Kentucky Derby does not come as a surprise.

Gallery Furniture’s success and net worth

The majority of McIngvale’s success has come from his Gallery Furniture business.

An examination of Gallery Furniture’s net worth reads: “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.”

Gallery Furniture is one of the United States’ most popular independent furniture retailers.

Eve spends her days writing about everything culture-related. From celebrity news to music, film and television, Eve covers all bases. When she’s not writing you can find her making music or mastering the art of homemade pasta.