Lance Armstrong: A Closer Look At The Life And Legacy

What’s Lance Armstrong’s Current Net Worth?

Let me tell you about Lance Armstrong, a name that once dominated the world of professional cycling. This American legend, who's also an author and public speaker, has a current net worth of $50 million. For close to a decade, Armstrong was the face of athletic excellence. He wasn’t just a cyclist; he was a symbol of what human endurance could achieve. His story of triumph over testicular cancer and his seven consecutive Tour de France victories made him a global icon. Armstrong’s journey began in high school, where he quickly established himself as a rising star. By the time he was 16, he'd already won the National Sprint-Course Triathlon twice, in 1989 and 1990. As he moved into the professional racing circuit in the early '90s, he became the first American to win many prestigious races.

But life took a dramatic turn in 1996 when Armstrong was diagnosed with testicular cancer that had spread to his lungs and brain. He stepped away from the sport to undergo aggressive treatment. Miraculously, he returned to cycling in 1998, and it seemed like he was better than ever. Between 1999 and 2005, he won the Tour de France seven times, solidifying his status as one of the greatest athletes in history. He retired in 2005 but made a comeback in 2009, continuing to race until 2011. However, the story took another twist. In 2012, it was revealed that those years of dominance were marred by doping allegations, which led to the stripping of his titles and loss of major sponsors like Nike, Oakley, Trek, and Anheuser-Busch.

Despite the scandal, Armstrong has remained an inspiration to millions of cancer patients worldwide. The cancer foundation he founded, though he's no longer associated with it, has raised nearly $500 million for research since its inception. At his peak, Armstrong’s net worth was estimated at $125 million, and he was one of the highest-earning athletes globally, raking in up to $20 million annually from endorsements and prize money. Even during his retirement, before the scandal erupted, he continued to earn around $15 million per year from speaking engagements and public appearances.

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The Fallout: Armstrong's Lost Fortune

During a candid interview with Oprah Winfrey in January 2013, Armstrong admitted to doping, estimating that the scandal cost him around $75 million in lost endorsements, legal settlements, and lawyer fees. The U.S. Federal government could have potentially pursued a lawsuit for $100 million, but Armstrong settled the case for $5 million. The financial blow was significant, but it didn’t completely derail him.

Uber: A Lifeline Investment

In 2009, Armstrong made a $100,000 investment in Lowercase Capital, a venture capital fund founded by Chris Sacca. One of the fund's early bets was on a fledgling ride-sharing company called Uber Technologies, Inc. At the time, Uber was valued at a mere $3.7 million. Interestingly, Armstrong didn’t even know what Uber was—he thought he was buying shares in Twitter. Fast forward to Uber's explosive growth, and Armstrong's stake in the company became a financial lifeline. Although the exact value of his investment is unclear due to dilution over the years, it peaked at around $30 million and likely settled closer to $20 million after fees. In December 2018, Armstrong revealed to CNBC that this early investment in Uber had "saved" his family financially over the previous five years.

Early Life: The Beginnings of a Champion

Born Lance Gunderson on September 18, 1971, in Richardson, Texas, Armstrong's life was shaped by his parents, Linda and Eddie, and his heritage of Dutch, Norwegian, and Canadian ancestry. His parents divorced when he was two, and his mother remarried Terry Armstrong, who adopted him. Armstrong's journey into sports started in the pool as a swimmer for the City of Plano Swim Club, but he soon transitioned to land-based racing. At 13, he won the Iron Kids Triathlon, and by the early '90s, he was already making waves as a professional triathlete, becoming the national sprint-course triathlon champion in both 1989 and 1990.

Motorola Cycling Team: The Rise

In 1992, Armstrong joined the Motorola Cycling Team, marking the beginning of his professional cycling career. The following year, he achieved numerous victories, including the prestigious World Road Race Championship in Norway. By 1994, he had won his second Thrift Drug Classic, and in 1995, he claimed victories in the Clásica de San Sebastián and the Tour DuPont. In 1996, he became the first American to win the La Flèche Wallonne and triumphed again in the Tour DuPont.

Facing Cancer: The Battle That Defined Him

At the age of 25, in 1996, Armstrong faced one of the greatest challenges of his life when he was diagnosed with advanced testicular cancer. After undergoing an orchiectomy to remove the diseased testicle and enduring extensive treatments at the Indiana University Medical Center, he emerged victorious. By early 1997, Armstrong was declared cancer-free, setting the stage for his triumphant return to the sport he loved.

Return to Cycling: Triumphs and Shadows

After beating cancer, Armstrong made a remarkable comeback to cycling. He secluded himself in North Carolina with former rider Bob Roll and cyclist Chris Carmichael, training rigorously in the Appalachians. This preparation paid off as he won the Tour of Luxembourg and placed in the top five in the Vuelta a España. In 1999, Armstrong achieved his first Tour de France victory, though it was clouded by doping allegations. Undeterred, he went on to win six more consecutive titles from 2000 to 2005, cementing his legacy as one of the greatest cyclists in history. However, the shadow of doping allegations would eventually overshadow these achievements.

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The Final Chapter: Armstrong's Last Races

In 2009, Armstrong made a high-profile return to cycling, joining the Astana team for the Tour de France. Despite finishing in third place, it was a testament to his resilience. The following year, he competed with Team RadioShack, finishing in 23rd place due to early crashes. However, his team excelled, winning over Caisse d'Epargne. In 2011, Armstrong officially retired from competitive cycling amid an ongoing federal investigation into doping allegations.

The Doping Scandal: The Fall From Grace

Throughout his career, Armstrong faced doping allegations, which he consistently denied. In 2010, the scandal intensified when cyclist Floyd Landis admitted to doping and accused Armstrong and others of similar practices. This led to a federal investigation by the U.S. Justice Department, which was eventually dropped in 2012 without charges. Later that year, the United States Anti-Doping Agency (USADA) accused Armstrong of doping based on blood samples and witness testimonies. He was formally charged with running a doping ring, resulting in the stripping of all his wins dating back to August 1998 and a lifetime ban from sports governed by the World Anti-Doping Code. In early 2013, Armstrong finally admitted to doping during an interview with Oprah Winfrey.

Personal Life and Philanthropy: Beyond the Sport

Armstrong's personal life has been as eventful as his career. He married Kristin Richard in 1998, and the couple had a son and twin daughters before divorcing in 2003. He later dated singer-songwriter Sheryl Crow, to whom he became engaged in 2005, but they split in 2006. In 2008, Armstrong began a relationship with Anna Hansen, with whom he has a son and daughter. The couple tied the knot in 2022. Armstrong owns homes in Austin, Texas, and Aspen, Colorado, and runs businesses like Juan Pelota Cafe and Mellow Johnny's bike shop in Austin.

Philanthropy has been a significant part of Armstrong's life. He founded the Lance Armstrong Foundation in 1997 to support cancer patients and their families, raising over $500 million through the sale of iconic Livestrong bracelets. He also helped establish Athletes for Hope, encouraging professional athletes to engage in charitable causes, and contributed to Wonders & Worries, which supports children with parents battling serious illnesses.

Real Estate: Armstrong's Global Portfolio

At the height of his fame, Armstrong amassed a $30 million real estate portfolio, including properties in the Bahamas, the South of France, Spain, and Texas. In 2013, he purchased a 3.6-acre property on Lake Austin for $4.34 million and sold it just two months later for $5.35 million. In 2018, he sold a Tuscan-style mansion in Austin for $6.88 million. His primary residence today is a 1.7-acre Mediterranean-style mansion in Aspen, Colorado, valued at approximately $8 million.