Lance Armstrong, a cancer survivor and former professional cyclist, has an estimated net worth of $50 million. Despite his remarkable achievements in the sport, including seven consecutive Tour de France wins, his reputation took a hit when evidence of performance-enhancing drug use emerged. Consequently, he was stripped of his titles in 2012.
Armstrong earns a significant portion of his income through road racing cycling and brand endorsements. Initially starting his career as a triathlete, he overcame testicular cancer and made a comeback in 1999 to secure his impressive Tour de France victories. However, it wasn’t until 2013 that he finally admitted to doping throughout his cycling career, after years of denial.
Here’s the breakdown of his net worth:
|Net Worth:||$50 Million|
|Monthly Salary:||$1 Million|
|Annual Income:||$10 Million|
|Source of Wealth:||Professional Road Racing Cyclist, Athlete|
Table of Contents
Lance Armstrong, born on September 18, 1971, in Plano, Texas, displayed athletic talent from a young age. He started participating in running and swimming at the age of 10 and began competitive cycling and triathlons at 13. At the age of 16, Armstrong turned professional as a triathlete and achieved success by becoming the national sprint-course triathlon champion in 1989 and 1990.
Armstrong’s passion and aptitude for cycling led him to focus primarily on this sport. During his senior year of high school, he received an invitation from the U.S. Olympic development team to train in Colorado Springs, Colorado. Despite temporarily leaving high school to pursue this opportunity, Armstrong later completed his education by taking private classes and obtaining his high school diploma in 1989.
In 1990, Armstrong’s dedication and talent paid off as he qualified for the junior world team and finished 11th in the World Championship Road Race, achieving the best time among any American cyclist since 1976. Additionally, he won the U.S. national amateur championship and triumphed over numerous professional cyclists in two major races, the First Union Grand Prix and the Thrift Drug Classic, further solidifying his position as a rising star in the cycling world.
International Cycling Star
Lance Armstrong had a successful cycling career marked by notable achievements and ups and downs. In 1991, he showed promise as a newcomer in international cycling with a strong performance at the Tour DuPont and a stage win at the Settimana Bergamasca race in Italy. The following year, Armstrong finished second in the U.S. Olympic time trials and turned professional, joining the Motorola cycling team.
In 1993, Armstrong had a breakthrough year, winning the “Triple Crown” of cycling by securing victories at the Thrift Drug Classic, Kmart West Virginia Classic, and the CoreStates Race. He also achieved a second-place finish at the Tour DuPont. Although he initially performed well in his first Tour de France, he faced setbacks and ultimately withdrew from the race. However, he redeemed himself by winning the World Road Race Championship, becoming the youngest person and the second American to ever win the contest.
In 1994, Armstrong once again finished second at the Tour DuPont, and the following year he trained tirelessly to claim victory, setting records in the process. In the 1996 Tour DuPont, he finished ahead of his rival with a remarkable three minutes and 15 seconds margin of victory, along with the fastest average speed in a time trial.
Despite facing challenges, such as bronchitis preventing him from completing the Tour de France and appearing fatigued at the Atlanta Olympics, Armstrong achieved a sixth-place finish in the time trials and 12th place in the road race. By the fall of 1996, he was ranked seventh in the world and signed a lucrative contract with Team Cofidis, a respected French cycling team.
Lance Armstrong’s career success is exemplified by his victories in prestigious races, record-setting performances, and his ability to overcome setbacks.
Financial Loss From Testicular Cancer
Lance Armstrong experienced a significant financial loss as a result of his battle with cancer. In October 1996, Armstrong announced that he had been diagnosed with testicular cancer, which had spread to various parts of his body. He underwent surgery to remove a testicle and began aggressive chemotherapy, leading to significant changes in his eating habits. Despite initially being given a 65 to 85 percent chance of survival, the discovery of tumors on his brain reduced his chances to 40 percent.
Fortunately, a successful surgery to remove the brain tumors and further rounds of chemotherapy resulted in Armstrong being declared cancer-free in February 1997. Despite his determination to return to competitive racing, his sponsor, Cofidis, terminated his contract along with his $600,000 annual salary. This left Armstrong as a free agent, struggling to find a new sponsor.
Eventually, he secured a contract with the United States Postal Service team, but at a significantly reduced salary of $200,000 per year. Armstrong’s battle with cancer not only took a toll on his health but also had a substantial financial impact, as he faced the loss of a lucrative contract and had to accept a much lower salary in order to continue his cycling career.
Return to Cycling and Tour de France Titles
Armstrong showcased his resilience by winning the first stage of the 1998 Tour de Luxembourg, marking his triumphant return to international racing after recovering from cancer. Just over a year later, he made history by becoming the second American, following Greg LeMond, to win the prestigious Tour de France. He repeated this accomplishment in July 2000 and also earned a bronze medal at the Summer Olympics.
Solidifying his status as the dominant cyclist of his era, Armstrong convincingly secured victories in the Tour de France in 2001 and 2002. However, his fifth win, which would tie the record held by cycling greats such as Jacques Anquetil, Eddy Merckx, Bernard Hinault, and Miguel Indurain, proved to be his toughest challenge. Armstrong faced setbacks, falling after snagging a spectator’s bag and narrowly avoiding another crash by swerving across a field. Ultimately, he clinched the victory by a slim margin of one minute and one second over Germany’s Jan Ullrich.
In 2004, Armstrong showcased his exceptional form by winning his sixth Tour de France title. He triumphed in five individual stages and finished a remarkable six minutes and 19 seconds ahead of Andreas Kloden from Germany. Armstrong concluded his extraordinary career by securing a seventh consecutive Tour victory in 2005 before retiring from racing.
However, Armstrong surprised the world by announcing his return to competition and the Tour de France in 2009. He finished third in the race as a member of Team Astana, trailing behind his teammate Alberto Contador and Andy Schleck from Saxo Bank.
Following the race, Armstrong revealed his intention to compete again in 2010, this time with a new team sponsored by RadioShack. Unfortunately, he faced multiple crashes and ended up finishing 23rd overall in his final Tour de France. In February 2011, Armstrong announced his retirement from professional cycling.
Lance Armstrong faced significant financial losses as a result of the drug controversy surrounding his cycling career. The allegations of drug use and subsequent investigations had a profound impact on his reputation and led to several legal and financial consequences.
In 2012, the U.S. Anti-Doping Agency (USADA) brought formal charges against Armstrong, prompting a federal investigation. Armstrong vehemently denied the allegations but eventually chose not to fight the charges, announcing his decision in August 2012. As a result, on August 24, 2012, the USADA stripped Armstrong of his seven Tour de France titles and banned him from cycling for life. This marked a significant blow to Armstrong’s legacy and resulted in the loss of numerous honors and accolades he received between 1999 and 2005.
In addition to the loss of titles and bans, Armstrong also faced financial penalties. In October 2012, the USADA released evidence against Armstrong, including laboratory tests, emails, and monetary payments, showing the extent of his involvement in a sophisticated doping program. Armstrong’s attorney disputed the evidence, but it had a significant impact on his legal situation.
Armstrong’s confession in a televised interview with Oprah Winfrey in January 2013 further damaged his reputation. During the interview, he admitted to using performance-enhancing drugs throughout his career, including substances like cortisone, testosterone, and erythropoietin (EPO). He also acknowledged conducting blood transfusions to boost his oxygen levels. This admission solidified the public’s perception of his involvement in doping and further tarnished his image.
The financial losses continued to mount for Armstrong. In 2018, just before his trial was scheduled to begin, he reached a settlement with the U.S. Postal Service, agreeing to pay $5 million to resolve their claims of being defrauded. This settlement put an end to all litigation against Armstrong related to his 2013 admission of using performance-enhancing drugs. The settlement was significant, considering the potential for the U.S. Federal government to sue Armstrong for $100 million if the lawsuit had gone to trial.
Furthermore, Armstrong estimated in his interview with Oprah Winfrey in 2013 that he could lose around $75 million in terms of lost endorsements, legal settlements, and lawyer fees. The damage to his reputation resulted in the loss of numerous endorsement deals, which had been a significant source of income for him.
Business and Investments
Armstrong owns and operates “Juan Pelota Cafe,” a coffee shop located in downtown Austin, Texas. The name of the cafe is a playful reference to his testicular cancer, with “Juan” considered a homophone for “one” and “Pelota” meaning “ball” in Spanish. Armstrong’s bike shop, “Mellow Johnny’s,” is also housed in the same building. The name “Mellow Johnny’s” is derived from Armstrong’s nickname “maillot jaune,” the French term for the yellow jersey worn by the leader of the general classification in the Tour de France.
Armstrong has shown support for non-profit organizations as well. In 2001, he provided funding to launch Wonders & Worries, an Austin-based organization that offers counseling and support for children with parents facing serious or life-threatening diseases.
His business interests extend beyond the cycling industry. Armstrong purchased several million dollars’ worth of stock in SRAM Corporation, an American bicycle component manufacturer, in 2008. He also served as their technical advisor before selling his shares back to SRAM in preparation for their public offering. Armstrong holds a minority share in Trek Bicycle Corporation.
In 2009, Armstrong made a $100,000 investment in venture capital firm Lowercase Capital. This investment proved significant as Lowercase Capital went on to acquire an early stake in Uber among other investments. When Uber achieved its initial public offering (IPO) in 2019 with a valuation of $82 billion, Armstrong’s investment yielded an estimated $20-$30 million. He has credited this investment with “saving” his family, highlighting its financial impact.
Lance Armstrong’s charity work has been focused on supporting individuals affected by cancer. In 1997, he founded the Lance Armstrong Foundation, now known as Livestrong, which raises awareness about cancer and has raised over $325 million through initiatives like the sale of Livestrong bracelets. During his first retirement, Armstrong engaged in other charitable endeavors.
He co-founded Athletes for Hope in 2007, alongside prominent athletes, to encourage athlete involvement in charitable causes and inspire non-athletes to volunteer. Armstrong actively participated in charity events, such as headlining the “Pelotonia” charity ride in 2009, which raised millions for cancer research.
He also ran marathons, including the New York City Marathon in 2006 and 2007, and the Boston Marathon in 2008, raising funds for his LiveStrong campaign. Armstrong’s dedication to cancer support and fundraising has made a significant impact.
Lance Armstrong, at the peak of his career, amassed an impressive portfolio of real estate properties worldwide, showcasing his taste for luxurious living.
His real estate holdings included mansions in various locations, such as the Bahamas, the South of France, Spain, and his home state of Texas. These properties were valued at approximately $30 million during their heyday.
In 2013, Armstrong made a notable transaction in the real estate market. He purchased a 3.6-acre property on Lake Austin for $4.34 million. Surprisingly, within just two months, he sold the house for $5.35 million, demonstrating his ability to navigate the market profitably.
One of Armstrong’s significant real estate sales occurred in 2018. He sold a stunning Tuscan-style mansion in Austin for $6.88 million, further adding to his impressive financial gains.
In 2008, Armstrong acquired a mansion in Aspen, Colorado, for a substantial sum of $9.175 million. This property, situated in a picturesque location, showcased his affinity for extravagant living.
Currently, Armstrong’s primary mansion is a 1.7-acre property featuring a grand Mediterranean-style mansion. Estimated to be worth approximately $8 million, this residence serves as his main home and reflects his preference for lavish accommodations.
In June 1997, Armstrong met Kristin Richard, and they married on May 1, 1998. They had three children together: a son born in October 1999 and twin daughters born in November 2001. The pregnancies were made possible through the use of sperm that Armstrong had banked three years prior to undergoing chemotherapy and surgery. However, the couple’s marriage ended in divorce in 2003.
Shortly after his divorce from Kristin, Armstrong began dating singer-songwriter Sheryl Crow in 2003. They announced their engagement in September 2005 but ultimately split in February 2006.
In July 2008, Armstrong entered a relationship with Anna Hansen, whom he met through his charity work. In December 2008, Armstrong shared the news that Hansen was pregnant with their first child. This was particularly significant because Armstrong’s previous cancer treatment had led many to believe he was no longer able to father children. However, their child was conceived naturally. The couple welcomed a son in June 2009 and a daughter in October 2010. After several years together, Armstrong and Hansen got married on August 9, 2022.
Throughout his personal life, Armstrong has embraced fatherhood and involved his children in significant moments. For example, during the Tour de France podium ceremony in 2005, Armstrong’s children flew to Paris to participate. His son Luke helped him hoist the trophy, while his twin daughters, dressed in yellow, held the stuffed lion mascot and a bouquet of yellow flowers.
Lance Armstrong Quotes
If you worried about falling off the bike, you’d never get on.
I figure the faster I pedal, the faster I can retire.
A boo is a lot louder than a cheer.
Knowledge is power, community is strength and positive attitude is everything.
What ever your 100% looks like, give it.