Did Colts owner Jim Isray overpay for Muhammad Ali’s ‘Rumble In The Jungle’ belt?
Indianapolis Colts owner Jim Isray has acquired Muhammad Ali’s championship belt from his 1974 “Rumble in the Jungle” heavyweight title fight for reported $6.18 million. The iconic belt was first sold in 2016 for $358,500 and then sold in 2017 for $120,000. Isray sealed the deal on Sunday, paying a lot more than the base price.
Isray is currently touring the country for his collection of rock music, American history and pop culture memorabilia.
Jim Isray paid $6.18 million for Muhammad Ali’s ‘Rumble In The Jungle’ belt
Ali's longtime cornerman Drew Bundini Brown reportedly collected historic items from the legendary boxer and kept them in a storage locker, which was eventually sold in 1988.
Ali only received the belt nearly two years later when the World Boxing Council (WBC) finally began awarding it out to its champions in 1976. Following his bout against Foreman in 1974, Ali reclaimed the title that was stripped from him seven years earlier for allegedly refusing to be drafted into the Army to fight in Vietnam.
BREAKING—-Muhammad Ali’s
championship belt from 1974 ‘Rumble in the Jungle’ when he employed his rope-a-dope and defeated George Foreman—-just added to @IrsayCollection Just in time for the Aug. 2 show at Chicago’s Navy Pier (and Sept. 9 at Indy). Proud to be the steward!🙏 https://t.co/REJOGV1Cwq
Notably, Ali was awarded two belts retroactively after the iconic fight against George Foreman. New findings indicate that the belt Bundini had was purchased by Isray for $6.18 million, while the other one closed at $299,000 plus market cap on the Collectable fractional shares platform. According to Heritage Auctions, the other belt is held in a private museum collection and unlikely to be sold.
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@darrenrovell @Heritage_Sport @HeritageAuction There are two belts that were awarded to Ali for Rumble in the Jungle. One went up in Bundini’s collection. That sold last night at Heritage for $6.1M. The other, which has provenance to Cassius Clay Sr and Ali himself, is on Collectable. Closed Friday at $299k+, or $7/share.
The company also claims that the winner of the clearance auction kept the green belt from the Foreman fight because of its significance. Irsay plans to put the belt on display in Chicago on August 2 and then in Indianapolis on September 9 and 10.
I think it's safe to say Market Cap will finish higher on this belt Monday, lol. Read description of the 2 belts under "Offering"
Unbelievable job by the great Team @Heritage_Sport on the other!
@CollectableApp @HeritageAuction @darrenrovell twitter.com/CollectableApp… https://t.co/AY6z6J8lob
“After several hours of watching two bidders go back and forth over this belt, this proved to be a battle worthy of the Rumble itself,” says Chris Ivy, Heritage’s Director of Sports Auctions. “We’re just thrilled this extraordinary piece of boxing history – of sports history, of cultural history – found such an exceptional caretaker who will now share it with the rest of the world.”
Colts owner Isray also purchased Ali's 1965 walkout robe that first bore his new name 'Cassius Clay', his shoes from the 1975 Thrilla in Manila vs. Joe Frazier and his fight-worn gloves from a 1966 title defense in Germany.