Simone Biles’ rise from running a lemonade stand to $40m fortune

American Simone Biles is considered the greatest gymnast of all time, but she says her very first job was looking after her younger sister in their foster home.

“Other than that, I did run a lemonade stand when I was younger,” she said.

The 28-year-old legend was three when she and her siblings were placed in a foster care due to their mother’s struggle with addiction and they were all later adopted by their grandparents.

How she managed to overcome what she admitted was a “difficult start to life” and rise up to win 11 Olympic medals — seven of them gold — was the theme of her discussion with journalist and former Australian Olympian, Giaan Rooney, at today’s sold-out REA Conference ‘Ready’ at Randwick Racecourse, attended by close to 2000 real estate agents and property professionals.

At the age of 6 when still in daycare, Biles was noticed by a coach who saw her imitating other gymnasts and recognised she had talent. She was on her way after she invited her to classes.

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Now, she has an estimated fortune of $40m, thanks to earning about $5m a year in endorsements; is married to Jonathan Owens, an American football player for the Chicago Bears; and has a whopping 10.2 million Instagram followers.

She and her husband are building a lakefront home in Texas, reportedly worth about $3m. But she bought her first house at the age of 21 for about $600,000. “I’ve sold that to my brother,” she said.

The discussion touched on the highs of winning five medals at Rio in 2016 — four gold and one bronze — having arrived, as a 19-year-old, at her first Olympics where the president had just been impeached, there were tanks on every corner, and police brandishing AK-47s.

“I was at the top of the podium, overwhelmed with emotion — it was truly a dream come true, I was a princess in a castle, and I was super, super grateful to bring home a medal for our country.”

She carried the Team USA flag during the closing ceremony, but that was no mean feat because in the US, it’s considered disrespectful to let the American flag touch the ground.

“I can remember everyone telling me, don’t let the flag touch the ground, and I took it very seriously .. but it was very heavy, it was 50 or more pounds, it weighed half of me, I was only 103 pounds, I could barely hold the flag, but it was such an honour.”

But there were lows to come: the disappointment of the Tokyo Olympics, intended for 2020, being postponed until a year later due to Covid — a big issue for gymnasts who typically have short careers.

“I remember thinking, I’m angry, I’m upset,” she told the crowd.

“I’m in the best shape of my life, I’m so excited, I’m 23.

“I’m not sure I’m going to be able to go after another year.

After that they “were all quarantined basically” and “I neglected my mental health — I could tell I needed help”.

She told her by now adoring audience: “Because I was so afraid of getting physically hurt, I had a mental injury, I never thought that could happen … I was scared of stairs, kerbs, anything…. at 23, I’m old, I’m ancient!”

At Tokyo, she was the only returning veteran, everyone else was a “rookie”. “There was a lot on me,” she said, but she was “physically exhausted”.

Biles was suffering “the twisties” — a mental block where a gymnast loses their spatial awareness and body control mid-air — which led to her having to withdraw from several events.

“I made the decision to pull out … even NASA was trying to help me … but it can be life threatening if you land or fall badly.”

She then copped it from the “couch potatoes” who took to social media to claim “she doesn’t want to lose” … though her withdrawal allowed the team to walk away with silver.

From that adversity she became an “inadvertent ambassador for mental health”.

“I’m not the first elite athlete to talk about mental health … it feels like your world is tumbling down, I’ll never make the Olympics again!”

But Biles did come back, winning three gold and one silver at the Paris Olympics last year. “It was the cherry on top,” she said. “I was seeing my therapist, I got to talk to her before each competition,” she said.

And what of the LA Olympics in 2028?

“I’ll be 31, but I haven’t ruled out competing … I haven’t decided yet, I’ll consider how I am mentally and physically before I decide.

“I’m old for a gymnast, but I’m aging like fine wine …. it will take a lot of dedication, making sacrifices, but if I’m not on the floor, you will see me in LA, but I’m not sure in what capacity.”

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