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A Million Dollar Idea: The Creation of the Million Dollar Belt

A Million Dollar Idea: The Creation of the Million Dollar Belt

Posted: Feb 20th 2026 By: Brian Damage - RingTheDamnBell.com

Make no mistakes about it, ‘The Million Dollar Man’ Ted Dibiase was once the top heel in all of the World Wrestling Federation back in the late 1980’s. In a lot of ways, the Million Dollar Man gimmick was the precursor to the Mr. McMahon character a few years later. He was sort of a rib on media tycoon Ted Turner with a bodyguard named Virgil aka Virgil ‘Dusty Rhodes’ Runnels (the head booker of NWA/WCW at the time). The Million Dollar Man was all about power and control and he did it through his immense wealth.

As Dibiase’s character developed and became a top heel for the company, there were some discussions and plans for Dibiase to be the man to finally dethrone the WWF champion Hulk Hogan. As plans were being made for Dibiase to use his wealth to buy his way to a WWF championship…things abruptly changed. Pat Patterson broke the news to Dibiase that they had other ideas than to simply put the title on the Million Dollar Man. It was also Patterson who came up with a contingency plan for the character.

If the Million Dollar Man couldn’t buy his way to a WWF title belt…he would create one for himself. When Patterson presented his idea to Dibiase, Ted loved it just as much as becoming a world champion. The WWF commissioned a famous jewelry store named Betteridge Jewelers in the upscale town of Greenwich, Connecticut to create this work of art. The McMahon family have used this particular store for their personal purchases throughout the years.

The storyline had the Million Dollar Man upset that he couldn’t buy Hogan’s WWF title and failed in several attempts to win it…so Dibiase went to this jewelry store and ordered a championship belt fitting for the Million Dollar Man. In reality, Betteridge Jewelers worked with sketches WWF creative sent and also allowed Dibiase to sit in on the creative process. According to the jewelry store’s owner Terry Betteridge, the Million Dollar Belt was made with 5 pounds of sterling silver dipped in 24 karat gold and over 700 cubic zirconias all hand set to make the belt look like it was filled with diamonds.

The title belt took over one month to create and despite the kayfabe price of the belt costing one million dollars….it actually cost $40,000 to make. That price was in 1989, today it would cost well over $200,000 to make. On an episode of WWF Superstars, the Million Dollar Man unveiled his new prized possession on ‘The Brother Love Show.’ It was on that show Dibiase showed the world the Million Dollar Belt and was christened the Million Dollar champion.

The title was unsanctioned by the WWF (meaning that the title could not forced to be defended by Ted Dibiase.) He did of course, put the Million Dollar Belt on the line on a couple of occasions himself. He lost the title to his former bodyguard Virgil and also handed the belt off to ‘The Ring Master’ Steve Austin and his own son…Ted Dibiase Jr. According to Terry Betteridge, the man who created this wrestling masterpiece, he did add a couple of actual diamonds into the Million Dollar Belt to increase its value.

 

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Spotlight in History

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Week of Sun 04-26 to Sat: 05-02

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  • 04-26 2008 Shane Rawls def. Ky-Ote for the 3DW Heavyweight Title
  • 04-26 2014 Buster Cherry def. Bud Barnes for the SWCW All-American Title
  • 04-26 2014 Chaz Sharpe def. Kevin James Sanchez for the SWCW Heavyweight Title
  • 04-26 2014 Sam Stackhouse def. Warhammer for the SRPW Heavyweight Title
  • 04-26 2024 Miranda Gordy def. Sgt. Slice for the CPW Women’s Title
  • 04-26 2025 Deacon Hendrix became the RWE Heavyweight Champion
  • 04-26 2025 Family Affiliated (Athan Sorrow & Rika Wildlee) became the RWE Tag Team Champions
  • 04-26 2025 Gluttony became the RWE United States Champion
  • 04-26 2025 Bishop Simon became the RWE Light Heavyweight Champion
  • 04-26 2025 For God And Country (Pastor Brent & Corporal Punishment) def. The Main Characters (Sean Ryan & Daniel Aaron Michalles) for the WAH Tag Team Titles
  • 04-27 1978 The Assassin became the TSW Louisiana Champion
  • 04-27 1981 Junkyard Dog & Dick Murdoch def. The Grappler & The Super Destroyer for the MSW Mid-South Tag Team Titles
  • 04-27 2003 The Sharpe Brothers (Chaz Sharpe & Rich Sharpe) def. John O'Malley & All-American Aaron for the ACW Tag Team Titles
  • 04-27 2003 Se7en def. Aaron Neil for the ACW Hardcore Title
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  • 04-28 1980 Kevin Von Erich def. Toru Tanaka for the WCCW American Heavyweight Title
  • 04-28 1989 The Simpson Brothers (Steve Simpson & Shaun Simpson) def. Beauty & The Beast (Terrance M. Garvin & The Beast [2nd]) for the WCCW Texas Tag Team Titles
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  • 04-30 2011 Ryan Reed def. Rolling Thunder for the UWE United States Title
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  • 05-01 2021 Fuel def. Derek James for the UWE Heavyweight Title
  • 05-02 1969 Johnny Valentine def. Fritz Von Erich for the WCCW American Heavyweight Title
  • 05-02 1975 Mad Dog Vachon def. Billy Graham for the WCCW Texas Brass Knuckles Title
  • 05-02 1977 Stan Hansen def. Dick Murdoch for the TSW North American Title
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  • 05-02 1984 The Rock-N-Roll Express (Ricky Morton & Robert Gibson) def. The Midnight Express (Bobby Eaton & Dennis Condrey) for the MSW Mid-South Tag Team Titles
  • 05-02 2009 Ozzy Hendrix def. Shank for the SWCW Luchadore Title
  • 05-02 2015 Gail Kim became the IWR Diamonds Champion
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04-26
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