"He had a love for money, but the reason he loved money was so he could give it away," Shanahan said. "He was never interested in spending money on himself."
Regardless of how his finances were handled while he was alive, the champ's fortune could grow exponentially in the wake of his passing.
"Muhammad Ali sold the image and naming rights to Muhammad Ali that was held at a company he had set up about 10 years ago for $50 million," estate attorney Andy Mayoras told ET. "He retained 20 percent of that, which is still owned through this company he had set up, and should be controlled by his estate."
The estates of stars like Elvis Presley and Michael Jackson saw huge spikes in earnings following their deaths, and it seems like Ali's estate may go in the same direction.
Last year, Under Armour used the late fighter's image for a clothing line and audio from an epic speech Ali made before his 1974 Rumble in the Jungle fight with George Forman was used in a Super Bowl commercial featuring Paralympian Amy Purdy.
Ali died on June 3 after a 32-year battle with Parkinson's disease. He is survived by his nine children (Rasheda, Jamilla, Laila, Asaad, Hana, Maryum, Khaliah, Muhammad Jr. and Miya) three grandchildren (Curtis, Sydney and Biaggio) and wife Lonnie, who were with him during his final moments.
The family will gather in Louisville on Thursday to pay tribute to their father with an Islamic funeral prayer program. Muhammad will then be buried on Friday following a funeral service, featuring Bill Clinton and Billy Crystal as speakers and Will Smith as a pallbearer. Get more details in the video below.