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Flair does not know his birth name. In a chapter of his autobiography called "Black Market Baby", he notes that his birth name is given on different documents as Fred Phillips, Fred Demaree, and Fred Stewart. The chapter title is a reference to the fact that the Tennessee Children's Home Society, the agency with which he was placed for adoption, was revealed in 1950 to have fraudulently induced thousands of mothers to give up their children for adoption. The future Ric Flair was adopted when he was six weeks old by a physician (father) and a theater writer (mother). At the time of his adoption, his father was completing a residency in gynecology in Detroit. Shortly afterwards, the family settled in Edina, Minnesota, where the young Richard Fliehr lived throughout his childhood.

Flair's son David Flair is also a professional wrestler. Flair's youngest son Reid Fliehr is an accomplished high school wrestler and made a couple of appearances on WCW TV along with his sisters Ashley and Megan. Roddy Piper was the best man at Flair's wedding.

WCW paid Flair $36,000 to give back the WCW title after he had departed to the WWF in 1991. Flair hosted a short-lived talk show in WCW called A Flair For the Gold in 1993 as a compromise to get around a no-compete clause in his previous WWF contract. He could appear on TV, but not wrestle. Arn Anderson would sit at the bar and Flair's maid Fifi, would always be cleaning or bearing gifts. Flair has appeared in three movies, The Wrestler (1974), Body Slam (1987) and Sting: Moment of Truth (2004). He is not related to the Andersons. He has been called their cousin in the NWA and WCW.

Flair is sometimes seen attending the Carolina Hurricanes NHL ice hockey games. At many home games when the Hurricanes score a goal, a trademark Ric Flair "Carolina Goal! Wooo! Wooo Wooo!" is played. Flair has been active in North Carolina Republican politics, most notably supporting Jesse Helms.