We were given a Lazy boy chair. The couple didn’t have room for it and it became a clotheshanger.
It is in excellent condition except for the fact it is mauve or something thereof. Frankly, it looks like it would fit in in a dentist office. Soothing, bland and hideous at the same time.
I know going to a re-upolstering place is not worth it, but has anyone ever recovered one?
yes
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Yes, but paint has a tendency to chafe. 
I did some really nice “upholstery” on our La-Z-Boy, using an attractive blanket and some attractive duct tape. The whole job took five minutes. 
You may be able to find a pre-made slipcover for it: we found one for my parent’s recliner (a no-name mustard yellow/brown creation) and it fit, which amazed us to no end since we usually have bad luck with slipcovers. Unfortunately, we found the slipcover at Value City in the discount pile and in a replacement bag, so I have no clue who made it.
But, I wanted to mention that perhaps you’ll be able to find a slipcover for it and save yourself some hassle.
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Humm - my mom had her old sytle L-Z-Boy reupolstered and it came out great. I think she paid quite a bit (maybe $350), but it looks like a brand new chair. I would say with L-Z-Boy the quality is probably high enough that a reupolster job would be worth the $$.
As for recovering it yourself, you could probably do it, if you’re a fairly acomplished seamstress.