Magic Johnson is a retired American basketball player. He also has an impressive business acumen. His net worth is $500 million.
Magic Johnson Net Worth: Career beginnings
Johnson got interested in basketball at a very young age. He was inspired by Earl Monroe. He joined the basketball team in High School. At 15, he scored a triple double, had 36 points, 16 assists and 18 rebounds. He was given the name Magic by a local sportswriter. He led his high school team to the state championship.
At Michigan State University, he led his team to the NCAA finals. They played against Indiana State University, and the face-off was the most watched televised college basketball game. Even more interesting is the rivalry that this particular game established. Michigan won. Magic was crowned the most outstanding player of the final four.
In 1979, Magic was the #1 pick and was selected by the Los Angeles Lakers. He helped lead the LA Lakers to an NBA championship and was crowned the MVP of the NBA Finals.
Magic Johnson Net Worth: Basketball
Magic had a very successful basketball career. He played for the LA Lakers for 13 seasons winning 5 championships for them. Recognized as the greatest point guard of all time, he has 3 MVP awards and 12 all-star appearances. After contracting HIV in 1991, he retired 5 years later in 1996. During these periods, he played the all-star game, won the MVP and played 32 games for the Lakers.
In 1981, Magic signed a $25 million contract with the Lakers for 25 years. He was honored as one of the 50 greatest players in NBA history in 1996. In 2002, he was included in the Basketball Hall of Fame and was one of the star players of Dream Team in 2010.
In 2014, he became the second person to receive the Sportsman of the Year Legacy Award. Magic is still a legend. In 2014, he was one of the NBA athletes that received the highest attention on social media.
See Also: Shaq’s Net Worth
Magic Johnson Net Worth: Business Ventures
Magic credits his father for his inspiration to dabble into business. His father did not believe in handouts. Magic had to earn money if he wanted to spend. His father also inspired his interest in basketball, having exposed him to the game at a tender age.
He used the money he made from basketball to establish Magic Johnson Enterprises, which is currently valued at $1 billion. Some of the businesses owned under the enterprise are: Magic Johnson Theaters, a promotional marketing company, and a movie studio. Other product lines in the giant company are: Magic Johnson Bridgescape Academies (helps high school dropouts to get diplomas), Clear Health Alliance (provides healthcare for HIV/AIDS patients) and ASPiRE (a TV network). Johnson sold his chain of Starbucks coffeehouses for $75 million.
He has also partnered with the likes of 24 Hour Fitness, AMC Theaters, and MVP Index.
Magic has invested in some urban real estate and even companies that catered for America’s under served markets. He did this via Canyon and Yucaipa Johnson funds. Johnson also invested in ‘The Marvel Experience’- a travel entertainment show which is a 4D, animated and multimedia heavy show which features Marvel’s super heroes.
Johnson’s company sold her chain of movie theaters, but still owns Burger King Restaurants and health clubs. Magic got a deal with Sodexho, which is the largest food services and facilities management company in the entire world.
In 1994, he bought 4.5% of the Lakers for $10 million. He sold it in 2010 for an amount between $50 and $60 million. Together with a group of partners, he bought the LA Dodgers for $2 billion, the Dodger Stadium, parking lots around the stadium, land, and a TV contract. He also owns WNBA team LA Sparks.
As an advocate of HIV/AIDS, he has donated over $1 million to community based organizations which focus on the prevention and education of HIV/AIDS.
Despite suffering from a life threatening disease, Magic has managed to keep his focus on his numerous business endeavors which has brought him incredible wealth. His net worth is set to increase over time as he expands his business empire.