From A Professional Basketball Player to Businessman: Magic Johnson Net Worth

The retired professional basketball player and current president of basketball operations of the Los Angeles Lakers of the NBA Magic Johnson sure has a magic touch in any of his ventures. He is worth a $600 million today and is reported to be earning around $22 million annually. The retired player currently has various business ventures and is on a steady rise even after his retirement.

Early Life

Earvin “Magic” Johnson Jr. was born and raised in Lansing, Michigan. As a young lad, Earvin Johnson developed an interest towards basketball and idolised players such as Bill Russell, Earl Monroe and Marques Haynes. Johnson learned to play basketball with his parents, both of whom were excellent players and began to practice every day.

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Johnson went to a predominantly white Everett High School and was a victim of bullying and racism. He had a tough time in his school basketball team, in which his teammates ignored him during the practice or refused to pass the ball to him. The fifteen-year-old Johnson not only took his team to an overtime victory but also found a place at the McDonald’s All-American team.

Career

Professional Basketball Player

By the end of his high school, Johnson was offered seats in various colleges like Indiana and UCLA, but he wanted to play close to home and attended Michigan State. Magic Johnson wanted to become a television commentator and did not consider playing basketball professionally. However, he continued to play for the college team, and by the end of his second year, Johnson entered the 1979 NBA draft.

Johnson later joined the Los Angeles Lakers in 1979. He was later selected to the NBA-all-rookie team and was named NBA-All-Star-Game-Starter.

Johnson was a member of the 1992 United States men’s Olympic team, The Dream team, which won the Olympic gold medal in 1992. Throughout his career, Johnson has made numerous achievements including three NBA MVP Awards, nine NBA Finals appearances, twelve All-Star games and ten All-NBA First and second team nominations.

In the year 1991, Johnson retired abruptly after being diagnosed with HIV. However, he returned to play in 1992 All-Star Game. He then retired for four years and returned to play for the Lakers in 1996 after which he finally retired from basketball as a professional player.

In the year 1996, Johnson was honoured as one of the 50 greatest players in NBA History. In 2007, ESPN rated him the greatest NBA point guard of all time. In February 2017, Johnson became the president of basketball operations for the Los Angeles Lakers.

Johnson also co-owns Major League Soccer franchise based in Los Angeles.

Media

Ervin Johnson was a host in a late night talk show The Magic Hour, that ended within two months due to low ratings. Shortly after that, he started a record label Magic Johnson Music. Before becoming a studio analyst for ESPN’s NBA Countdown, Johnson was an NBA commentator for Turner Network Television for seven years.

Business

Johnson is a successful businessman. He runs Magic Johnson Enterprises whose subsidiaries include Magic Johnson Productions, Magic Johnson Theatres and Magic Johnson Entertainment.

He purchased 125 Starbucks stores in partnership with Urban Coffee Opportunities, and after twelve years of alliance, he sold his interests in 2010 for over $ 100 million.

Johnson had also made a partnership with AMC Theatres, T.G.I.Fridays and 24 Hour Fitness.

Magic Johnson Net Worth

The current net worth of Magic Johnson is a whopping $600 million, making him one of the richest retired basketball players.

Real Estate and Vehicles

Johnson currently resides in Dana Point, California. He owns a mansion in Beverly Hills since 1989 which includes nine bedrooms, a tennis court and a gaming room. Johnson also holds another house in South California.

He owns a fleet of luxury cars including Ferrari, BMW, and Lincoln Navigator 2006. He also owns a private jet.

In 2015, Johnson acquired majority controlling interest in EquiTrust Life Insurance Company. He is also an investor for aXiomatic eSports.

He has also invested in urban California real estate and with Chicago-based Aon Corp, an insurance service company that is designed to promote minority businesses.

Endorsements

During his prime, Johnson had several endorsement deals including KFC and Nestle. He has advertised GlaxoSmithKline’s drugs and has partnered with Abbot Laboratories.

Philanthropy

In 1991, Johnson publicly announced that he had contracted HIV and created the Magic Johnson Foundation to help combat HIV. The foundation has raised more than $20 million for charity and given out almost $4 million in scholarships.

He was the principal speaker for the United Nations World AIDS Day Conference in 1999 and has served as a United Nations Messenger of Peace.

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Apart from his foundation, Johnson supports various other charity organisations like Charity Folks, Boys & Girls Clubs of America, Keep a Child Alive and the Miami Project.

Conclusion

Johnson hit bottom on various occasions in his life in the form of bullying, racist comments, diagnosed with AIDS and what not! But he chose to bounce back to newer heights and has become an influential person. The retired player, businessman and philanthropist is already worth over half a billion dollars, and we wish to see him as a billionaire in the nearest future.

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Feature Image Credit: Snapshot from YouTube Video

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