Magic Johnson's net worth

Magic Johnson's net worth is estimated at $640 million.

How did Magic Johnson build his net worth?

Magic Johnson was one of the most famous ballers to have graced a basketball court in the National Basketball Association (NBA). He is said to be worth $620 million. So, how did he reach this mindblowing amount?

Now retired, much of Johnson's fortune came from his antics on the court. He signed a 25-year contract with the Lakers worth $1 million per year. He helped the Los Angeles Lakers win five NBA championships which thrice earned him the title of the NBA’s Most Valuable Player. After contracting HIV in 1991, he returned as the Laker’s coach two years later before he retired in 1996.

The man with the golden lob founded "Magic Johnson Enterprises," comprising a movie studio, theaters, and a marketing company. He has also invested in "Uncharted Power," a renewable energy company.

In 1995, the 4.5% stake in the Lakers, which Johnson bought for $10 million, escalated to a net worth of $40-50 million when he sold his stake in the team.

Spreading his wings to other sports, he invested in Los Angeles FC of Major League Soccer, and after only three years, the team was valued at $700 million.

Johnson financed 30 real estate developments in 13 different states together with Canyon Capital which generated $2 billion. We’re sure he had a healthy share, as he is quite the property tycoon when it comes to growing his wealth.

How has Magic Johnson spent his wealth?

Magic Johnson is 6’ 9” tall, so he has to have cars that can accommodate his height, hence the range of vehicles in his collection, which includes a 1978 Mercedes Benz SL 40 worth $16,000; a 2006 Lincoln Navigator, for which he laid out $55,000; a 2006 Lincoln Mark LT Pickup Truck for $64,000; a Cadillac Escalade for which he paid $79,000; a Bentley Continental V8 worth $254,000; and a Rolls-Royce Phantom Drophead Coupe, which set him back $500,000. Johnson is one of 237 people worldwide who can boast that they own this limited-edition custom-made beauty.

Johnson purchased a Tudor-style mansion in Moraga Estates Bel Air for an undisclosed sum in 1984 and sold it in 1990 for $4.4 million to buy a house in Beverly Park that at the time was under construction. It has six bedrooms, a tennis and basketball court, a swimming pool, and a spa spanning 13,000 square feet. Magic shelled out $7 million for this cozy home and still lives there.

Johnson is a knowledgeable investor and likes to spend his money on things that will give him a great return on investment. In 1995, Johnson bought a 4.5% stake in the Lakers for $10 million and is still reaping the benefits.

In 2014, Johnson bought the L.A. Sparks of the WNBA and a $50 million stake in the Los Angeles Dodgers for $50 million.

We do not have the numbers for when Johnson partnered with Canyon Capital and financed 30 real estate developments in 13 states. This type of deal sums up his approach to shrewdly growing his wealth.

Magic Johnson has also been an investor in rebuilding some of America's most famous infrastructure. In 2017 it was revealed that he had teamed up with Loop Capital Markets LLC to take an equity stake in LaGuardia Airport, which was rebuilt for $8 billion.

FAQs

How rich is Magic Johnson?

Magic Johnson is worth approximately $640 million thanks to his illustrious NBA career and investments.

Is Magic Johnson richer than Michael Jordan?

Despite his incredible wealth, Magic Johnson is not richer than Michael Jordan.