Earvin “Magic” Johnson Jr. is not just a name; it’s a legacy. His dazzling playstyle, characterised by no-look passes and charismatic leadership on the court, made him a household name. As a member of the Los Angeles Lakers, he clinched five NBA championships, solidifying his place among the pantheon of basketball greats. But Magic’s brilliance wasn’t confined to the hardwood. Off the court, he transitioned into a successful entrepreneur, philanthropist, and motivational speaker, showcasing a business acumen that rivals his basketball IQ. In this article we explore the net worth of Magic Johnson.
What is the net worth of Magic Johnson?
As of 2023, Magic Johnson’s estimated net worth is approximately $620 million. This impressive figure culminates decades of hard work, strategic investments, and brand endorsements.
|Magic Johnson Net Worth 2023||$630 million|
|Magic Johnson Net Worth 2022||$580 million|
|Magic Johnson Net Worth 2021||$530 million|
|Magic Johnson Net Worth 2020||$480 million|
Breakdown of Earnings from NBA Contracts:
During his illustrious NBA career spanning 13 seasons, Magic Johnson earned $39.3 million. This includes a notable 25-year, $25 million contract, which at the time was groundbreaking and showcased the value he brought to the league and the Los Angeles Lakers.
Earnings from Endorsements and Major Brand Associations:
Magic’s charisma and popularity made him a sought-after figure for brand endorsements. Over the years, he has been associated with major brands like Starbucks, 24-Hour Fitness, T.G.I. Fridays, and AMC Theatres. Through these endorsements and brand associations, he reportedly earned around $22 million annually, placing him fifth on Forbes’ list of the highest-paid athletes.
Investments in Major Franchises:
Magic’s love for sports and his business acumen led him to invest in major sports franchises. He became a major investor in the MLB, Los Angeles Dodgers, and the WNBA, Los Angeles Sparks. These investments showcased his commitment to sports and his ability to identify and capitalise on profitable ventures.
Sale of Significant Assets:
One of Magic’s most notable business moves was his partnership with Starbucks. He owned a whopping 105 Starbucks outlets, primarily in urban neighbourhoods. Additionally, he held a 4.5% ownership stake in the Los Angeles Lakers. In a strategic move, Magic sold these significant assets for a reported $100 million, showcasing his ability to profitably build, grow, and exit businesses.
Magic Johnson Other Sources of Income
Magic Johnson’s financial portfolio is diverse, extending beyond his NBA earnings and major business ventures.
Role as the Lakers’ President of Basketball Operations:
After he retired from professional basketball, Magic’s association with the NBA and the Los Angeles Lakers continued. He took on the role of the Lakers’ President of Basketball Operations. This executive position allowed him to influence the team’s strategies and player acquisitions and added a significant amount to his earnings.
Magic Johnson Personal Assets
Magic Johnson’s success on the court and in the boardroom has afforded him a luxurious lifestyle, evident in his assets.
- Beverly Hills Home: Nestled in the exclusive gated community of Beverly Park, Magic owns a lavish residence in Beverly Hills, California. This home is a testament to his success and is one of the most coveted properties in the area.
- Beach House: Apart from his primary residence, Magic also owns a Tuscan-style beach house in Dana Point, in Orange County, California. This property offers breathtaking ocean views and serves as a perfect getaway. He previously owned a house in Napili, Hawaii, but traded it for the Dana Point property for its proximity to Beverly Hills.
Car Collection and Luxury Assets:
Magic’s love for luxury is evident in his impressive car collection. He boasts ownership of high-end vehicles, including models from Ferrari and BMW. Besides his cars, Magic owns a private plane, allowing him to travel in style and comfort. This combination of luxury cars and private aviation showcases the heights of success he has achieved over the years.
Magic Johnson Biography
Born on August 14, 1959, Earvin “Magic” Johnson Jr. grew up in Lansing, Michigan. From a young age, his passion for basketball was evident. The courts of Lansing became his first playground, where he honed his skills and developed a love for the game. His unique talent and dedication did not go unnoticed, leading him to a successful stint at Michigan State University, where he showcased his prowess and potential to the world.
Magic’s entry into the NBA was nothing short of spectacular. Drafted as the first overall pick by the Los Angeles Lakers in 1979, he immediately made an impact. In his rookie season, he led the Lakers to an NBA championship and was named the NBA Finals MVP, a rare feat for a newcomer. This was just the beginning of a storied career that spanned 13 seasons, all with the Lakers. During this time, he clinched five NBA championships and was honoured with three NBA MVP awards, solidifying his reputation as one of the game’s all-time greats.
Magic Johnson Quick Facts Table
|Date of Birth||14 August 1959|
|Age||64 years old|
|Profession||American former professional basketball player and former president of the Los Angeles Lakers|
|Kids||Andre Johnson, EJ Johnson, Elisa Johnson|
|Place of birth||Lansing, Michigan, United States|
|Siblings||Pearl, Quincy, Larry, Lois, Yvonne, Kim Evelyn, Mary, And Michael Johnson|
Magic Johnson Transition to Business and Entrepreneurship
While the basketball courts were where Magic Johnson first showcased his brilliance, his ambitions and vision extended far beyond the hardwood. After an illustrious NBA career, Magic seamlessly transitioned into the business world, proving that his strategic understanding was not limited to orchestrating plays on the court.
Recognising the potential for growth and the need to diversify his portfolio post-retirement, Magic founded Magic Johnson Enterprises. Established as a vehicle to develop a broad array of businesses, the enterprise quickly grew into a multi-billion dollar conglomerate. Its mission was clear: to provide high-quality products and services while positively impacting underserved urban communities.
Magic’s business ventures are as varied as they are impressive. He formed partnerships with giants like Starbucks, striking a deal that led to the opening of several Starbucks stores in urban neighbourhoods. This move was both profitable and socially impactful. Furthermore, he ventured into the entertainment world with Magic Johnson Theatres, bringing quality cinema experiences to areas that previously needed them.
His investment acumen was further highlighted when he became a major investor in the MLB franchise Los Angeles Dodgers and the WNBA franchise Los Angeles Sparks. These investments showcased his love for sports and his keen sense of profitable ventures. Additionally, Magic’s brief ownership stake in the Lakers and his partnerships with companies like 24 Hour Fitness, T.G.I Fridays, and AMC Theatres further expanded his business empire.
Why did Magic Johnson retire from the NBA?
Magic Johnson announced his retirement from the NBA in 1991 after revealing that he had tested positive for HIV. He made a brief comeback in 1992 and then again in 1995-96 before retiring for good. His initial retirement was significant in sports history, as it brought attention to the HIV/AIDS epidemic.
How many NBA championships did Magic Johnson win?
Magic Johnson won five NBA championships with the Los Angeles Lakers. These championships were secured in 1980, 1982, 1985, 1987, and 1988.