The five-time NBA Champion, Magic Johnson, is a retired professional basketball player who has become today one of the wealthiest successful retired athletes in the history of sports. Today Magic Johnson is still involved with sports as he is the president of Los Angeles Lakers of the NBA and a co-owner of Los Angeles Dodgers.
Since his retirement about two decades ago he’s become a business powerhouse making millions of dollars, with his Magic Johnson Enterprises a conglomerate company that has a net worth of around $1 billion. Back in 2010 he made a cool $100 million with his sale of 100 Starbucks franchise and 4.5% stake of Lakers and made some other lucrative investments that have entirely made him one of the wealthiest African Americans. Below we have highlighted Magic Johnson net worth in 2018 and in addition revealed to you a few things you probably don’t know about Magic Johnson.
Born Earvin “Magic” Johnson Jr. in 1959 to Christine and Earvin Sr., he grew up in Lansing as the capital of the US state of Michigan. His father was a General Motors worker who used to play high school basketball, and Johnson learned about the game from him. He attended Everett High School where he became the best high school player to have hailed from Michigan at the time of graduation. After graduation, he joined Michigan State University where he was a player for Michigan State Spartans Men’s basketball team and pursuing his degree in communication studies.
Johnson is a father of two sons and a husband to Earlitha “Cookie” Kelly. He fathered his first son with Melissa Mitchell back in 1981, and in 1991 he married Kelly who gave him another son Earvin III a star on Rich Kids of Beverly Hills. Currently, Johnson resides in California.
Johnson was the first overall pick for Los Angeles Lakers in the 1979 NBA draft. He Played for Los Angeles Lakers for 13 seasons, and during the 13 seasons, he played the point guard position. Amazingly in his rookie season, he won NBA Most Valuable Player Award and a championship. He led his team in winning a total of five championships that’s in 1980, 1982, 1985, 1987 and 1988. During this time he won three NBA MVP Awards and even assisted the 1992 United States Men’s Olympic basketball team to win an Olympic Gold medal that year. Today he is the Los Angeles Lakers president of basketball operations.
Off the court, Johnson runs Magic Jonson Enterprise a conglomerate company which is valued at around $1 billion. The company operated Magic Johnson Theatres; it had 31 Burger Kings restaurants, 13 24-hour fitness magic Johnson sport health clubs, a stake of Los Angeles Lakers, 105 Starbucks franchises and other investments. Today some of these investments have already been sold off such as Los Angeles Lakers stake and the 105 Starbucks franchise which brought in a return on investment of around $100 million. Today the company has invested in other areas such as insurance (EquiTrust Life Insurance Company), food services, healthcare, among other areas.
Other investments magic Johnson was involved in are such as ownership of Los Angeles Dodgers baseball team, Los Angeles Sparks team, and Los Angeles Football Club.
On awards & achievements received by Basketball Hall of Famer Magic Johnson, he has been a five-time NBA champion, a three-time NBA Finals MVP winner, three-time NBA Most Valuable Player award winner, a receiver of J. Walter Kennedy Citizenship Award, among other awards.
Net Worth, Salary & Income
Magic Johnson net worth is estimated to be around $650 million. He made it in the list of highest-paid retired athletes having earned around $22 million. Magic Johnson net worth fortune was made not through basketball career earnings but through his business investments. During his career, he went home parking with just $18 million from NBA and a few extra millions from endorsement deals. He made his money by purchasing a 4.5 % stake for $10 million on Los Angeles Lakers and 105 Starbucks franchise for $27 million which he later sold in 2010 making $100 million. Through Magic Johnson Enterprise he has invested in restaurants franchises, theaters, healthcare, insurance, football, baseball (Los Angeles Dodgers), and many other businesses.
10 facts you need to know about Magic Johnson
From an NBA superstar to one of the wealthiest African Americans, Magic Johnson is a man of many surprises. I know you are aware he tested positive for HIV because he said it, but what else do you know about Magic Johnson? Let me list down a few things you probably don’t know about Magic Johnson.
1. Did you Magic Johnson and six others are the only players to ever win an NCAA National Championship, an Olympic gold medal, and an NBA title?
2. He discovered he is HIV positive when he underwent a physical examination for a life insurance policy.
3. Before finding out his HIV status Magic Johnson used to have sex with around 300-500 women in a given year, something, he admitted in Jerry West’s autobiography.
4. He went to Lakers because the Bulls lost a coin flip to Lakers. Hence Lakers had the pleasure of selecting Magic Johnson.
5. Game 6 which took place in 1980 against 76ers is a game he considers to be the most excellent performance in his career and considering he scored 42 points made seven assists and 15 rebounds it’s no surprise saying this was his greatest.
6. No other rookie has ever won the NBA Finals MVP award except Magic Johnson.
7. In all NBA history, Magic Johnson is the tallest player to play point guard position with his height 6’9.
8. This is funny when he was a child neighbor had nicknamed him “June Bug”, because of loved to bounce around the local court.
9. He was given his nickname “Magic” by Fred Stably, Jr who was a journal sportswriter back in high school after his statistics sheet was released. He had 16 assists, scored 36 points and made 16 rebounds.
10. The nickname “Magic” according to his mother was blasphemous. Magic mother is a devout Christian.
Magic Johnson net worth in 2019 will possibly read a higher figure compared to what we have in 2018 since his Magic Johnson Enterprise is still making some good money for him. Hope many young and upcoming athletes can learn the value of investments.