Magic Johnson Net Worth – $620 Million

Earvin “Magic” Johnson Jr. is an entrepreneur and retired American basketball player with a net worth of $620 million. After winning basketball championships in high school and college, the Los Angeles Lakers selected him first overall in the 1979 NBA Draft. He spent 13 seasons with the Lakers as a point guard. In his debut season, he won the NBA Championship and the Most Valuable Player Award in the NBA Finals. Johnson used to be the Lakers’ president of basketball operations.

Childhood

Magic Johnson was born in Lansing, Michigan, on August 14, 1959. His father, Earvin Sr., was a GM assembly line worker, while his mother, Christine, worked as a school cleaner. Magic was inspired to play basketball at a young age by his heroes, Earl Monroe, and Shaquille O’Neal. Johnson enrolled in Everett High School, where he rapidly became a member of the basketball team. When he was 15, he scored 36 points, 18 rebounds, and 16 assists, earning him the moniker “Magic” from a local sportswriter. The name was cemented when he led his team to the state championship his senior year.

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Johnson had offers from every major university, but he chose to stay close to home and attend Michigan State University. Magic guided his team to the NCAA championships in 1979 when they met Indiana State University’s standout player Larry Bird. Their match-up became the most-watched college basketball game ever televised, igniting one of the sports’ most storied rivalries. Michigan State went on to win the Final Four, and Johnson was awarded the Most Outstanding Player.

NBA Playing Time

The Los Angeles Lakers selected Magic as the first overall pick in the 1979 NBA Draft. Magic and his colleague Kareem Abdul-Jabbar led the Lakers to the NBA title in Magic’s rookie season, and he was awarded MVP of the NBA Finals. In the years 1980, 1982, 1985, 1987, and 1988, Magic won five NBA championships with the Los Angeles Lakers. In 1980, 1982, and 1987, he won the NBA Finals MVP three times. In 1987, 1989, and 1990, he was named the NBA’s Most Valuable Player three times. He was a two-time All-Star MVP and a 12-time All-Star. He is widely regarded as the greatest point guard in history.

Magic’s career was cut short in 1991 when he contracted HIV.

Near the close of the 1993-94 NBA season, Magic returned to the league as the coach of the Los Angeles Lakers. At the request of team owner Jerry Buss, he took over for Randy Pfund and Bill Bertka. The Lakers started off well under Johnson’s guidance, winning five of their first six games. However, after losing five of their next six games, Johnson announced his resignation as coach at the end of the season. The Lakers went on a ten-game losing run to end the season, and Johnson’s final record as a head coach was 5–11. He stated that coaching was never his dream, thus he bought a 5% stake in the squad in June 1994.

During the 1995-96 season, Magic Johnson, then 36 years old, made a comeback as a player by rejoining the Lakers for the season. Johnson regarded his final return as a “success” because the Lakers went 22–10 in the games he played. Johnson announced his retirement after the Lakers’ first-round playoff loss to the Houston Rockets.

Johnson scored 17,707 points, grabbed 6,559 rebounds, and handed out 10,141 assists in 905 NBA games, for career averages of 19.5 points, 7.2 rebounds, and 11.2 assists per game, the highest in NBA history. Johnson has the most postseason assists (24), holds the Finals record for assists in a game (21), and has the most single-game playoff assists (24). (2,346). He is the only player to average 12 assists in six NBA Finals series. He holds the All-Star Game single-game assist record (22) as well as the All-Star Game career assist record (127).

Retirement

Johnson founded the Magic Johnson Foundation to assist fight HIV after revealing his condition in November 1991. Johnson has worked as an entrepreneur, philanthropist, and broadcaster in addition to being an advocate for HIV/AIDS prevention and safe sex. His public declaration of his HIV-positive status in 1991 surprised the public and helped to shatter the misconception that HIV was a “gay sickness” that heterosexuals were immune to.

The Entrepreneur’s Magic

Magic’s retirement hasn’t been easy. In retirement, he established the Magic Johnson Enterprises business empire, which is now worth over $1 billion, and has earned Magic a personal net worth of $600 million. Magic Johnson Enterprises is the parent corporation of Magic Johnson Theaters, a movie studio, and a promotional marketing agency. Magic bought a 5% stake in The Lakers for $10 million in 1994, which he sold to billionaire Patrick Soon-Shiong in 2010 for a reputed $50-60 million. Johnson also sold his Starbucks network for $75 million in 2010.

Magic and a group of investors paid $2 billion to buy the Los Angeles Dodgers from Frank McCourt on March 27, 2012. More information can be found at: Magic Johnson acquires the Los Angeles Dodgers for $2 billion.

Private Life

Earlitha “Cookie” Kelly and Johnson were married in a small ceremony in Lansing, Michigan in 1991. Earvin III (EJ), the couple’s son, was born in 1992 and is openly gay. EJ was a cast member of the reality show Rich Kids of Beverly Hills. In 1995, Magic and Cookie welcomed their daughter Elisa into their family. Johnson and his wife split their time between Dana Point and Beverly Hills, California.

Johnson is also the father of a child from a previous relationship. Melissa Mitchell had Andre Johnson in 1981.

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Property Investments

Johnson and his wife live in Beverly Park, a private community in Beverly Hills. In Dana Point, California, the pair also owns a Tuscan-style beach villa. The couple used to own a home in Napili, Hawaii, but it was too far away for their children to visit, so they traded it in for a beach house around 75 miles south of Beverly Hills.