Basketball great Earvin “Magic” Johnson has gone beyond the court to become a spectacular entrepreneur and philanthropist. His name is associated with brilliance. His successful basketball career and astute business sense have helped him build up an outstanding net worth of $620 million today.
In this article, we’ll explore almost everything regarding Magic Johnson’s net worth and his professional life.
Who is Magic Johnson?
|Full Name||Earvin “Magic” Johnson Jr.|
|Professional Name||Magic Johnson|
|Date of Birth||14-Aug-59|
|Birthplace||Lansing, Michigan, USA.|
|Spouse||Cookie Johnson (m. 1991)|
|Height||6 Feet 7 inches|
|Profession||Professional basketball player, Actor, Entrepreneur, Motivational Speaker|
|Net Worth||$620 Million|
One of the most well-liked players in professional basketball is Magic Johnson. In the 1980s, he was in the Los Angeles Lakers and won five titles before being forced to retire due to HIV infection.
His mother spent many hours each evening after work cleaning their home and preparing the meals for the next day, while his father consistently worked at General Motors. Johnson would often go with his father on the garbage run, and the youngsters in the neighborhood would tease him by dubbing him “Garbage Man.”
His father also worked at an auto factory during the day. Johnson held a number of jobs, including aiding his father, but basketball remained his true passion.
How Much is Magic Johnson’s Net Worth?
The former American basketball player and businessman Earvin “Magic” Johnson Jr. has a net worth of $620 million. He made most of his fortune from his basketball career.
Apart from his sports career, The Los Angeles Lakers, five-time NBA champions, also have ties to AMC Theaters, 24-Hour Fitness, and TGI. Fridays, and Starbucks. He allegedly has a 4.5% ownership stake in the Los Angeles Lakers in addition to owning 105 Starbucks outlets.
He allegedly sold both of them for $100 million, though. Johnson is placed sixth on Forbes’ list of the highest-paid athletes and makes $22 million a year. He holds a significant stake in both the MLB Los Angeles Dodgers and the WNBA Los Angeles Sparks. He was a Lakers stakeholder for a while until he sold his shares.
Johnson’s Net Worth Trend from 2018 to 2023
Beginning of his Career as a High School Student
When Johnson was a sophomore at Everett High School at the age of 15, he achieved a triple-double by scoring 36 points, pulling down 18 rebounds, and dishing out 16 assists. This performance earned him the nickname “Magic.”
Johnson’s mother, a devout Christian, thought the name was sacrilegious, but Fred Stabley Jr., a sports reporter for the Lansing State Journal, gave him the nickname Magic after the game.
During his senior year of high school, he became the star player by leading his team to a 27-1 win-loss record. In each game, he scored an average of 28.8 points and 16.8 rebounds. He also contributed to his team’s overtime victory in the state championship game.
Johnson was selected in the 1979 NBA draft by The Los Angeles Lakers. The opportunity to play with Kareem Abdul-Jabbar, the Lakers’ 7 ft 2 in (2.18 m) center who rose to become the best scorer in NBA history, was what Johnson described as the “most amazing” part of joining the club.
Johnson was expected to help the Lakers win a championship since, despite Abdul-Jabbar’s supremacy, he had never done so with them.
Although veteran Norm Nixon was already one of the finest in the league, Lakers coach Jack McKinney decided to play the 2.06 m rookie Johnson at point guard against several pundits’ suggestions that he should play forward.
Johnson was chosen for the N.B.A. All-Rookie Team, started the NBA All-Star Game, and had a season average of 18.0 points, 7.7 rebounds, and 7.3 assists.
Johnson underwent a checkup before the 1991–1992 NBA season and discovered he had tested HIV-positive. On 7 November 1991, Johnson publicly announced his impending retirement during a news conference.
He declared that he would devote his life to “battle this deadly disease,” adding that neither he nor his wife Cookie nor their newborn kid had HIV.
His Other Ventures
Magic Johnson’s influence extended beyond basketball. He used the same commitment and work ethic that defined his sports career, putting energy into several fruitful endeavors.
Co-founding Magic Johnson Enterprises, a conglomerate that operates in a number of sectors, including real estate, entertainment, and hospitality, was one of his most significant commercial initiatives.
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Johnson’s success was greatly influenced by his capacity to spot possibilities in underdeveloped urban areas. He also collaborated with businesses like Starbucks, expanding their franchisees into underprivileged areas and promoting economic development.
In the gated neighborhood of Beverly Park, Magic Johnson and his wife have a residence. The pair also owns a beach house in Dana Point, Orange County, California, with a Tuscan design.
Cookie and I out in Montenegro for a stroll and some shopping. It was awesome to see former NBA player and now store owner Dalibor Bagaric! pic.twitter.com/HfDgBD2MEl
— Earvin Magic Johnson (@MagicJohnson) August 7, 2023
The couple previously had a home in Napili, Hawaii, but traded it in for a beach property about 75 miles south of Beverly Hills because it was too difficult to go there while their kids were little.
Johnson lived at the Bel-Air residence from 1981 until 1990, and it was put up for sale in 2022 for $14.5 million. In 2023, the price was lowered to $11.5 million. The year after winning his first NBA championship, Magic Johnson paid $600,000 for the house, which he sold for $2 million.
The two-time NBA champion and multiple-time NBA All-Star also has a Beverly Hills home, a private aircraft, and a collection of Ferrari and BMW automobiles.
Magic Johnson’s Philanthropic Side
In 1991, Johnson established the Magic Johnson Foundation, which creates, funds, and supports neighborhood-based organizations that cater to the social, health, and educational needs of urban neighborhoods with a variety of racial and cultural backgrounds.
The main motive of the foundation is to create positive rising leaders and increase knowledge of AIDS/HIV, treatment, and prevention.
Frequently Asked Questions
1. What is Magic Johnson’s Age?
As of 2023, his current age is around 64 years old.
2. What is the exact Height and Weight of Magic Johnson?
Magic Johnson, who plays the position of point guard, is described as being 6 feet 7 inches (2.06m) tall and around 100 kg (220 lb).
3. How much is Magic Johnson’s Annual Salary?
As per the reports, his estimated annual salary is around $50 million.
The development of Magic Johnson from a basketball prodigy to a savvy businessman and philanthropist demonstrates the extraordinary depth of his character. Johnson, who is thought to have a net worth of $620 million, is a brilliant example of how hard work, skill, and a desire to help others can influence not only one person’s success but also the course of entire communities and generations.