Earvin “Magic” Johnson Jr. is an American retired NBA basketball player and former president of basketball operations for the NBA Lakers. He has a wealth of $600 million.
He had a compelling career – from a young basketball champion to a multimillion-dollar most outstanding player.
After hours of research, we’re excited to bring you the details about the wealth of Magic.
If you are a fan of the retired NBA player, I’m pretty sure this one’s for you.
Today, we’ll dive deep into Magic’s career, and we’ll be looking at:
- His total wealth;
- His career earnings;
- His assets – property, cars, and planes;
- How he likes to spend his money;
- And loads more!
Who Is Magic Johnson?
Earvin “Magic” Johnson Jr. is a former professional basketball player (one of the best ever basketball players, as you’ll see later), ex-president of the Los Angeles Lakers basketball operations of the National Basketball Association (NBA), and the current CEO of his own company, Magic Johnson Enterprises.
Johnson became a two-time Basketball Hall of Fame inductee and was recognized as the best point guard in league history during his NBA all star career.
|Worth: $600 Million|
|Date of Birth: August 14, 1959 (Magic Johnson’s age now is 61.)|
|Relationship Status: Married (Cookie Johnson)|
|Children: EJ Johnson, Elisa Johnson, Andre Johnson|
|Profession: Professional NBA Player|
How Much Is Magic Johnson Net Worth?
Former NBA allstar Earvin “Magic” Johnson is worth a hefty $600 million! Check out the deets below:
Magic’s Earnings By Year
Here are the calculated earnings as a point guard.
Magic Johnson’s net worth fee ranges between $75,000 to $1,000,000.
Johnson Business Ventures
Best of all?
Well, his business ventures are nothing to scoff at.
After 30 years basking in basketball, Earvin “Magic” Johnson became a business powerhouse. He’s currently the CEO of Magic Johnson Enterprises – his very own company.
His ventures include the following:
- Aspire TV network
- MJ Bridgescape Academies – which support high school dropouts to finish their studies
- Clear Alliance – a provider of HIV/AIDS health care for victims.
As if that’s not enough…
… some of his films and books are found below!
Want to see Magic on screen? Then waste no time and go over the Amazon US links above.
Johnson maximized his wealth by making smart investments after some circumstances in his life pushed him to put a halt to his Basketball days.
Curious? Read on and find out what transpired during his heyday.
You see, Magic is an investor in The Marvel Experience, which is a traveling entertainment show featuring Marvel Superheroes. You know, the likes of Spiderman, Thor, Captain America, Black Panther, and Iron Man.
Not only that, Magic used to own a majority stake in 105 branches of Starbucks coffee shops and has been a stakeholder of the Los Angeles Lakers with a share of 4.5%, and 24 Hour Fitness. In 2010, he sold all of these and gained himself a colossal $100 million.
He acquired the Los Angeles Dodgers for a total amount of $2.15 billion back in 2012. This includes a TV contract and the Dodgers Stadium, including the parking lots and surrounding areas. Not one to back down from splurging all his dough, he also bought an equity stake in the Los Angeles Sparks.
His business interests are not only limited in stakes as he was also able to purchase a franchise of Burger King restaurants and several other health clubs.
Since the CBD (cannabidiol) industry has snowballed in the past few years, Magic wasted no time in making an entrepreneurial move to invest in it. This retail business includes selling hemp, cannabis, and other cannabidiol products in grocery stores and health and wellness applications.
But among all his business ventures, his most significant investment is the MJ Theatres, a chain of movie theaters in many major cities in the US. MJ Development Corporation originally developed it in partnership with Sony Pictures Entertainment.
Controversies & Litigation
Magic may have been extremely successful, but it doesn’t mean he hasn’t encountered darker days. Read on and get to know the numerous run-ins he sank his teeth into.
Magic vs. Waymer Moore (1993)
The Basketball Association star retired from basketball after learning he had HIV.
Sounds intriguing, doesn’t it?
Read on to find out more!
Johnson first met Waymer Moore at Michigan State University, and they got reacquainted years later through several social gatherings. This happened around the time when Moore had started getting marital problems with her husband, Charles Baggett. A month after Moore and Baggett officially filed a divorce, Johnson had unprotected sex with her.
After getting a physical check-up and receiving a diagnosis from her doctor that she has AIDS, Moore filed a lawsuit against the National Basket Ball Association legend and argued he had given her the virus and that he knew about it since he had admitted to her that he “messed up.”
Johnson claimed he was unaware that he had the virus until he announced it before his retirement in 1991. On the other hand, Moore said she hadn’t had any sexual intercourse in the last eight months before being intimate with Johnson.
But here’s the kicker…
US District Court Judge Richard Enslen dismissed the 2-million-dollar lawsuit and claimed both Johnson and Moore came into a mutual agreement – although the reason behind that was not disclosed to the public.
Magic vs. Rob Pelinka (2019)
Johnson retired as the president of Lakers’ basketball operations because he felt betrayed by his colleague, Rob Pelinka.
Here’s the behind-the-story:
Johnson and Pelinka spent two years together working in the Lakers’ front office, with the latter serving as the general manager. When Johnson announced he’d step down from the presidency before even telling the Lakers owner Jeanie Buss, he mentioned that one reason for his resignation was that he heard things against him behind his back.
He stated Pelinka was spreading rumors around the office about Johnson’s usual absence and incapacity as the president, which eventually reached the media’s ears.
Johnson also said Pelinka just wanted his position and aimed to assume his job, which made it hard for him to have fun when coming to work.
Well, rumor grows as it goes, they say.
How He Spends His Money
Magic loves to spend his money by investing in his enterprises and lucrative businesses such as the Los Angeles Lakers and his chain of movie theaters called the MJ Theatres.
He also invested ownership in many restaurants in the US, which includes T.G.I. Friday’s and various Burger King locations. He made a deal with Sodexo, one of the most extensive food services and facilities companies globally, in 2006 to form SodexoMAGIC, LLC, a new joint venture 51% owned by Johnson.
He was also reported to have bought a 4% ownership stake in the NBA dream team Lakers for $10 million in 1994, not to mention the controlling stakes he’s holding in the financial services firm EquiTrust, the ASPiRE television network, and other companies.
… let’s have a peep at his properties.
Flashback to 1989, and Earvin and his wife purchased a house in Beverly Hills enclosed in a gated area known as Beverly Park.
Yes, you read that right!
The Beverly Hills. The star-studded L.A. area is exclusive only to the Who’s Who of the entertainment industry.
Nothing short of extravagant, his property in the area features nine bedrooms, a swimming pool, a gym, a tennis court, and a sports hall.
The mansion was valued at $6 million in the early 1990s. Bear in mind, however, that ever since then, the property has undergone several upgrades and expansions. Its value has increased over time.
The couple also owns a cozy Tuscan-inspired beach house in Dana Point, Orange County, California, designed by Michael Kreiss.
This entire beach house estate was characterized by Johnson’s agent as a “vacation home” due to its relaxed and intimate vibe. It’s a three-story, Tuscan-style villa which rests high on a cliff overlooking Catalina Island and the Pacific Ocean.
Rolls Royce Phantom Drophead Coupe
This car is a custom-made drophead coupe, and there are only 237 of these cars sold worldwide. Its price reaches the market for approximately $500,000.
2006 Lincoln Navigator
Some ads for this SUV once featured Johnson, so it comes as no surprise if we can see him around driving this 2006 Lincoln Navigator.
Magic owns a private jet – a Gulfstream G-III. Its tail number (N32MJ) bears his jersey number when he was still in the Lakers along with his initials.
Here are some fun facts you might not know about the man himself.
- Johnson is 6’9” tall. That’s almost a foot taller than the height of a standard refrigerator!
- At age 20, Magic is the youngest, and the first rookie hailed as the National Basketball Association Finals MVP.
- He helped the Lakers win five National Basketball Association championships: 1980, 1982, 1985, 1987, and 1988. Now, that’s magic!
- He was the Most Valuable of all Players – three times – 1987, 1989, and 1990.
- He has been an HIV/AIDS advocate since the 1980s.
Magic Johnson Philanthropy
One of Magic’s objectives is to give back to his community.
This big-hearted philanthropist started the Magic Johnson Foundation in 1991 when he discovered he had contracted HIV. It’s a single-disease organization that raised funds for community-based corporations dealing with HIV/AIDS education and prevention programs.
As if that’s not enough…
… here are some of the foundations and charities MJ supports aside from MJF:
- Ludacris Foundation
- Boys and Girls Clubs of America
- Buoniconti Fund To Cure Paralysis
- Barbara Davis Center for Childhood Diabetes
- Charity Folks
- Keep A Child Alive
- St. Anne’s
- Muhammad Ali Parkinson Center
- The Miami Project
- Celebrity Fight Night Foundation
It seems like Johnson realized supporting charity organizations and foundations can work like “magic” to help a lot of other people!
- Know the market. Be acquainted with the market and customers intimately.
- Plug into stillness to think bigger. Magic has three rituals that helped him think bigger and keep himself open to new opportunities. First, he wakes up at 4 AM to meditate for half an hour or so. Second, he retreats to his house in Laguna Beach for a getaway from the busy city. Lastly, he takes an entire month off to travel to Europe in August every year.
- Never take the backseat. Don’t settle for less. Get the best accountant, financial manager, and lawyer that you can afford for your business.
- Always over-prepare and get there early. Often, preparedness and promptness lead to one’s success.
- Losing is not an option. Never give up. While already a cliche in itself, it’s always best to not back down easily and never allow some circumstances to be the cause of your defeat.
Frequently Asked Questions (FAQs)
Is Magic Johnson a billionaire?
Magic Johnson Enterprises reportedly holds a total of $1 billion. In 1994, Johnson paid $10 million to buy 5% of the Los Angeles Lakers. He sold his stakes in 2010 to billionaire Patrick Soon-Shiong for a reported $50 to $60 million.
How is Magic Johnson so rich?
Following his career with the Los Angeles Lakers as a Hall of Famer, NBA legend Johnson built a business empire of his own. Johnson earned nearly $40 million during his NBA career, including a 25-million-dollar contract with the Lakers in 1981 for 25 years, which ranked as the richest deal in sports history at the time.
How did Magic Johnson get the nickname Magic?
Earvin earned the moniker “Magic” for the first time when he was an up-and-coming basketball superstar at Everett High School. The nickname was given to him by a sports author who saw him score 36 points, 16 rebounds, and 16 assists.
On the contrary, his mother, a devout Christian, thought the nickname is blasphemous.
Does Magic Johnson own the LA Sparks?
The WNBA franchise Los Angeles Sparks was acquired by an investment group headed by Johnson and Mark R. Walter, the chairman, and owner of the Los Angeles Dodgers baseball team.
Summary: Magic Johnson’s Net Worth
There you have it.
I’m sure you’ll agree, MJ’s hall of fame career with the L.A. Lakers has been exhilarating yet motivational for many. He started as a nobody, and slowly gained fame through basketball and powered through with his influence.
My biggest takeaway from this is how positive a thinker he was – even when he knew he acquired HIV.
Despite all that, he still never looked away from his passion and even had a comeback to play for one final season.
He may have taken retirement from the NBA Los Angeles Lakers, but he will always be a part of the Lakers Team.
I’m sure there’s a lot more we can learn both from his mistakes and his successes.
I hope you enjoyed this article – you might also want to check out MJ’s Astrology Birth Chart.
Or see below for his social media links.
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