We’ll be discussing Magic Johnson’s fortune here. Magic Johnson entered the world on this planet on August 14, 1959, in Michigan. He was one of ten siblings, including nine brothers and a sister. His large family required the combined efforts of both of his parents. He had been a star basketball player ever since he was a kid, earning him the nickname “Magic” in high school.
He received a full basketball scholarship to attend college immediately following high school and was drafted into the NBA during his sophomore year of college. The Los Angeles Lakers’ Golden Age began when Magic Johnson was a member of the team. Let’s dig deep into Magic Johnson Net Worth.
What Is The Net Worth Of Magic Johnson, Salary, and Career Earning?
Known as “Magic,” Earvin Johnson Jr. played basketball for the NBA and went on to become a successful businessman. A high school and college basketball champion, he was taken first overall by the Los Angeles Lakers in the 1979 NBA Draft. He spent 13 years as the Lakers’ point guard. In his first season in the league, he was named MVP of the NBA Finals and won the championship. The Lakers previously had Johnson as their president of basketball operations.
Magic Johnson Net Worth: Early Life
On August 14, 1959, in Lansing, Michigan, Magic Johnson entered the world. His mother, Christine, was a school janitor, and his father, Earvin Sr., worked on an assembly line for General Motors. Magic’s early inspirations in the sport included legends like Earl Monroe, and he quickly found himself immersed in the sport.
Johnson enrolled at Everett High School and immediately tried out for the basketball team. When he was 15 years old, he recorded a triple-double (36 points, 18 rebounds, and 16 assists) and was given the nickname “Magic” by a local sportswriter. The crowning achievement came in his senior year when he captained the victorious team to a state title.
Johnson was accepted to every prestigious university in the country, but he chose to stay close to home and enroll at Michigan State. The 1979 NCAA championship game pitted Magic and his team against Indiana State University and Larry Bird.
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Their matchup sparked one of the greatest rivalries in sports history and was the most-watched college basketball game in television history. Johnson was named the Final Four’s Most Valuable Player after Michigan State’s victory over Indiana.
In the 1979 NBA draught, the Lakers selected “Magic” first. In his rookie year, Magic and Kareem Abdul-Jabbar won the NBA title, and Magic was named Finals MVP. Magic led the Lakers to five NBA titles (1980, 1982, 1985, 1987, and 1988). He was NBA Finals MVP in 1980, 1982, and 1987. Three-time NBA MVP (1987, 1989, and 1990). He was twice MVP and 12 times All-Star. Most consider him the greatest point guard ever. HIV ended Magic’s career in 1991.
Magic returned to coaching the Los Angeles Lakers near the end of the 1993–1994 NBA season. He replaced Randy Pfund and Bill Bertka at team owner Jerry Buss’s request. After leading the Lakers to five wins in their first six games, Johnson resigned as coach at the season’s end. Johnson was fired after the Lakers lost their final ten games and finished 5-11. He bought a 5% stake in the team in June 1994 because coaching was never his career goal.
In 1995-96, 36-year-old Magic Johnson rejoined the Lakers. Johnson called his final comeback “successful” because the Lakers went 22-10 in his games. After the Lakers’ first-round playoff loss to the Houston Rockets, Johnson retired from basketball.
Johnson played 905 NBA games, scoring 17,707 points, grabbing 6,559 boards, and dishing out 10,141 assists for career averages of 19.5 points, 7.2 boards, and 11.2 assists, the highest in NBA history. Johnson is tied for the most playoff assists in a game (24) and the Finals (21). (2,346). He led the NBA Finals assists six times. He set the All-Star Game record for assists with 22 and is the all-time leader (127).
In the wake of his public declaration of HIV positivity in November 1991, Magic Johnson established the Magic Johnson Foundation to aid in the fight against the disease. Johnson has worked as a broadcaster, entrepreneur, philanthropist, and advocate for HIV/AIDS awareness and safe sex. His shocking confession that he was HIV positive in 1991 did much to dispel the myth that HIV was solely a “gay disease” that did not affect heterosexuals.
Magic the Entrepreneur
Despite his age, Magic has not experienced a peaceful retirement. Magic’s personal net worth is $600 million thanks to the business empire he founded after retiring, Magic Johnson Enterprises, which is now worth over $1 billion. Magic Johnson Theaters, Magic Johnson Studios, and Magic Johnson Promotions are all subsidiaries of Magic Johnson Enterprises.
Magic bought 5% of the Lakers for $10 million in 1994 and sold them to billionaire Patrick Soon-Shiong in 2010 for a reported $50-60 million. As of 2010, Johnson had made $75 million from the sale of his Starbucks franchise. Magic Johnson and his investors bought the Los Angeles Dodgers from Frank McCourt on March 27, 2012, for a reported $2 billion. For further reading: Magic Johnson Pays $2 Billion for the Los Angeles Dodgers
Magic Johnson Net Worth: Personal Life
In 1991, Johnson wed Earlitha “Cookie” Kelly in a small ceremony in Lansing, Michigan. Earvin III (EJ), the couple’s son, was born in 1992, and he is out and proudly gay. In an episode of Rich Kids of Beverly Hills, EJ made a cameo appearance. Elisa, whom Magic and Cookie adopted in 1995. The Johnsons split their time between homes in Dana Point and Beverly Hills.
A son from a previous relationship rounds out Johnson’s family. Melissa Mitchell gave birth to Andre Johnson in 1981. Andre’s mother was in charge of his upbringing, but he spent every summer with Magic Johnson and eventually worked for the company as its director of marketing.
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Magic’s total earnings from playing and endorsements came to well over $20 million.
Beverly Park is a gated community in Beverly Hills, where Johnson and his wife have a home. The couple also owns a beach house in Dana Point, Orange County, California, that is decorated in the Tuscan style. Napili, Hawaii was too far away for the couple to visit while their kids were young, so they traded it for a beach house about 75 miles south of Beverly Hills.
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