Magic Johnson Net Worth: Is the retired Lakers’ iconic player worth more than what you can count?

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Magic Johnson net worth
Source: SBS

When it comes to celebrities, fans often want to know every small detail. From – who broke up with whom to who ignored whom in public – everything. To be honest, this is why celebrities’ lives are evergreen. Whether you do something or not, they are always in the spotlight for something of the kind. One such well-acknowledged celebrity, Magic Johnson is trending for his current Net Worth. It is no doubt that Magic Johnson Net Worth is more than any prominent retired athlete in the industry. He stands at the 2nd ranking among the list of basketball players with the highest net worth.

Source: Boss Hunting

On the one hand, where top-notch players like:

  • LeBron James (net worth: 440 Million),
  • Shaquille O’Neal (net worth: 400 Million), and
  • Kobe Bryant (net worth: 350 million),

Magic johnson net worth has prevailed over all these players. One superstar who could run rings around Magic Johnson net worth is Michael Jordan. So, are you wondering how much Magic Johnson net worth is exactly? In this reading, you will find out. Let’s move ahead:

What is Magic Johnson net worth?

Magic Johnson Net Worth 2020 is $600 Million. However, it is a jaw-dropping figure. But, looking at the career history of Magic Johnson and its competitors, he deserves to be valued at such high USD merit. However, Magic Johnson net worth of 600 Million USD hasn’t built overnight. Behind such a level of success and fame in the sports industry, there is long-term hard work and many ups and downs in the career of Mr Johnson.

magic Johnson wife
Source: People.com

It is crucial to note that such high-end net worth of the best known American Basketball player, Magic Johnson hasn’t been built via a single source of income. Indeed, Magic Johnson owns the Magic Johnson Enterprise and has invested in several top-notch companies before and after retirement. For example, till 2010, Magic Johnson was the owner of over 100 Starbucks franchises in the United States which he ended up selling.

So, before we count on how many income sources Magic Johnson had and have currently, let’s take a glance at an Introduction to Magic Johnson – who is he, what has he achieved? And, where does he come from?

Who is Magic Johnson?

To begin with, Magic Johnson is one of the most prominent basketball players in the United States. He is currently retired. Not only has Magic Johson served as one of the top-notch players on the basketball field, but he also served as the president of the NBA’s Los Angeles Lakers’ team for a long-term. For the most part, Mr Johnson is not a regular name in the National Basketball Association of the United States. Indeed, he has accomplished ranking as one of the top 50 greatest players in NBA History. And it is quite noteworthy.

Moving on! Let’s review Magic Johnson’s journey from a small-town basketball boy to an international basketball player and president of Lakers. What an irony – we are moving ahead to know more about Magic Johnson, however, it is significant to look back.

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Magic Johnson – Early Life and Childhood

M. Johnson originally comes from Lansing, Michigan. He is one of the six children of Earvin Senior and Christine. Born in 1959, August – Magic J. will turn 62 this year. And, it’s amazing how he is still in the talks for his basketball career, NBA team presidency, and a lot more for his net worth. Among his family, relatives, and friends, he is also acknowledged as Earvin junior.

magic johnson
Source: Britannica

Basketball Career of Magic Johnson

To begin with, it is crucial to note that Earvin Junior or M. Johnson was passionate about basketball for longer than he can remember. As a 15-year-old, he played and triumphed in basketball inter-school games during his sophomore years. His school records still proudly state his basketball score as 36 points for triple-double, 16 assists, and 18 rebounds. Later he was admitted to the McDonald’s All-American Team which further led him to the NCAA Tournament in 1977.

In 1979, Johnson became a part of the Los Angeles Lakers Team. Luckily, he played along with another worldly known basketball player – Kareem Abdul Jabbar. During the final game of the NBA in 1980, Johnson became the first-ever rookie to help the team to win the game. Indeed, he also achieved “finest rookie in NBA History.”

M. Johnson is a survivor

More often than not, fans get sad when their favourite players get injured in the fields. However, Magic Johnson fans got even sadder in 1991 when Johnson had announced being HIV Positive before the Olympics. Although, this deadly disease caused johnson to leave his basketball career in the middle and focus on his treatment. He is a real-time survivor.

In the media, Magic Johnson openly talked about his sexual life. He informed the public that he might have been the victim of HIV due to having several sexual partners. Not only did he give hope to other HIV patients out there to fight with courage. But, he also warned heterosexuals about unprotected intercourse and deadly disease – HIV.

Source: PBS

In 1992, M. Johnson’s fans voted for him to be a part of the forthcoming NBA Game. a few players supported the decision. However, many of the players displayed disagreement due to the risk of being contaminated. After the 1992 Olympics, Johnson retired from the field. And, it was genuinely sad for basketball lovers.

After two years of retirement, Johnson made a comeback at the presidential post of the Los Angeles Lakers team. He also coached players.

Magic Johnson Net Worth: $600 Million (what are his different income sources)

Despite being HIV positive for over 30 years now, Magic Johnson is still connected to basketball at some level. His Net worth 2020 has touched 600 million USD. He is the second richest American basketball player after Micheal Jordan. To comprehend better Magic Johnson’s career as a basketball player and investor, let’s view his sources of income since the 1990s.

Magic Johnson NBA salary

Since the beginning of Johnson’s career, he is bound by a 25 years contract with the National Basketball Association in the United States. According to a few sources, it has been confirmed that the total worth of the NBA contract was $25 million. Meaning, Magic Johnson annual income/salary from NBA amounts to one million USD. For the most part, this contract was exactly signed in 1984. Thus, in 2019, the NBA’s contract with M. Johnson ended.

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Apart from this, it is also rare to mention that, during the Olympics season, Magic Johnson received over 2.5 million USD from NBA. the organization indirectly contributed towards Johnson’s treatment of HIV. And, rewarded him for his past performances on the field.

Throughout his career and association with the NBA, he earned over 40 million USD in 25 years, including compensations for championships, games, and so on.

Salary from Lakers presidency

Between 2017 to 2019, Magic Johnson received over 10 million USD from the NBA for serving as Los Angeles Lakers coach and president.

Magic Johnson sold 105 Starbucks franchises

In the event, you are wondering what happened to Magic Johnson’s entrepreneurial vibe. Well! They are still alive. However, recently, Magic Johnson sold off his 105 Starbucks franchises in the United States for 100 Million USD in total. It is rather shocking that he undervalued the franchises and sold them off. Indeed, it caused other Starbucks investors to re-think their decision and withdraw all the profit from the franchise.

Anyway! This 100 million USD directly adds up to Magic Johnson’s net worth of 2021.

Magic Johnson Enterprises

To the reader’s surprise, Magic Johnson is not simply an investor. But, he is also the founder of Magic Johnson Enterprises, which is an investment co. That holds a keen interest in leading healthcare and fitness clubs such as 24 hours fitness. The company has also associated with self-created Magic Johnson Theatres. Indeed, the company is also the owner of Burger King franchises, T.G.I, Friday’s, and Sodexo.

According to recent reports, Sodexo is owned by Magic Johnson with 51% shares.

Land and Property value

To begin with, Magic Johnson has always remained in the talk(s) for his luxurious lifestyle even after retirement and long-term HIV treatment. He has multiple sources of wealth. And, without a doubt, while calculating magic johnson net worth, how to overlook his land and properties’ current market value? Post-2001, Magic Johnson sold the 32-story former Transamerica Center complex that he owned in downtown Los Angeles for 205 million USD. He had built the complex using the third part of investment funds raised by Canyon- Johnson Urban Fund.

magic johnson net worth
Source: Architectural Digest

Apart from this, the Canyon-Johnson Urban Fund also sold off the Sunset+Vine in Hollywood for 160 million USD. It is also crucial to refer that the respective urban fund corporation is the largest investment fund in the world.

Magic Johnson lives in Southern California Mansion which he bought in 2009 or probably, earlier. This nine deluxe mansion’s current market value is 570 million USD in total.

Epilogue

Now that you know Magic johnson Net worth is not very far in value from that of Micheal Jordan’s. It wouldn’t be a controversial deal to state that magic johnson is the richest American athlete in the world. Junior Bridgeman Net worth is also 600 million USD. Other competitors in line are:

  • David Robinson net worth = 200 million USD.
  • Kevin Garnett net worth = 190 million USD.
  • Kevin Durant net worth = 170 million USD.
  • Larry Bird net worth = 75 million USD.

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