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Earvin Johnson, also known as Magic Johnson, was born on August 14, 1959, and he grew to be six feet nine inches. He’s the tallest and arguably the greatest point guard in NBA history. But he’s also a celebrity that hasn’t burned through his hard-earned money.
The former athlete currently holds the position as the Chairman and Chief Executive Officer of Magic Johnson Enterprises, a company that provides high-quality entertainment products and services to multicultural communities.
But aside from his stake in Magic Johnson Enterprises, he’s also making loads of money elsewhere. Here are the major contributing factors that make up Magic Johnson’s net worth.
His website, magicjohnson.com states that Johnson “parlayed the skills and tenacity he acquired on the court into a winning formula for successful business ventures.”
His business investments date back to 1981 when Johnson invested in two Colorado radio stations and opened the Magic 32 retail store. Some of his enterprise partners include Cadbury Schweppes, AMC Theaters, Burger King, 24 Hour Fitness, Starbucks, T.G.I. Friday’s and Washington Mutual.
On top of that, Magic reportedly paid $10 million to buy 4.5% of The Lakers, which he later sold for $50-60 million. Then in 2010, Johnson gave up his share in Starbucks for $75 million.
In total, Magic Johnson Enterprises has an estimated value of $1 billion dollars.
Johnson posing with residents of Flint and Detroit for United Healthcare Plan. PHOTO VIA FACEBOOK/MAGICJOHNSON
The goal for Magic Johnson Enterprises is to bring media and entertainment products and services to under-represented and low-income communities in our country. Johnson used real estate investments with his Canyon-Johnson and Yucaipa-Johnson funds.
He’s also partnered with Simply Health to promote the prevention and treatment of STDs and HIV/AIDS. This business choice paid off, considering he made over $458 million in 2014 after providing various healthcare options to low-income families and a special program for HIV/AIDs patients.
Back in the ’90s, long before Johnson became a businessman, he was invested in making a long-term career as a professional basketball player.
His athletic talent helped him earn over $18 million in salary. He also had multiple commercial endorsements for companies like Target, KFC, Pepsi and Nestle, which helped his overall income.
Magic Johnson’s basketball career spanned a 13-year period, most of which he played for the Los Angeles Lakers. He’s a “12-time All-Star and a nine-time member of the All-NBA First Team,” according to the NBA website. Not to mention, he also earned a gold medal while on the 1992 Olympic Dream Team in Barcelona.
He recently returned to the Lakers as an advisor to owner Jeanie Buss, and he was named as President of Basketball Operations.
With all of these titles he holds, there’s no doubt he’s millions. But as is the case for most celebrities, there’s some discrepancy about Johnson’s estimated net worth. Celebrity Net Worth says the total averages out to $600 million while Grey Saber reports Magic Johnson’s net worth as $520 million.
But despite the disagreement, we’re pretty sure he’s living quite a comfortable life thanks to his hard work and savvy business ventures.
