The ability to do wonders on the court earned him the nickname "Magic" and pretty much substituted his real name, Earvin, from popular culture. Besides being one of the best basketball players ever to play the game and an all-time American iconic figure in sports, let's ignore for a second his on-court highlights to focus on how he has newly become a billionaire and how he shows it off with style.
Magic Johnson's Net Worth
Forbes has just valued Magic Johnson's net worth at $ 1.2 billion dollars, attributed to his ownership in sports teams and diverse investments, such as the 60% share he bought in the life insurance company EquiTrust, in 2015.
Johnson is the fourth athlete Forbes recognized as a billionaire, joining the ranks of NBA icons Michael Jordan and LeBron James, and golfer Tiger Woods.
Unlike them, most of Johnson's wealth is not from his sports career. He earned $40 million dollars during his time with the Lakers and approximately $110 million dollars today. He collaborated notably with Starbucks CEO Howard Schultz to launch Starbucks in underserved urban regions, boosting profits and community investments.
Post-basketball, Johnson ventured into sports ownership, holding stakes in the Los Angeles Dodgers and the Los Angeles Sparks.
A quick side-note. Magic Johnson could have been a billionaire a long time ago if he had only had a better financial advisor when he first entered the NBA. At a time when Converse and Adidas dominated the world of performance basketball footwear, Nike was just getting started and offered Magic to invest in their stock. Today, his net worth would be north of 5.2 billion dollars. I am sure, in the luxury lifestyle he can have, he is wiping his tears with a hundred-dollar bill now thinking about this deal.
Magic Johnson Billionaire Lifestyle
We could talk at length about the legendary fur coat Mr.Johnson wore during his playing days, but being a billionaire has given Magic much more room to enjoy his fortunes.
Magic and his wife have properties in Beverly Park, Beverly Hills, and Dana Point, Orange County. They once owned a home in Hawaii, which was exchanged later for their Dana Point residence. Johnson's Bel-Air home from 1981-1990, is now worth $11.5 million dollars in 2023.
Being a billionaire also entails lavish holidays, and Magic Johnson is famous for enjoying his summers in Europe.
In the summer of 2023, he went on a Mediterranean holiday aboard the Phoenix 2, a luxury yacht with charter prices that start at $1,150,000, or just shy of $1,255,000, per week. It has a grand cinema, piano rooms & even a chocolatier. For Johnson's six-week experience, he likely spent around $7,530,000 on the yacht alone.
Then imagine paying for overpriced salads and cocktails for him and all his family, every night.
Next up, after checking the evolution of NBA tunnel fits, how does Pharrell Williams, Travis Scott and Cristiano Ronaldo make their money?
