The name Magic Johnson is linked to achievement on and off the basketball court. Johnson is an NBA great who became a business billionaire. His projected net worth as of my most recent update in 2023 is $1.2 billion, which reflects his successful business ventures, astute investments in various industries, and remarkable athletic career.
This article will closely examine Magic Johnson’s wealth and professional life.
Who is Magic Johnson?
|Earvin “Magic” Johnson Jr.
|Date of Birth
|Lansing, Michigan, USA
|Cookie Johnson (m. 1991)
|6 Feet 7 inches
|Professional Basketball player, Businessman
Born on 14 August 1959, Magic Johnson is a former NBA star and businessman. Well-known for his extraordinary abilities, mainly as a point guard, he played much of his career for the Los Angeles Lakers.
His playing style, characterized by unmatched leadership, passing, and court vision, gave him the moniker “Magic.”
During his lengthy career, Johnson became one of the best basketball players in history by winning several NBA championships, MVP awards, and selections to the All-Star team. Beyond just numbers, his influence on the game was profound because he transformed the point guard position and permanently altered basketball strategy and play style.
How Much is Magic Johnson’s Net Worth?
The net worth of the former American basketball player and entrepreneur is $1.2 billion. Now, the most significant part of his wealth comes from his business ventures. But his basketball career skyrocketed his fortune in the early days.
His Net Worth Trend from 2018 to 2023
High School Basketball Career
Johnson was first referred to as “Magic” when he was fifteen years old after a triple-double at Everett that included 36 points, 18 rebounds, and 16 assists. His devout Christian mother thought the name was sacrilegious, but Fred Stabley Jr., a sports reporter for the Lansing State Journal, gave him the nickname after the game.
During his last high school season, Johnson averaged 28.8 points to lead Everett to a 27-1 win-loss record. He also helped his team win in overtime in the state title game.
Johnson dedicated the championship win to his best friend Reggie Chastine, who passed away in an automobile accident the summer before.
Despite being courted by several prominent universities like UCLA and Indiana, Johnson chose to play near his home state. It came down to Michigan State in East Lansing for him to choose a college.
After learning from coach Jud Heathcote that he could play point guard, he finally decided to enrol at Michigan State. The potential Michigan State already had on its roster drew him to the program.
Johnson averaged 17.0 points in his first season. He guided the Spartans to a 25–5 record, the Big Ten Conference title, and an NCAA tournament berth with future NBA lottery selections Greg Kelser, Jay Vincent, and Mike Brkovich.
Professional Basketball Career
The Los Angeles Lakers selected Johnson first overall in the 1979 NBA Draft. The opportunity to play alongside the team’s 7 ft 2 inches centre, Kareem Abdul-Jabbar, who went on to become the most prolific scorer in NBA history, was what Johnson described as the “most amazing” aspect of joining the Lakers.
Johnson was anticipated to assist the Lakers in their goal of winning a championship, as Abdul-Jabbar, for all his supremacy, had been unable to do it.
Even though Norm Nixon was already one of the finest in the league, Lakers coach Jack McKinney had the 6-foot 9-inch rookie play point guard against the opinions of several analysts that Johnson should play forward.
Johnson averaged 18.0 points per game throughout the season. In addition, he was selected for the All-Rookie Team and the NBA All-Star Game.
— Earvin Magic Johnson (@MagicJohnson) November 7, 2023
Comeback to NBA After Testing Positive for HIV
After testing positive for HIV in the 1992–1993 NBA season, Johnson declared his goal to make a return to the NBA. He resigned before the start of the regular season, claiming controversy around his comeback, triggered by criticism from many active players, after practising and participating in a few preseason games.
In August 2011, Johnson said in an interview that he regretted his decision to quit after learning he had HIV. He said, “If I knew what I know now, I wouldn’t have retired.”
Johnson claimed that several of those same players continued to voice worries about his return to the NBA despite the intensely physical and competitive practices and scrimmages that preceded the 1992 Olympics. Speaking on his retirement, he stated that he “didn’t want to hurt the game.”
Awards and Achievements
Johnson’s resume is filled with an impressive list of honours and accomplishments. He won several NBA titles and was named Finals MVP several times while a member of the Los Angeles Lakers.
Johnson and his spouse reside in the private neighbourhood of Beverly Hills called Beverly Park. Additionally, the pair owns a beach property in Dana Point, Orange County, California, with a Tuscan flair.
The couple traded in their Hawaiian home, which was in Napili, for this beach property around 75 miles south of Beverly Hills since it was too far to travel there when their kids were growing up.
Johnson lived at the Bel-Air residence from 1981 until 1990. It was listed for $14.5 million in 2022 and then dropped to $11.5 million in 2023. The year Johnson won his first NBA title, he paid $600,000 for the house, which he sold for $2 million.
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Magic Johnson’s Philanthropic Side
Johnson’s charitable activities have had an equal impact as his on-court accomplishments. He founded the Magic Johnson Foundation in 1991, using his influence to help impacted areas and increase public awareness of HIV/AIDS.
In addition to health efforts, Johnson’s dedication to uplifting marginalized groups is reflected in the foundation’s focus on community development, educational projects, and scholarships.
Frequently Asked Questions
1. When Did Magic Johnson Retire?
In November 1991, Jonhson announced at a press conference that his HIV test results were positive and he would be retiring shortly after the 1991–92 NBA season.
2. What is Magic Johnson’s Age?
Born on 14 August 1959, Johnson is 64 years old.
3. How Tall is Magic Johnson?
Johnson’s height is around 6 Feet 7 inches.
4. Who is Magic Johnson’s Wife?
Johnson is married to philanthropist and internet personality Cookie Johnson.
5. What businesses has Magic Johnson been involved in?
Magic Johnson has been involved in theaters, sports teams, Starbucks franchises, 24 Hour Fitness centers, and T.G.I. Fridays, among others, through his company Magic Johnson Enterprises.
6. How did Magic Johnson start his business career?
He began by investing in urban real estate and businesses targeting urban populations, notably starting with movie theatres in underserved areas.
7. What is Magic Johnson Enterprises worth?
Magic Johnson Enterprises has been valued at several hundred million dollars, contributing to Johnson’s personal net worth of over $600 million.
8. Did Magic Johnson own a part of the Los Angeles Lakers?
Yes, he owned a 4.5% stake in the Lakers, which he bought in 1994 and sold in 2010.
9. What sports franchises is Magic Johnson associated with?
Magic Johnson is associated with the Los Angeles Dodgers (MLB) and Los Angeles FC (MLS) as part of their ownership groups.
10. How has Magic Johnson contributed to urban development?
He has contributed significantly through investments in entertainment, retail, and services in underserved urban areas, revitalizing communities and creating jobs.
11. What philanthropic efforts has Magic Johnson undertaken?
Through the Magic Johnson Foundation, he focuses on education, health care, and HIV/AIDS awareness and prevention, among other community empowerment efforts.
Magic Johnson’s wealth is evidence of his diverse range of accomplishments. His path is an example of the strength of willpower, vision, and dedication to perfection, from his unmatched basketball career to his sharp business acumen and charitable endeavours. We hope that we covered all you were interested in.