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Magic Johnson’s Net Worth, Early Life, Retirement & More Details!

retired American basketball player and businessman Earvin “Magic” Johnson Jr. are worth $620 million. The Los Angeles Lakers selected him first overall in the 1979 NBA Draft after he had won numerous championships in high school and college. He spent 13 seasons as a point guard for the Los Angeles Lakers. In his rookie season, he won the NBA Championship and the NBA Finals MVP award. Johnson previously served as the Lakers’ executive vice president of basketball operations.

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Magic Johnson

Net Worth: $620 Million
Date of Birth: Aug 14, 1959 (62 years old)
Gender: Male
Height: 6 ft 9 in (2.06 m)
Profession: Talk show host, Basketball player, Actor, Film Producer, Athlete, Entrepreneur, Television producer, Basketball Coach
Nationality: United States of America

Early Life

On August 14th, 1959, Magic Johnson was born in Lansing, Michigan. General Motors assembly line worker Earvin Sr. and Christine, the school janitor, were his parents. Magic grew up idolizing players like Earl Monroe, who instilled a lifelong passion for the game in him. Johnson matriculated at Everett High School and jumped right into basketball as soon as he could. When he scored a triple-double with 36 points, 18 rebounds, and 16 assists at the age of 15, a local sportswriter dubbed him “Magic.” When he led his team to the state championship as a senior, his name became synonymous with excellence in the sport.

Johnson received offers from every high-profile college, but he chose to attend Michigan State University because it was the most convenient option for him and his family. During the 1979 NCAA finals, Magic led his team to a victory over Indiana State University and Larry Bird. It was the most-watched college basketball game ever televised, and it kicked off one of the greatest rivalries in sports history with their meeting. Johnson was named the Most Outstanding Player of the Final Four as Michigan State defeated Indiana.

NBA Career

The Los Angeles Lakers selected Magic Johnson with the first overall pick in the 1979 draught. Kareem Abdul-Jabbar, Magic’s rookie teammate, helped the Lakers win the NBA championship, and Kareem was named the game’s most valuable player. During the 1980s, Magic led the Los Angeles Lakers to five NBA championships. In 1980, 1982, and 1987, he won the NBA Finals MVP award three times in a row. NBA Most Valuable Player for 1987, 1989, and 1990. As a member of the All-Star team 12 times, he was awarded MVP honors twice. He’s widely regarded as the best point guard in NBA history.

After contracting HIV in 1991, Magic’s career came to an abrupt halt.

Magic returned to the NBA at the end of the 1993-94 NBA season as the coach of the Los Angeles Lakers. Randy Pfund and Bill Bertka were replaced by him at the request of team owner Jerry Buss. Before Johnson’s resignation announcement, the Lakers won five of their first six games under his guidance, but after losing the next five, Johnson announced that he would be resigning as a coach. Lakers coach Magic Johnson’s tenure as head coach ended with a 5-11 record after the team’s 10-game losing streak. To avoid becoming the team’s full-time coach, he instead invested in the team by purchasing a 5% stake in the company in June 1994.

In 1995-96, Magic Johnson, who was 36 at the time, tried to make a comeback as a player by rejoining the Lakers for the season. Johnson considered his final comeback to be a success, as the Lakers had a record of 22–10 in the games he played. First-round playoff defeat by the Houston Rockets prompted Johnson to announce his retirement.

In 905 NBA games, Johnson averaged 19.5 points, 7.2 rebounds, and 11.2 assists per game, making him the NBA’s all-time leading scorer, rebounder, and assister. Johnson has the most playoff assists (24) and the most in a single playoff game (21) as well as the most in a single Finals game (21). (2,346). he is the only player in NBA Finals history to have averaged 12 assists per game six times. He has the All-Star Game record for assists in a single game (22) and the All-Star Game record for assists in a career (21). (127).

Magic Johnson's Net Worth
Magic Johnson’s Net Worth

Retirement

Johnson founded the Magic Johnson Foundation after revealing his HIV status in November 1991. Advocating for HIV/AIDS awareness and safe sex, Johnson is also an accomplished businessman and broadcaster. Announcing in 1991 that he was HIV positive shocked the public and helped to dispel long-held beliefs that HIV was a “gay disease” that only heterosexuals were at risk of contracting.

Magic the Entrepreneur

Magic’s retirement has been anything but peaceful. A billion-dollar company named Magic Johnson Enterprises was launched by him after his retirement. This has given him a personal fortune of $600 million. Additionally, a movie studio and a promotional marketing firm are all part of Magic Johnson Enterprises. For an estimated $50-60 million, Magic Johnson paid billionaire Patrick Soon-Shiong $10 million in 1994 to purchase a 5% stake in the Los Angeles Lakers. Johnson’s Starbucks chain was sold for $75 million in 2010 as well.

He purchased the Los Angeles Dodgers for $2 billion from Frank McCourt and a group of partners on March 27, 2012.

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Personal Life

In a small ceremony in Lansing, Michigan, Johnson married Earlitha “Cookie” Kelly in 1991. Earvin III (EJ), born in 1992, is the couple’s openly gay son. The reality television show Rich Kids of Beverly Hills featured EJ. Elisa was adopted by Magic and Cookie in 1995. Johnson and his wife have homes in Dana Point, California, and Beverly Hills, California.

There’s also a child from a previous relationship with Johnson. Melissa Mitchell gave birth to Andre Johnson in 1981. Andre was raised by his mother, but he spent every summer with Magic Johnson, who hired him as a marketing director for his company, Magic Johnson Enterprises after he graduated from college.

Salary Highlights

Throughout his playing career, Magic Johnson earned a total of $18 million in salary and endorsement fees.

Real Estate

It is located in Beverly Park, a gated community in Beverly Hills. The couple also has a beach house in Dana Point, California, built in the Tuscan style. Their previous home in Napili, Hawaii, was too far away for their children to visit as they grew up, so they traded it in for a beach house about 75 miles south of Los Angeles.

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