Earvin “Magic” Johnson Jr., born on August 14, 1959, in Lansing, Michigan, is one of the most legendary figures in basketball history. With a net worth of $800 million, Johnson’s success story extends far beyond the basketball court, encompassing a diverse portfolio of entrepreneurial ventures.
NBA Stardom
Magic Johnson’s illustrious NBA career began when he was drafted as the first overall pick by the Los Angeles Lakers in the 1979 NBA Draft. Over his 13-year career with the Lakers, Johnson’s impact was profound. He played in 12 All-Star Games, won five NBA championships, and earned the NBA Most Valuable Player (MVP) title three times. Johnson’s versatility was unmatched, and he played all five positions during the NBA Finals, redefining the point guard role with his unique blend of size and court vision. His rivalry with Larry Bird is considered one of the greatest in sports history, significantly elevating the popularity of basketball during the 1980s.
Transition to Entrepreneurship
After retiring from basketball in 1991 due to his HIV diagnosis, Johnson transitioned into the business world, founding Magic Johnson Enterprises. This conglomerate has investments in various sectors, including entertainment, real estate, and healthcare. One of Johnson’s most notable ventures was his partnership with Starbucks CEO Howard Schultz, opening Starbucks stores in underserved urban areas. This venture not only proved profitable but also provided jobs and spurred investment in communities often overlooked by major corporations.
Major Business Ventures
Johnson’s entrepreneurial acumen extended to sports franchise ownership. He is part of ownership groups for several teams, including a significant stake in the Los Angeles Dodgers and the Los Angeles Sparks of the WNBA. In 2023, he was part of an investment group that bought the Washington Commanders of the NFL for $6.05 billion. Johnson’s influence also includes his work as an ambassador for HIV/AIDS awareness and prevention, leveraging his platform to promote safe sex practices and combat HIV stigma.
Personal Life and Real Estate
Johnson married Earlitha “Cookie” Kelly in 1991, and the couple has two children, Earvin III (E.J. Johnson) and Elisa Johnson, whom they adopted in 1995. Johnson also has a son, Andre Johnson, from a previous relationship. The family resides in Beverly Hills and Dana Point, California. Johnson’s real estate holdings include a Beverly Hills home in the gated section known as Beverly Park and a Tuscan-style beach house in Dana Point. He previously owned a home in Napili, Hawaii, which he sold to be closer to his family.
The Nike Deal That Never Was
A popular legend suggests that Magic Johnson turned down an offer from Nike in the late 1970s that would have made him a multi-billionaire. According to the story, Nike founder Phil Knight approached Johnson with an offer of 100,000 shares in the company, which would be worth $5.2 billion today. However, Johnson has stated that he didn’t understand the value of stocks at the time and opted for a more straightforward cash deal with Converse. While this story is widely circulated, it’s likely not true, as Nike wasn’t yet a public company in 1979, and such an offer seems improbable.
Legacy Beyond Basketball
Magic Johnson’s career statistics are impressive: 17,707 points, 6,559 rebounds, and 10,141 assists over 905 NBA games, with career averages of 19.5 points, 7.2 rebounds, and 11.2 assists per game. His post-retirement contributions to business, sports, and philanthropy further cement his legacy. Johnson’s ability to leverage his fame and success on the basketball court into a thriving business career is a testament to his vision and determination.
Conclusion
Magic Johnson’s life and career are a remarkable example of success both on and off the court. From his early days in Lansing, Michigan, to his stellar NBA career with the Los Angeles Lakers, and his subsequent ventures in business and philanthropy, Johnson’s impact is profound. With a net worth of $800 million, he continues to inspire with his entrepreneurial spirit and commitment to making a difference in the world. His journey is a testament to the power of perseverance, adaptability, and the ability to seize opportunities, making Magic Johnson a true icon in every sense of the word.