Magic Johnson is known not just for his incredible basketball skills but also for his smart business moves. Famous for his “no-look” passes and his five championships with the Los Angeles Lakers, he has transitioned from a sports legend to a billionaire entrepreneur.
As of 2024, his net worth is estimated to be $1.2 billion, showing how well he has managed his investments and diverse business interests. Here is a complete look at all the things that the NBA legend owns that contribute to his significant wealth.
Details Of Everything That Magic Johnson Owns
Magic Johnson Enterprises
Much of Johnson’s wealth comes from his investment company, Magic Johnson Enterprises (MJE), which he started in 1987. This company has successfully invested in many areas, including entertainment, food, and real estate. One of his significant achievements is opening over 100 Magic Johnson Theaters in underserved urban neighborhoods, working alongside Sony Pictures. These theaters have been very successful and have made a big impact in those areas.
Also Read: Shaquille O’Neal Net Worth: How much Money Did Lakers Legend Make During His NBA Career?
Restaurant Business
In the restaurant business, Johnson made a name for himself by partnering with Starbucks to open coffee shops in Black communities. He eventually sold these locations back to Starbucks for around $75 million, marking a successful investment. He also entered the fast food industry by purchasing more than 30 Burger King franchises and increasing sales by focusing on community needs before selling them.
Investment In Sports Teams
Johnson has also invested in sports teams, further proving his business savvy. He owns small stakes in several franchises, including the NFL’s Washington Commanders, MLB’s Los Angeles Dodgers, WNBA’s Los Angeles Sparks, and MLS’s Los Angeles Football Club. For example, his investment in the Commanders is worth about $242 million. His 2.3% stake in the Dodgers, which he bought for $50 million, is now part of a team valued at $4.8 billion.
Click on ‘Follow Us’ and get notified of the most viral NBA stories via Google! Follow Us
Equitrust
A major part of Johnson’s fortune comes from his 60% ownership stake in Equitrust, a life insurance company that has grown from $16 billion to $26 billion in assets since he took over in 2015. He also invested in healthcare by helping acquire Simply Healthcare and later sold it to Anthem Inc. for around $1 billion, significantly adding to his wealth.
Real Estate
Real estate is another important part of Johnson’s financial success. He owns several luxurious properties, including a beautiful $14.5 million mansion in Bel-Air and a $7.6 million beach house in Orange County. His real estate investments also include commercial properties and urban development projects that aim to create value in communities that need it the most.
Beyond his financial achievements, Magic Johnson is also well-known for his charitable work through the Magic Johnson Foundation. He established this foundation in 1991 after revealing his HIV diagnosis and has raised over $20 million for various causes, focusing on education and health in diverse communities. During the COVID-19 pandemic, he played an important role in providing loans to minority-owned businesses, demonstrating his commitment to helping others.
Magic Johnson’s journey from a basketball superstar to a billionaire entrepreneur highlights his ability to turn his fame into successful business ventures. With a net worth of $1.2 billion, he continues to invest in various industries, making him one of the most successful athletes-turned-businesspeople in history.
