Michael Jordan Net Worth : NBA GOAT

Michael Jordan Net Worth

Michael Jordan, often hailed as the greatest basketball player of all time, has an estimated net worth of $3 billion.   

During his illustrious career, he led the Chicago Bulls to six championships and earned about $90 million. After retiring, his wealth grew substantially thanks to successful business endeavors and endorsements, including a highly profitable partnership with Nike.

Additionally, Jordan co-owns a NASCAR team and holds a significant share in the Charlotte Hornets basketball team.

Early Life

Michael Jordan was born on February 17, 1963, in Brooklyn, New York.

His family moved to Wilmington, North Carolina when he was a toddler. He was the fourth of five children, with two older brothers, one older sister, and a younger sister.

As a sophomore in high school, he did not make his basketball team due to his height.

He focused on other sports that year, such as baseball and football. In his Junior year, he was 6 foot 3 and made the team.

During that year, he earned about 20 points per game. In his senior year, he was selected for the McDonald’s All-American Team.

What is Michael Jordan’s net worth?

Michael Jordan, a legendary figure in basketball, boasts a net worth of $3 billion . As a retired player, team owner, endorser, and businessman. He remains arguably the most famous basketball player worldwide.

Upcoming players are often compared to him, with the media constantly on the lookout for someone to take the “next Michael Jordan” title. Meanwhile, Jordan relishes his semi-retirement, capitalizing on various endorsement deals and maintaining his status as the all-time basketball great.

Career

Jordan was first drafted by the NBA team Chicago Bulls in 1984, and in his first season, he helped the team make the playoffs.

He scored an average of 28.2 points per game that season, which led to his NBA Rookie of the Year Award.

In the 1986-1987 season, he became the first player in years to score more than 3.000 points in a single season.

With an estimated net worth of $3 billion, Jordan has arrived on The Forbes 400, marking the first time a professional athlete to be ranked

Over the next few years, Jordan helped the Bulls win championship after championship.

He took a break from the 1993-1994 season for a stint in minor league baseball but returned to the Chicago Bulls in 1995. Upon his return, he came back stronger, averaging 30.4 points that season.

How and When Michael Jordan Became A Billionaire

Michael Jordan became a billionaire through a series of savvy business moves. By 2006, after accounting for taxes, a divorce settlement, and lifestyle expenses, he had a net worth of about $450 million. That year, he acquired a minority share in the NBA’s Charlotte Bobcats, becoming the second-largest individual owner. In 2010, he invested $175 million to purchase the majority stake from BET founder Robert L. Johnson, which gave him 80% ownership of the team.

By June 2014, Jordan had increased his stake to 89.5%. At that time, the Hornets, formerly the Bobcats, were valued at $500 million, with $135 million in debt. Considering the Los Angeles Clippers’ sale for $2 billion around the same period, the Hornets’ value was estimated at $600 million. This valuation meant that Jordan’s share, minus the debt, was worth $416 million. Combined with his other assets, this pushed his net worth over the $1 billion mark, making him a billionaire for the first time.

In 2019, Jordan sold a small portion of his stake to hedge fund managers Gabe Plotkin and Daniel Sundheim, valuing the team at $1.5 billion. By March 2023, there were rumors that Jordan might sell his 80% stake in the Hornets for around $2 billion. In June 2023, it was confirmed that he had sold the team for a $3 billion valuation to a group led by Plotkin and Rick Schnall. Despite the sale, Jordan kept a minority stake in the Hornets. Before the sale, his net worth was estimated at $2.2 billion, assuming a $1.5 billion valuation of the Hornets. After selling an 80% stake and retaining a 10% share, his net worth increased to $2.6 billion.

Endorsements

Throughout his impressive career and even through to the present, Michael Jordan has been a spokesman for many corporate brands, including Nike, Gatorade, Wheaties, McDonald’s, Coca-Cola, Chevrolet, Ball Park Franks, Rayovac, Hanes, and MCI. Jordan also maintains deals with Upper Deck, 2K Sports, and Five Star Fragrances. He owns a car dealership and seven restaurants.

After Nike, one of his biggest early endorsement deals, one that would become a lifetime cornerstone for MJ, was with Gatorade. At the end of the 1989 season, Michael signed a 10-year, $18 million endorsement contract with Gatorade. Gatorade’s famous “Be Like Mike” ad initially ran after the Bulls won their first of six titles. The Michael/Gatorade partnership brought both the brand and the man to even greater heights of popularity.

A 2015 lawsuit against a supermarket chain that allegedly used Michael’s image without permission revealed that the superstar does not sign deals unless he expects to ultimately earn a minimum of $10 million from the partnership. We also learned that Michael, at one point, had turned down $80 million to endorse a line of headphones because he apparently doesn’t like wearing headphones.

Michael Jordan Divorce Settlement

Michael married Juanita Vanoy in September 1989. They had three children together. When Michael filed for divorce from Juanita Jordan in 2002 after 13 years of marriage, he was ultimately forced to pay her a $168 million divorce settlement. It was one of the most expensive divorces in history. The settlement included cash, stocks, and the value of their various real estate holdings.

Michael has been married to Cuban-American model Yvette Prieto since April 2013. She gave birth to their identical twin daughters in February 2014. In 2019, Jordan became a grandfather when his daughter Jasmine gave birth to a son.

Presidential Medal of Freedom

In November 2016, Michael Jordan received the Presidential Medal of Freedom from Barack Obama. Other recipients that same day include Vin ScullyTom HanksBruce Springsteen, Ellen Degeneres and Kareem Abdul-Jabar.

With an estimated net worth of $3 billion, Jordan has arrived on The Forbes 400, marking the first time a professional athlete to be ranked
(Photo by Alex Wong/Getty Images)

Philanthropy

During his playing days, one of the biggest criticisms leveled at Michael was the fact that he may not have been doing enough with his wealth and power to support charity and other social causes. For example, in the 1990s, he was criticized for not weighing in on the North Carolina senate race between Harvey Gannt (an African-American) and Jesse Helms (a well-known racist). When asked about his decision to not take a side, Michael jokingly explained that he didn’t want to endorse Gantt because “Republicans buy sneakers, too.” Gannt lost the race and Helms went on to serve in the senate for 23 more years. Michael would later claim that his quote was taken out of context, but the damage had already been done.

One of Michael’s big early forays into philanthropy was a $2 million donation, $1 million a piece, to the Institute for Community-Police Relations and the NAACP Legal Defense Fund.

With an estimated net worth of $3 billion, Jordan has arrived on The Forbes 400, marking the first time a professional athlete to be ranked

In 2017 Michael pledged $7.2 million to go towards opening two health clinics for low-income and uninsured people in Charlotte. The first hospital opened in October 2019. The second opened in October 2020.

In April 2020, Michael announced he was donating all of his profits, estimated at $3-4 million, from “The Last Dance” docuseries to charity.

In November 2020, at the height of the COVID pandemic, Michael donated $2 million to Feeding America.

Michael really made a philanthropic splash in June 2020 when he and the Jordan brand announced a commitment to spend $100 million over ten years to “organizations dedicated to supporting ensuring racial equality, social justice and greater access to education.

On February 15, 2023, Michael announced a $10 million donation to the Make-A-Wish charity to mark his 60th birthday. It was the largest single gift in Make-A-Wish history.

Chicago Mansion

Back in Chicago, Michael still owns a large mansion in Highland Park. The mansion was his home during many of his record-breaking seasons with the Chicago Bulls.

Michael purchased a lot in Highland Park in 1991 and quickly set about building his dream home. The end result was a 7-acre property whose main house alone is 32,683 square feet. The house has nine bedrooms, 15 bathrooms, an NBA-quality basketball court, pool pavilion, 15-car garage, card room, tennis courts, PGA-quality putting green, cigar room, wine cellar… and so much more.

Michael listed the house for sale in 2013 for $29 million. In May 2015 . It has yet to find a buyer as of 2023:

 

 

 

 

 

 

 

 

 

 

 

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