How much is Magic Johnson’s Net Worth? $500 Million!
Earvin “Magic” Johnson, Jr. was born on August 14, 1959 in Lansing, Michigan. His father was an assembler for General Motors and his mother Catherine worked as a school janitor. Johnson, one of six children was influenced at an early age by his parents’ strong work ethic. His father also did janitorial work and collected garbage. Earvin Jr. was often teased for helping his father pick up garbage, he was called “Garbage Man” by the kids in the neighborhood. Magic admired the game of basketball as a child watching his favorite players like Bill Russell, Earl Monroe and Marques Haynes. He learned how to play the game from his father who played in college. By the time he reached high school, Magic was a standout player he scored 48 points in a junior high school game. He received a scholarship to Michigan State University and in 1979 won a national championship.
Later that year, Magic was selected the first pick in the National Basketball Association. He won a championship at the professional level in 1980 and was named rookie of the year. In 1981, Johnson fathered a son named Andre with Melissa Mitchell. In 1991, he contracted the HIV virus and had to retire from basketball after 12 all-star years. Magic also married Earlitha Kelly during the same year and they had a child together and named Earvin Johnson III. Throughout his NBA career, Magic earned a little over $18 million dollars in salary and several millions in endorsements. In 1995, the couple adopted a daughter named Elisa. In 1998, Magic hosted a late night television show and started a record company. He has also worked as a motivational speaker and an NBA commentator. He has purchased 125 Starbuck’s coffee shops, while also owning a few Friday’s restaurants and movie theatres nationwide.
Magic Johnson Foundation
Magic Johnson formed the Magic Johnson Foundation in 1991 4 years after creating Magic Johnson Enterprises. MJF currently has 4 main programs including Community Empowerment Centers, E.R.A.S.E (Empowering and Reinforcing Awareness of Students through Education) an HIV/AIDS Awareness programs for High Schools, AIDS/HIV community grants, and The Taylor Michaels Scholarship. Community Empowerment Centers focus on bridging the minority gap especially with regard to providing minorities access to technology. There are currently centers in 16 different cities throughout the country including Baltimore, Boston, Chicago, Cleveland, Harlem, New Orleans and North Miami. Services offered include GED prep, computer basics, reading literacy, and anti-bullying.
The Taylor Michaels Scholarship awards 30 to 35 scholarships yearly for tuition assistance per year from $2,000 to $5,000 renewable for 5 years. The scholarship also includes laptop computers and an annual leadership conference.
Magic Johnson Enterprises
Magic Johnson Enterprises’ mission is to meet the demand in urban and minority neighborhoods as well as empower diverse populations with business opportunities. The company also partners with companies that have challenges finding an affinity with diverse markets in a process they call ‘Magicizing’. As an example MJE helped Starbucks create relevant atmospheres in franchise locations that included paint, decor, music, and wall murals while also employing minorities in the urban locations the stores were located in. As a result the brand that previously catered to mostly suburban moms was able to reach minorities that previously did not see the brand as relevant. Magic Johnson Enterprises makes money through licensing, endorsements, acquisitions and holdings. MJE famously owned over 100 Starbucks coffee shops which were sold back to Starbucks in 2010. Other notable holdings include movie theatres in six different major metropolitan areas and 24HR Fitness franchises which boast a 24% pre-opening membership sales vs non MJE owned 24 HR franchises. Magic has partnered either through licensing his name, endorsing, or partial ownership in Starbucks, Best Buy, Aetna, Adecco, Sodexo, Cadbury Schweppes, Burger King, Washington Mutual and Canyon Acquisitions. In 1998 Johnson bought a majority interest in Founders National Bank.
In 2012 Magic was the public face of Guggenheim’s acquisition of the L.A. Dodgers for 2.15 billion. Magic himself wrote a check for 50 billion for his 2.3% stake in the franchise prompting the millionaire to remark it’s the largest check he has ever written. In 2014 Johnson was also part of a group that acquired the ailing WNBA LA Sparks and vowed to make it profitable. Johnson is one of the many people who has expressed a desire in buying the L.A. Clippers following fines, a permanent ban and a possible forced sell of the franchise owned by Donald Sterling by NBA Commissioner Adam Silver.
LA County Parks & Recreation has named a 104 acre park on El Segundo Boulevard after the star, Earvin “Magic” Johnson Park. The park has a fishing lake, children’s play areas, picnic areas with barbecue grills, soccer fields, two fishing lakes, walking paths, and streams.