The Magic Number: $500 Million
Magic Johnson will always be known as Earvin to some people. I had to stand in at a wedding once for him when his flight was delayed; Earvin no doubt caught an earful over that incident.
But I don’t think he is flying commercial much these days, as time is money, and Earvin is worth $500 million dollars.
Looking for a feel good story? The L.A. Times has got it covered....
The orchestrator of the Lakers’ highflying “Showtime” teams in the 1980s, which netted five NBA championships, has crafted a second career by investing his time and, in many cases, other people’s money in long-ignored urban neighborhoods through his Canyon-Johnson Urban Fund.
Canyon-Johnson, formed in 1998, has financed 31 real estate developments in 13 states and Washington. It launched its third and biggest investment fund in April—and in a matter of weeks drew $1 billion from pension funds and others with deep pockets.
What’s more, the money came in at a time when investments in commercial projects had fallen off dramatically because of the credit crunch and the downturn in real estate values.
Johnson has other ventures cooking as well. In March, he signed a multiyear marketing deal to help electronics retailer Best Buy Co. bolster sales in urban neighborhoods.
His Beverly Hills-based Magic Johnson Enterprises now has AMC Magic Johnson Theatres in four cities, 116 Starbucks in 14 states and Washington, 31 Burger King restaurants in the Southeast, and 13 24-Hour Fitness/Magic Johnson Sport health clubs. He also owns a nearly 5% share of the Lakers.
Johnson consistently has declined to release financial data for his privately held businesses or himself. But a business associate, who asked not to be identified because he was not authorized to speak by Johnson, estimated the value of the former NBA star’s various holdings at $700 million. L.A. Times
Earvin’s brother Larry had a 1968 Hemi Roadrunner that I used to covet. If they still own it you can tack on another 100k to the number. That car was as sweet as a no look pass.
Was Magic better than Jordan?
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Rare Footage and NBA Highlights
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For Magic Johnson, the NBA was only halftime
L.A. Times
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