Michael Jordan was already a billionaire, and now he just added to his fortune.
The NBA announced that Jordan was selling his majority stake in the Charlotte Hornets for $3 billion. Not bad for the $275 million investment he initially made when he bought the club in 2010.
Jordan will keep a minority stake in the franchise.
Before the sale, Jordan was already living the high life. Below we take a look at how he has amassed his fortune and what he spends it on.
Jordan has an estimated net worth of $2 billion.
Michael Jordan Celebrates the 30th Anniversary of Air Jordan At Palais de Tokyo In Paris
Michael Jordan attends a press conference for the celebration of the 30th anniversary of the Air Jordan Shoe.
Since Jordan retired 15 years ago, he has built the most successful and lucrative career we’ve ever seen from a former athlete.
He made less than $100 million as the NBA’s greatest player of all time, but that hasn’t stopped him from becoming a billionaire with an estimated net worth of $2 billion.
Jordan was the world’s first athlete billionaire.
According to Forbes, Jordan’s yearly earnings were roughly $145 million.
As of 2015, he was reportedly making $100 million a year from Nike and Jordan Brand royalties alone.
For comparison, LeBron James was estimated to earn less than $90 million a year from salary, winnings, and endorsements.
Nike founder Phil Knight called signing Jordan the best decision he ever made, nabbing the NBA rookie for $250,000 a year in 1984.
Jordan reportedly wanted to sign with Adidas in 1984, but they passed because they preferred NBA players who were 7 feet tall.
Nike’s Jordan Brand alone now brings in roughly $3.6 billion in revenue each year.
NBA legend Michael Jordan holds up an autographed AJ19 shoe, the latest design in the Air Jordan shoe line, at a Hong Kong news conference.
And MJ’s income now is way more than his total playing salary during his career.
He earned $90 million total in NBA salary, and about $63 million of that came in his final two seasons with the Chicago Bulls.
The popularity of Air Jordans has resurged in recent years thanks to celebrity partnerships to connect to a younger audience and new versions of retro styles to reconnect to the older fans.
Rapper Rick Ross performs during his Port of Miami 2 Tour at The Fillmore on October 13, 2019 in Detroit, Michigan.
Nike’s Jordan Brand has even partnered with the popular video game ‘Fortnite.’
“Fortnite” players can unlock two new skins, Grind and Clutch, by purchasing the Hang Time bundle. “Fortnite”:Epic Games
Jordan became a billionaire in 2014 when the Charlotte Hornets’ franchise value rose.
Jordan purchased the club for $275 million and he reportedly owned a 97% of the team. He did sell a minority stake in 2019 before selling most of his remaining ownership for $3 billion.
Jordan is still waiting for the day the Hornets win a championship. He has said that winning a championship as an owner would be more gratifying than any of the six rings he won as a player.
Michael Jordan loves gold so much, he built his own golf course in 2019.
Grove XXIII — keeping with his obsession with the No. 23 — opened in the fall of 2019 in Hobe Sound, Florida.
Jordan loves to golf, and his course has quite the nickname. Called “Slaughterhouse 23,” it earned the name since it was designed by Jordan, for Jordan, and aimed at maximizing Jordan’s style of play against his opponents, especially when playing for money against pro golfers.
The course has lavish amenities, including a drone delivery service that brings beer and other refreshments to the club’s exclusive members.
drone
Jordan donated $2 million of his earnings from his docuseries “The Last Dance” to Feeding America’s food banks in Chicago and the Carolinas.
“In these challenging times and in a year of unimaginable difficulty due to COVID-19, it’s more important than ever to pause and give thanks,” he said in a statement.
In 2020, Jordan and Nike’s Jordan Brand pledged to donate $100 million over 10 years to organizations fighting for ‘racial quality, social justice, and greater access to education.’
The June announcement came amid nationwide Black Lives Matter protests over the killing of George Floyd.
In March, Jordan was part of a $305 million investment in Dapper Labs, the startup behind virtual trading-card platform NBA Top Shot.
Dapper Labs has a $2.6 billion valuation after the round, a source close to the company said. NBA Top Shot
Other investors included Will Smith, Kevin Durant, and 2 Chainz.
DraftKings announced in 2021 that Jordan took an equity stake in the sports betting company, along with a special adviser role.
The company’s shares surged 12% immediately following the announcement.
He has several endorsement deals with companies like Gatorade …
… trading card company Upper Deck …
… and Hanes. He’s been a spokesman for the company for about 30 years.
He once rejected a huge endorsement deal with Beanee Weenees because he didn’t like the name.
Jordan said he has always been picky about his endorsements because he wanted to be genuine and also build his own brand.
Jordan told Playboy, “How can I stand in front of a camera and say I’ll eat Beanee Weenees?” He said the deal was close to $1 million per year — at the time, he had made less than $5 million in career earnings.
He owns several restaurants including 1000 North in Jupiter, Florida …
… Michael Jordan’s Steakhouse, with locations in Connecticut, Washington, and Chicago …
… and Michael Jordan’s Restaurant in Chicago, an upscale restaurant serving ‘elevated American classics.’
In 2019, Jordan and a team of four others created Cincoro tequila.
Jordan is one of many celebrities to start a tequila business. His brand had a co-starring role in his “The Last Dance” docuseries as it was often by his side during the on-camera interviews.
He also owns a Nissan dealership in Durham, North Carolina.
In 2019, many billionaires lost money — but not Jordan. His net worth rose by $300 million.
He has a private jet. It’s painted Carolina blue, and the ID number contains his jersey number (23) and number of titles (6).
Jordan even has a custom, Carolina-blue golf cart with the Jumpman logo.
He spent $12.8 million building his dream house in Florida in 2012.
He also has a $2.8 million house near Charlotte.
It has some incredible lake views.
He’s selling his compound in Chicago, which was originally listed for $29 million. The estate’s gate is emblazoned with his jersey number.
But 10 years later, the house is still on the market and the price is down to $14.9 million.
It has its own basketball court, as well as a pool with a patch of lawn in the middle of it.
It is estimated that Jordan pays more than $100,000 in annual property taxes.
Luxury real estate brokers think the amount of customization the house has undergone in order to become Jordan’s personal palace is one of a few reasons why the property hasn’t sold yet.
They also list the mismatch of location and price as a possible reason — homes in the Highland Park area have a median value of $476,391. Homes at the price point Jordan is listing are typically located closer to Lake Michigan.
In 2016, Jordan won a case against a Chinese sportswear company that was using his Chinese name.
The company had been using a logo similar to Jordan’s Air Jordan logo, and the symbols used spell out his name in Chinese — Qiaodan Sports. He first sued the company in 2012, but lower-level courts ruled in favor of the company.
That’s not the only lawsuit he’s been involved in though pertaining to his name and branding.
Two supermarkets, Dominick’s and Jewel-Osco, associated themselves with Jordan without his permission. Jordan sued and won millions.
But he didn’t keep all the money. Instead, he donated millions to 23 charities benefiting the children of Chicago.
In 2016, Jordan also pledged two large donations to the NAACP Legal Defense Fund and the International Association of Chiefs of Police’s new Institute for Community-Police Relations.
This came after a string of police-involved shootings.
In 2018, he donated $2 million to Hurricane Florence relief efforts.
In 2019, he pledged $7 million to open two medical clinics in Charlotte.
In the same year, Jordan teamed up with driver Denny Hamlin to become a NASCAR Cup Series team co-owner.
Together, they formed 23XI racing, and Bubba Wallace is their first driver.
Jordan has three children from his first marriage with Juanita Vanoy.
The pair married in 1989 and divorced in 2006. The 17-year marriage cost Jordan a whopping $168 million in the settlement.
Jordan’s three oldest children have all followed their father into the shoe business.
Jeffrey, the oldest, works at Nike in Oregon, and Jasmine, the youngest, has worked for her father’s NBA team as well as being an Air Jordan representative in Charlotte.
Jordan married Yvette Prieto in 2013, and they welcomed twin daughters, Victoria and Ysabel, in 2014.
Jordan has invested some of his fortune in tech startups.
He was reportedly one of several celebrities who invested heavily in Gigster — a Silicon Valley startup connecting companies to freelance software developers, designers, and project managers.
He was also a minority owner of an MLB team — the Miami Marlins — having been part of Derek Jeter’s investment group.
While Jeter sold his share of the team, it is not clear if Jordan is still an owner.
Jordan is also a famous gambler.
Charles Barkley told Dan Patrick Jordan used to wager hundreds of thousands of dollars on a single hole when he played golf. While others, like Barkley himself, would wager a few hundred dollars.
He also used to play $100 post-practice shooting games that allegedly ruined Rodney McCray’s career.
MJ would reportedly taunt McCray him by yelling: “You’re a loser! You’ve always been a loser!’
He even took $500 from a fan at a charity golf tournament when the fan said Jordan couldn’t land the ball on the green.
And he reportedly cheated in some bets with his teammates to make sure he won.
ESPN’s Amin Elhassan said Jordan would bet his teammate, Scottie Pippen, on the outcome of mid-game, animated Jumbotron races, even though Jordan already knew which animated character would win.
He’s also competitive at other kinds of games. He reportedly won $500 beating his business manager Estee Portnoy in sudoku.
Jordan started golf while at UNC in a threesome with his then-roommate and Davis Love III.
Jordan plays a lot of golf. But, as Barkley put it, what’s the point in playing the sport if not for some cash?
Jordan reportedly never travels overseas without a security team, which sets him back a cool $1,000 to $1,500 per hour.
His codename is reportedly ‘Yahweh,’ a Hebrew word for God.
Other travel setbacks include this 154-foot rented mega yacht named Mr. Terrible.
The yacht is complete with its own branding.
The very first cars Jordan bought after he received his reported $10 million signing bonus from the Chicago Bulls were a collection of Mercedes and Pontiacs.
He bought seven cars at once for himself and his family members.
Since his rise to fame, he’s been spotted in all kinds of cars, from Ferraris to Land Rovers.
Jordan is well known for his love of cigars and told Cigar Aficionado magazine that he smokes six a day.
At age 60, he still works out.
In 2013, he declared he was going to get down to his playing weight of 218 pounds — it is unknown if he reached the goal.
His post-basketball career is already influencing the next generation.
Kevin Garnett has talked about following in Jordan’s footsteps and buying the Minnesota Timberwolves. LeBron James has expressed interest in owning an NBA team in Las Vegas.
In addition to winning six NBA championships, Jordan has won other prestigious awards.
In 2016, President Barack Obama awarded him with the Presidential Medal of Freedom because, as Obama joked, Jordan is ‘more than just an Internet meme.’
Jordan has been been a preferred meme for years — many still post this photo of Jordan crying during his 2009 Basketball Hall of Fame induction speech all over social media.
Jordan provided a moment of levity at the memorial service for Kobe and Gigi Bryant in February 2020: ‘Now he’s got me — I’ll have to look at another crying meme for the next three years.’
He was also sentimental, saying: “Everyone always wants to talk about the comparisons between he and I. When Kobe Bryant died, a piece of me died.”
Now take a tour of the mansion Jordan can’t sell.
