Jerry Buss Net Worth At The Time of His Death, Family, Career And More

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Jerry Buss Net Worth
Jerry Buss

Dr. Jerry Buss was an American entrepreneur and professional sports franchise owner with an estimated net worth of $600 million. The Los Angeles Lakers basketball team was the primary source of Jerry Buss’ net worth. He also owned the WNBA’s Los Angeles Sparks, the NHL’s Los Angeles Kings, and the NBA’s Los Angeles Lakers prior to that time (soccer).

As a modern-day owner, Dr. Jerry Buss had a profound impact on the world of professional sports, and he will be remembered as a businessman who treated all of his employees with dignity and respect.

Jerry Buss

Jerry Buss was a self-made man who embodied the American Dream in his rise from poverty to affluence. An immigrant from Wyoming, Gerald Hatten “Jerry” Buss was born during the Great Depression and began working at an early age.

His stepfather’s plumbing company employed him as a young boy, requiring him to rise early and dig trenches on the chilly ground for three hours before he started school. Buss worked at a local motel for two dollars a day while he was in high school. Before returning to school to earn a bachelor’s degree and a doctorate in physical chemistry, he worked for the railroad and dropped out of school.

After graduating from USC in 1959, Buss put down $6,000 and borrowed $100,000 to buy a 14-unit rental property in West Los Angeles.

After putting out just $6,000, Buss built a real estate empire worth $350 million.

It’s Hard To Forget The Name Of Jerry Buss, Dds

Dr. Jerry Buss, in keeping with his character, patiently until the conclusion of the All-Star Weekend before passing away, preferring not to overshadow the weekend’s sporting extravaganza, which he unquestionably helped create. He was not interested in becoming the center of attention. He was purely motivated by the desire to win.

That’s exactly what he did. In his 34 years as owner of the Los Angeles Lakers, Magic Johnson guided his team to 16 NBA Finals appearances and ten championships. A Wyoming native, Dr. Jerry Buss had big eyes and a big heart. He was living the American Dream in all its fullness.

We’re here to pay tribute to his life, the city of Los Angeles, and the sport he shaped forever. He will be recognized as one of the best owners in Los Angeles, if not in the entire sport, thanks to Dr. Jerry Buss.

It is said that Buss paid Jack Kent Cooke $67.5 million in 1979 for the Lakers, Kings, and Forum sports stadiums as well as an unspecified California property. The Lakers’ roster has been graced by basketball greats such as Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, and Shaquille O’Neal.

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Forbes Had The Lakers Valued At $1 Billion A Month Before Buss Died

Former NBA Commissioner David Stern called Buss a “visionary owner whose impact on our league is tremendous” in the New York Times in 2013. Jerry Buss, the longtime owner of the Los Angeles Lakers, died on Monday at the age of 80. In recent days, he had been admitted to Cedars-Sinai Medical Center with unidentified cancer. The Los Angeles Times was the first to break the story.

In the 1960s and 1970s, Buss built a fortune in Southern California real estate. Later, he formed a partnership with Jack Kent Cooke in 1979 to acquire a 13,000-acre ranch in California’s Central Valley, the Los Angeles Lakers, the NHL’s Los Angeles Kings, and The Forum (the building that housed both teams). The Los Angeles Lakers have a $20 million piece. Last month, Forbes’ annual look at the business of basketball put the team’s worth at $1 billion dollars.

The NBA was a very different league in 1979, so while $20 million would sound like a good deal for a marquee team like the Lakers, it wasn’t. The league was in disarray as a result of the doping accusations. Tape delay was used for playoff games. Both CBS and USA agreed to pay a total of less than $20 million per year to carry the complete NBA season. Also, Magic Johnson and Larry Bird joined the NBA that year, kicking off the league’s meteoric rise over the following three decades. Everything revolved around the Los Angeles Lakers and Buss.

Los Angeles Lakers owner Buss amassed a roster of NBA greats including Magic Johnson and Kobe Bryant during his time in charge of the team. The Lakers won ten championships during Buss’ ownership (the franchise has 16 championships overall). The six championships won by the Chicago Bulls and Michael Jordan during that time period are the next best. Since 1979, the Boston Celtics, the Lakers’ main opponent, have won four championships. Since 1979, the Lakers have had the NBA’s best regular-season winning percentage of two-thirds.

It was during Buss’ leadership that the Lakers rose to prominence. Celebrities came to the Forum and then the Staples Center to watch “Showtime” and the stars on the court in person. The average premium suite at Staples Center costs more than $300,000, while courtside seats cost more than $3,000 per game for celebrities like Jack Nicholson.

Buss was not one to hold back when it came to securing the services of A-list celebrities. For the fourth consecutive year, the Los Angeles Lakers have the highest salary cap in the NBA ($99 million). Buss had the cash on hand. There has been an average of $37 million in Laker’s operating profit in each of the past ten years.

The loss of Buss has placed the Lakers in a precarious position. The NBA’s longest-serving owner was Buss (a post now held by Clippers owner Donald Sterling). As his health deteriorated, Buss was no longer able to attend a Lakers game this season. With Jim focusing on the players and Jeanie on the business, his two children have been overseeing the teams. Last year, AEG, which holds a 27% ownership in the Los Angeles Lakers, placed itself up for sale.

Buss’ estate is facing a hefty tax burden since he owns two-thirds of the Lakers, a billion-dollar team. It’s assumed that the Los Angeles Lakers will remain in the family thanks to Time Warner Cable’s big $3.6 billion television deal, which began this season. Over the course of the 20-year contract, an additional $5 billion in value could be added through a five-year option period.

If the Buss family needs help paying estate taxes, they can turn to a generous neighbor. Los Angeles’ richest billionaire Patrick Soon-Shiong purchased a 5 percent ownership in the Lakers from Magic Johnson in 2010 and could easily afford a larger investment should the Buss family decide to raise any money.

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What Is The Value Of The Buss Family Trust?

What is the total wealth of the Buss family? The Buss brothers and sisters are among the richest people in the world, with a 66% stake in the Los Angeles Lakers as proof. However, a bidding war would likely send it even farther north of $4 billion if the franchise were put on the market today.

The Family of Jerry

Jerry Buss has a marital relationship. From 1957 until 1972, he was married to JoAnn Mueller, with whom he had four children: Johnny, born in 1957; Jim, born in 1959; Jeanie, born in 1961; and Janie, born in 1964. They divorced in 1972. He had two more children, Karen Demel Joey in 1985 and Jesse in 1988, with a companion.

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