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How Michael Jordan makes and spends his $2.1 billion fortune

How Michael Jordan makes and spends his $2.1 billion fortune
How Michael Jordan makes and spends his $2.1 billion fortune - Business Insider

Michael Jordan and Nike's Jordan Brand are donating $100 million over 10 years to "drive real impact for the Black Community."

Michael JordanMichael Jordan
Michael Jordan is known as the greatest basketball player of all time. He's also the richest.
Jordan Brand via Getty Images

Jordan and Nike's Jordan Brand just pledged to donate $100 million over 10 years to organizations fighting for "racial quality, social justice, and greater access to education." The June 5 announcement comes amid nationwide Black Lives Matter protests over the killing of George Floyd.

michael jordan kobe bryant funeral
Marcio Jose Sanchez/AP Images

Source: Insider

Jordan is the world's first athlete billionaire.

michael jordan nba owner
REUTERS/Chris Keane

Source: Daily Mail

As of 2015, he was reportedly making $100 million a year from Nike royalties alone.

michael jordan at nike jordan brand event in 2006
AP

Source: Business Insider

And his 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.

michael jordan in 1991
AP

Source: Forbes, Spotrac, Basketball-Reference

His net worth is now believed to be $2.1 billion thanks to the skyrocketing value of his NBA team, the Charlotte Hornets ...

adam silver michael jordan
NBA commissioner Adam Silver, left, and Charlotte Hornets owner Michael Jordan, right, pose for a photo during a news conference to announce Charlotte, N.C., as the site of the 2017 NBA All-Star basketball game. In July, the NBA announced it would move the game because of its objections to a state law limiting anti-discrimination protections for lesbian, gay and transgender people.
AP Images/Chuck Burton

Source: Money

... and the Jordan Brand.

Nike Air Jordan 12
Nike Air Jordan 12
Nike

Source: Forbes

He bought the Charlotte Hornets in 2010 for $175 million ...

hornets
Streeter Lecka/Getty

Source: Forbes, Business Insider

... and he officially became a billionaire in 2014 when the NBA franchise value rose.

Dwight Howard Charlotte Hornets Brooklyn Nets
Abbie Parr/Getty Images

Source: Business Insider

The team is now worth more than $1.5 billion, and he owns 97% of the equity in the club.

Michael Jordan comments on Phil Jackson
Getty Images

Source: Forbes

Jordan did sell a minority stake in the club in 2019, but he reportedly has no interest in giving up control of the team.

hornets
Streeter Lecka/Getty

Source: Charlotte Observer

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 trophy
Jeff Haynes/Staff/Getty Images

Source: Business Insider

According to Forbes, Jordan's yearly earnings were roughly $145 million.

Michael Jordan
Elsa/Getty

Source: Forbes

For comparison, LeBron James is estimated to earn less than $90 million a year from salary, winnings, and endorsements.

lebron james
Chris Szagola/AP

Source: Forbes

Nike founder Phil Knight called signing Jordan the best decision he ever made, nabbing the NBA rookie for $250,000 a year in 1984.

Phil Knight
Christian Petersen/Getty Images

Source: Business Insider

Nike's Jordan Brand alone now brings in roughly $3 billion in revenue each year.

Michael Jordan
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.
AP/Anat Givon

Source: Business Insider, Los Angeles Times

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.

Serena Williams wears Air Jordans at Australian Open
Cherish/Flickr

Source: Business Insider

Jordan reportedly wanted to sign with Adidas in 1984, but they passed because they preferred NBA players who were 7 feet tall.

Michael Jordan
Jonathan Daniel /Allsport

Source: Business Insider

He has several endorsement deals with companies like Gatorade ...

michael jordan last game
Ezra Shaw/Getty

Source: Business Insider

... trading card company Upper Deck, ...

michael jordan 1992
Susan Ragan/AP

Source: Business Insider

... and Hanes. He's been a spokesman for the company for nearly 30 years.

Michael Jordon Hanes Ad
YouTube/Hanes

Source: Business Insider

Jordan said he has always been picky about his endorsements because he wanted to be genuine and also build his own brand. He once rejected a huge endorsement deal with Beanee Weenees because he didn't like the name.

Beanee Weenees
Amazon

Source: Playboy

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.

michael jordan
Tiziana Sorge/Stringer/Getty Images

Source: Playboy

He owns several restaurants including 1000 North in Jupiter, Florida ...

1000 North
Lee L./Yelp

Source: Business Insider, Eater

... Michael Jordan's Steakhouse, which has locations in Connecticut, Washington, and Chicago ...

Michael jordan's restaurant
Steve Kagan/Contributor/Getty Images

Source: Michael Jordan's Steakhouse

... and Michael Jordan's Restaurant in Chicago, an upscale restaurant serving "elevated American classics."

mj rest
Diana Q./Yelp

Source: Michael Jordan's Restaurant

He also owns a Nissan dealership in Durham, North Carolina.

FILE PHOTO: Nissan signs are seen outside a Nissan auto dealer in Broomfield, Colorado October 1, 2014.  REUTERS/Rick Wilking
Nissan signs are seen outside a Nissan auto dealer in Broomfield, Colorado
Google Maps

Source: Business Insider, Michael Jordan Nissan

In 2019, many billionaires lost money — but not Jordan. His net worth rose by $300 million.

Michael Jordan
Michael Jordan is known as the greatest basketball player of all time. He's also the richest.
Jordan Brand via Getty Images

Source: Forbes

That steady stream of income lets him live a pretty amazing lifestyle.

michael jordan laughing
Streeter Lecka/Getty Images

He has a private jet. It's painted Carolina blue, and the ID number contains his jersey number (23) and number of titles (6).

michael jordan plane
YouTube

Source: Business Insider

He spent $12.8 million building his dream house in Florida in 2012.

michael jordan jupiter house
Google Maps

Source: Yahoo, Business Insider

He reportedly decided to build a private golf course because he was annoyed by the pace of play at his previous country club.

michael jordan golfing
Isaac Brekken / Stringer / Getty Images

Source: GOLF.com

The Hobe Sound, Florida, course is called Grove XXIII — keeping with his obsession with the No. 23 — and opened in the fall of 2019.

Michael Jordan
Isaac Brekken/Getty Images for Michael Jordan Celebrity Invitational

Source: Golf Digest

Jordan even has a custom, Carolina-blue golf cart with the Jumpman logo.

michael jordan golf cart
Isaac Brekken/Stringer/Getty Images

Source: Business Insider

He also has a $2.8 million house near Charlotte.

mj house charlotte
Realtor

Source: Business Insider

It has some incredible lake views.

mj house porch
Realtor

Source: Business Insider

He's selling his compound in Chicago, which was originally listed for $29 million. The estate's gate is emblazoned with his jersey number.

michael jordan house
A gate with the number 23 controls access to the home of basketball legend Michael Jordan on October 21, 2013 in Highland Park, Illinois. Twenty-three is the number Jordan wore while playing basketball for the Chicago Bulls. The home which had been offered for sale for $29 million and later dropped to $21 million is scheduled to be sold at auction on November 22. The 32,683-squre-foot home features nine bedrooms, 19 bathrooms, a 15-car attached garage and an "NBA-quality" basketball court.
Concierge Auctions

Source: Business Insider

But eight years later, the house is still on the market and the price is down to $14.9 million.

Michael Jordan patio mansion
Realtor.com

Source: Business Insider, Zillow

It has its own basketball court, as well as a pool with a patch of lawn in the middle of it.

michael jordan house17
Concierge Auctions

Source: Business Insider

It is estimated that Jordan has paid more than $680,000 in property taxes since he put the house up for sale.

Michael Jordan house
Zillow

Source: Business Insider

And he still pays a full-time staff to keep it up and running.

Michael Jordan Kitchen Chicago Mansion
Realtor.com

Source: Business Insider

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.

Michael Jordan
Streeter Lecka/Getty

Source: Business Insider

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.

michael jordan
Matt Dunham/AP Images

Source: Business Insider, Zillow

In 2016, Jordan won a case against a Chinese sportswear company that was using his Chinese name.

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Aly Song/Reuters

Source: Business Insider

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.

Qiaodan Sports Michael Jordan
NTDFrench/YouTube

Source: Business Insider

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.

michael jordan
Chuck Burton/AP

Source: Business Insider

Jordan sued and won millions. But he didn't keep all the money.

jordan lawsuit
Basketball Hall of Famer Michael Jordan arrives at the federal courthouse in Chicago, Tuesday, Aug. 18, 2015. Jordan is expected to take the stand in his case against a now-defunct grocery store chain that used his image without permission.
AP Photo/Christian K. Lee

Source: Business Insider

Instead, he donated millions to 23 charities benefiting the children of Chicago.

michael jordan
Charles Rex Arbogast/AP

Source: Business Insider

In 2018, he donated $2 million to Hurricane Florence relief efforts.

hurricane florence
A convoy of utility trucks heading east to assist with damage caused by tropical storm Florence makes its way through an overfished stretch of U.S. Hwy. 70 east of Kinston, N.C., on Saturday Sept. 15, 2018. The road was closed to the public.
AP Photo/Chris Seward

Source: Chicago Tribune

In 2019, he pledge $7 million to open two medical clinics in Charlotte.

michael jordan
Chuck Burton/AP

Source: Business Insider

Jordan has three children from his first marriage with Juanita Vanoy.

michael jordan family
Pictured here is an old family photo shared by Jordan's daughter, Jasmine.
Jasmine M. Jordan/Instagram

Source: Biography

The pair married in 1989 and divorced in 2006. The 17-year marriage cost Jordan a whopping $168 million in the settlement.

michael jordan juanita jordan
Pictured above are Michael Jordan and his then-wife Juanita.
Reuters

Source: Biography, NBC Chicago

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 kids
Jasmine M. Jordan/Instagram

Source: Business Insider

Marcus, Jordan's second child, opened a boutique sneaker shop in Disney World called Trophy Room inspired by the trophy room in his house growing up.

trophy room
Andy N./Yelp

Source: Business Insider, Bleacher Report

Jordan married Yvette Prieto in 2013, and they welcomed twin daughters, Victoria and Ysabel, in 2014.

yvette prieto michael jordan
Ethan Miller/Getty Images

Source: USA Today

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.

gigster cofounders smaller
Gigster cofounders Debo Olaosebikan, left, and Roger Dickey, right.
Gigster

Source: Business Insider, Gigster

He is also a minority owner of an MLB team — the Miami Marlins — having been part of Derek Jeter's investment group.

Michael Jordan and Derek Jeter
Tony Ding/AP

Source: Business Insider

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.

charles barkley michael jordan
John Swart/AP

Source: Business Insider, Dan Patrick Show

He also used to play $100 post-practice shooting games. One source said Jordan's taunting of Rodney McCray may have ruined McCray's career.

Rodney McCray
Pictured above is Rodney McCray.
Jonathan Daniel /Allsport

Source: Business Insider

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.

Michael Jordan
Isaac Brekken/Getty

Source: deepac66 via YouTube, Golf Digest

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.

michael jordan scottie pippen
John Swart/AP

Source: CBS Sports

He's also reportedly competitive at other kinds of games. He reportedly won $500 beating his business manager Estee Portnoy in sudoku.

Sudoku
greencolander/Shutterstock

Source: ESPN

Jordan plays a lot of golf. But, as Barkley put it, what's the point in playing the sport if not for some cash?

michael jordan golf cigar
Isaac Brekken / Getty

Source: Dan Patrick Show

He started playing the game while at UNC in a threesome with his then-roommate and Davis Love III.

Davis Love III
Cliff Hawkins/Getty Images

Source: Business Insider

Jordan reportedly took Love's driver for a test-run once and ended up breaking the club completely. Love had to replace it, and it seems to have worked out in his favor — he went on to win 12 PGA Tour events during the 12 years he was using the replacement driver.

Michael Jordan
Isaac Brekken/Getty

Source: Business Insider

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.

michael jordan poster in china
AP

Source: ESPN, Money

Other travel setbacks include this 154-foot rented mega yacht named Mr. Terrible.

Michael Jordan Yacht
YouTube/zdoryan95

Source: Business Insider, ESPN

The yacht is complete with its own branding.

mr terrible yacht
YouTube

Source: LaserAdvertising

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.

Pontiac Firebird
He bought his siblings a Pontiac Firebird Trans Ams, though the exact car is not pictured here.
Steve Lagreca / Shutterstock

Source: D Magazine

Since his rise to fame, he's been spotted in all kinds of cars, from Ferraris to Land Rovers.

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BRIAN BAHR/Stringer/Getty Images

Source: Cheat Sheet

Jordan is well known for his love of cigars and told Cigar Aficionado magazine that he smokes six a day.

michael jordan cigar
Donald Miralle/Getty Images

Source: Cigar Aficionado

At age 57, 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.

Michael Jordan
Jonathan Daniel/Getty Images

Source: ESPN

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.

michael jordan at bobcats game
Streeter Lecka/Getty Images

Source: USA Today

In addition to winning six NBA championships, Jordan had 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."

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Carlos Barria/Reuters

Source: Sports Illustrated

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.

Michael Jordan
Stephan Savoia/AP

Source: Know Your Meme

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."

Michael Jordan Kobe memorial
Kevork Djansezian/Getty Images

Source: Business Insider

"Everyone always wants to talk about the comparisons between he and I," Jordan said at the memorial. "When Kobe Bryant died, a piece of me died."

Kobe Bryant and Michael Jordan
Photo by VINCENT LAFORET/AFP/Getty Images

Source: Business Insider

ESPN's highly anticipated docuseries about Jordan's time on the 1997-1998 Chicago Bulls team dropped on Sunday, April 19.

michael jordan dunking for chicago bulls
Concierge Auctions; Stephan Savoia/AP

Source: Business Insider

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