Dr Jerry Buss net worth has been a topic of curiosity for many, particularly due to his influential role as the former owner of the Los Angeles Lakers. His strategic acquisition of the Lakers and his real estate ventures have significantly contributed to his financial success.
As the owner of multiple sports franchises, including the Lakers and the Sparks, he transformed his wealth into a lasting legacy. Today, we’ll explore how Buss built his empire and the major achievements that defined his financial success. Stay tuned as WorldofCeos breaks down Dr Jerry Buss’s financial journey and the key moments that led to his incredible success.
Quick Facts
| FACT | DETAIL |
|---|---|
| Real Name | Gerald Hatten Buss |
| Popular Name | Jerry Buss |
| Gender | Male |
| Birth Date | January 27, 1933 |
| Age | 80 (at time of death) |
| Parents | Jessie Buss (mother), Lydus Buss (father) |
| Siblings | 3 half-siblings |
| Birthplace | Salt Lake City, Utah |
| Nationality | American |
| Ethnicity | N/A |
| Education | PhD in Physical Chemistry |
| Marital Status | Divorced |
| Spouse | JoAnn Mueller |
| Children | 7 (Johnny, Jim, Jeanie, and others) |
| Dating | Karen Demel, Veronica Hoff |
| Net Worth | $700 million (at time of death) |
| Source of Wealth | Real estate, sports franchises |
| Height | N/A |
What is the Net Worth of Dr Jerry Buss in 2024?
As of 2024, Dr Jerry Buss’s wealth is often compared to other influential figures in the sports and real estate sectors. At the time of his passing in 2013, his net worth was estimated at $700 million. While the Lakers have since grown to a valuation of $6.5 billion, Buss’s children inherited his 66% stake in the team. This means each of his six children now controls about 11% of the Lakers’ ownership.
In comparison to others in similar fields, Buss’s legacy places him among the wealthiest sports owners. Notably, figures like Phil Anschutz, Ed Roski, Mark Walter, and Todd Boehly have made their own fortunes in related areas. Want to learn more about some of the wealthiest business figures? Check out the leaders who rank among the top in the world here.
Salary and Finance Overview
How He Built His Wealth Through Real Estate Investments
Dr Jerry Buss began his financial journey in the world of real estate, which laid the foundation for his wealth. Initially working as a chemist and a faculty member at USC, he saw real estate as a way to supplement his income.
His first investment, a $1,000 down payment on a 14-unit apartment building in West Los Angeles, turned out to be a life-changing decision. From there, Buss went on to amass a large real estate portfolio that extended across California, Nevada, and Arizona. His ability to identify undervalued properties and turn them into profitable investments was key to his success. His real estate ventures continued to grow, eventually forming the foundation of his financial empire.
His Strategic Purchase of the Los Angeles Lakers and Other Sports Teams
One of the most pivotal moments in Buss’s financial career was his acquisition of the Los Angeles Lakers, Los Angeles Kings, and The Forum for $67.5 million in 1979. At the time, this was the largest sports team purchase ever made, but it quickly proved to be a highly profitable move. Within a year of purchasing the Lakers, the team had won their first of 10 championships under his leadership. Buss’s business acumen was evident in his approach to making basketball a form of entertainment. By building the “Showtime” era around stars like Magic Johnson and Kareem Abdul-Jabbar, he greatly increased the team’s profitability and value.
Achievements as an NBA Owner: Championships and Legacy
Under Buss’s ownership, the Los Angeles Lakers won an impressive 10 NBA championships. His innovative approach to team management and his entertainment-driven vision turned the Lakers into one of the most successful franchises in the history of professional sports. Buss’s ability to balance sports excellence with entertainment led to the Lakers becoming a billion-dollar franchise by the time of his death. His leadership not only elevated the Lakers to new heights but also revolutionized the NBA, making it one of the most watched sports leagues in the world.
Key Partnerships and Business Deals That Increased His Financial Power
Buss was not just a successful team owner; he was also a savvy businessman. His partnerships with AEG and Ed Roski for arena naming rights at The Forum and Staples Center significantly boosted revenue for the franchise. Sponsorship deals, television rights, and merchandise sales all grew under his tenure. These business moves not only increased the Lakers’ value but also solidified Buss’s reputation as a forward-thinking entrepreneur. His ability to identify lucrative opportunities in the sports world was instrumental in his overall financial growth.
His Role in the WNBA and Other Sports Ventures
In addition to his success with the Lakers, Buss was also involved in other sports franchises. He took ownership of the Los Angeles Sparks in the WNBA, where he led the team to two championships. His contributions to women’s sports were notable, as he was one of the first prominent owners to invest heavily in the WNBA. Additionally, Buss owned the Los Angeles Lazers of the Major Indoor Soccer League, demonstrating his versatility in managing various sports ventures.
How He Managed His Family’s Involvement in His Financial Empire
As Buss’s empire grew, he ensured that his family was deeply involved in the business. His succession plan was carefully crafted to ensure that his six children inherited his 66% stake in the Lakers through a family trust. Each child received an 11% stake in the franchise, with daughter Jeanie Buss taking the reins as the controlling owner and governor of the Lakers. This family-driven approach allowed the Buss legacy to continue thriving after his death, as the family remained a central force in the team’s management.
Important FAQs About Dr Jerry Buss
How Did He Become the Owner of the Los Angeles Lakers?
He purchased the Lakers, along with the Kings and The Forum, in 1979 for $67.5 million. This marked the beginning of his journey as a team owner.
What Are His Biggest Career Achievements?
His biggest achievements include winning 10 NBA championships as owner of the Lakers and revolutionizing the way basketball games were presented as entertainment.
How Did His Real Estate Investments Contribute to His Wealth?
He started investing in real estate to supplement his income as a teacher, which eventually became the primary source of his wealth.
What Role Did His Family Play in His Business Empire?
Buss involved his six children in the family business, ensuring they inherited his stake in the Lakers. Jeanie Buss took over as the governor and controlling owner.
What Other Sports Franchises Did He Own?
In addition to the Lakers, he owned the Los Angeles Sparks (WNBA), the Los Angeles Kings (NHL), and the Los Angeles Lazers (indoor soccer).
Conclusion
Dr Jerry Buss left an undeniable legacy in both the world of sports and business. If you’d like to explore more about high-profile CEOs and their financial journeys, feel free to visit worldofceos.com and join the conversation!
