How Michael Jordan Makes and Spends His $1.6 Billion Fortune

Since Jordan retired 15 years ago, he has built the most successful and lucrative career we’ve ever seen from a former athlete.

Former NBA star and owner of Charlotte Hornets team Michael Jordan gestures as he addresses a press conference ahead of the NBA basketball match between Milwaukee Bucks and Charlotte Hornets .

 

Former NBA star and owner of Charlotte Hornets team Michael Jordan gestures as he addresses a press conference ahead of the NBA basketball match between Milwaukee Bucks and Charlotte Hornets.


FRANCK FIFE/AFP/Getty Images

Source: Forbes

From secret golf courses and sprawling houses to custom planes, Jordan is clearly enjoying life after hoops.

Basketball legend Michael Jordan hits a bunker shot during the pro am prior to the start of the 2010 Quail Hollow Championship.

 

Basketball legend Michael Jordan hits a bunker shot prior to the start of the 2010 Quail Hollow Championship.


Scott Halleran/Getty Images

Source: Insider

Jordan loves to golf, and this year, his exclusive golf course Grove XXIII’s nickname surfaced. 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.

Michael Jordan loves gold so much, he built his own golf course in 2019.

 

Michael Jordan loves gold so much, he built his own golf course in 2019.


Isaac Brekken/Getty Images

Source: Insider

The course has lavish amenities, including a drone delivery service that brings beer and other refreshments to the club’s exclusive members.

drone

 

A drone hovers in the sky.


Richard Newstead/Getty Images

Source: Insider

In March, Jordan was part of a $305 million investment in Dapper Labs, the startup behind virtual trading-card platform NBA Top Shot. Other investors included Will Smith, Kevin Durant, and 2 Chainz.

NBA Top Shot Press Logo_Collectibles_

 

Dapper Labs has a $2.6 billion valuation after the round, a source close to the company said.

NBA Top Shot

Source: Insider

Last fall, 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.

The Last Dance Michael Jordan

 

Michael Jordan donated money to support communities during the COVID-19 pandemic.

ESPN Films/Netflix/Mandalay Sports Media/NBA Entertainment

Source: NBC News, Variety

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.

michael jordan Marcio Jose Sanchez:AP Images

 

Michael Jordan is actively donating to organizations fighting for racial quality.

Marcio Jose Sanchez/AP Images

Source: Insider

The recent money moves come as no surprise. Jordan is the world’s first athlete billionaire.

michael jordan REUTERS:Chris Keane



REUTERS/Chris Keane

Source: Daily Mail

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

michael jordan AP



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.

young michael jordan AP



AP

Source: ForbesSpotracBasketball-Reference

His net worth is now believed to be $1.6 billion thanks to the value of his NBA team, the Charlotte Hornets …

michael jordan hornets

 

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.

AP Images/Chuck Burton

Source: Money

… and the Jordan Brand.

Nike Air Jordan 12 Nike

 

Nike Air Jordan 12

Nike

Source: Forbes

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

hornets michael jordan Source Forbes, Business Insider



Streeter Lecka/Getty Images

Source: ForbesBusiness Insider

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

michael jordan hornets Abbie Parr:Getty Images



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 getty



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.

michael jordan



Streeter Lecka/Getty Images

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.

Jeff Haynes:Staff:Getty Images michael jordan hornets championship



Jeff Haynes/Staff/Getty Images

Source: Business Insider

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

Elsa:Getty michael jordan



Elsa/Getty Images

Source: Forbes

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

Chris Szagola:AP lebron james michael jordan



Chris Szagola/AP Photo

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 $3.6 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. AP:Anat Givon

 

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.

Anat Givon/AP Photo

Source: Forbes, 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.

Rapper Rick Ross performs during his Port of Miami 2 Tour at The Fillmore on October 13, 2019 in Detroit, Michigan.

 

Rapper Rick Ross performs during his Port of Miami 2 Tour at The Fillmore on October 13, 2019, in Detroit, Michigan.


Scott Legato/Getty Images

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



Daniel /Allsport

Source: Business Insider

He has several endorsement deals with companies like Gatorade …

Ezra Shaw:Getty gatorade michael jordan



Ezra Shaw/Getty

Source: Business Insider

… trading card company Upper Deck …

Susan Ragan:AP michael jordan



Susan Ragan/AP Photo

Source: Business Insider

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

michael jordan YouTube:Hanes



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.

michael jordan beanes



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.

Tiziana Sorge:Stringer:Getty Images michael jordan



Tiziana Sorge/Stringer/Getty Images

Source: Playboy

… Michael Jordan’s Steakhouse, which has locations in Connecticut, Washington, and Chicago …

Steve Kagan:Contributor:Getty Images michael jordan



Steve Kagan/Contributor/Getty Images

Source: Michael Jordan’s Steakhouse

Jordan also is one of many celebrities to start a tequila business. In 2019, Jordan and a team of four others created Cincoro tequila.

Cincoro tequila

 

Michael Jordan’s tequila company opened in 2019.

Rachel Askinasi/Business Insider

Source: Insider

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

Nissan signs are seen outside a Nissan auto dealer in Broomfield, Colorado Google Maps

 

Nissan signs are seen outside a Nissan auto dealer in Broomfield, Colorado

Google Maps

Source: Business InsiderMichael Jordan Nissan

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

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

 

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.

Streeter Lecka:Getty Images



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).

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




YouTube


Source: Business Insider

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

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



Google Maps

Source: YahooBusiness Insider

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

Michael Jordan



Isaac Brekken/Getty Images for Michael Jordan Celebrity Invitational

Source: Golf Digest

He also has a $2.8 million house near Charlotte.

mj house charlotte



http://www.realtor.com/realestateandhomes-detail/18227-Capstan-Greens-Rd_Cornelius_NC_28031_M59685-34239 and Getty Images

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.

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

 

A gate with the number 23 controls access to the home of basketball legend Michael Jordan.

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.

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



Realtor.com

Source: Business InsiderZillow

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

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.

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.



Streeter Lecka/Getty

Source: Business Insider

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

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



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.

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.




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.

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.



Chuck Burton/AP

Source: Business Insider

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

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

 

Basketball Hall of Famer Michael Jordan arrives at the federal courthouse in Chicago, Tuesday, Aug. 18, 2015.

AP Photo/Christian K. Lee

Source: Business Insider

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

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



Charles Rex Arbogast/AP

Source: Business Insider

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

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

 

A convoy of utility trucks heading east to assist with damage caused by tropical storm Florence.


AP Photo/Chris Seward

Source: Chicago Tribune

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

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



Chuck Burton/AP

Source: Business Insider

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.

Bubba Wallace

 

Bubba Wallace will make his debut on Michael Jordan’s NASCAR team at the Daytona 500.

Chris Graythen/Getty Images

Source: Insider, ESPN

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

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

 

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.

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

 

Pictured above are Michael Jordan and his then-wife Juanita.

Reuters

Source: BiographyNBC 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.

michael jordan fam




Jasmine M. Jordan/Instagram


Source: Business Insider

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

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



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.

Jordan has invested some of his fortune in tech startups.

 

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

Gigster

Source: Business InsiderGigster

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

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



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 InsiderDan Patrick Show

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!’

Rodney McCray

 

Pictured above is Rodney McCray.

Jonathan Daniel /Allsport

Source: Business Insider

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