Michael Jordan Net Worth: How Does He Build His Income?

Michael Jordan is one of the NBA’s most well-known names. He is also known for the movie Space Jam and for endorsing Nike’s Air Jordan.

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Early Life of Michael Jordan

Michael Jeffrey Jordan was born in Brooklyn, New York, on February 17, 1963. His mother, Deloris, worked in finances, and his father, James R. Jordan Sr., was an equipment supervisor. When Michael was a toddler, his family moved to Wilmington, North Carolina.

michael jordan net worth

Michael went to Emsley A. Laney High School in Wilmington, where he played football, baseball, and basketball. As a sophomore, he famously tried out for the varsity basketball team but was turned down because he was “only” 5 feet 11 inches tall. After being turned down, MJ worked hard to do well on the Junior Varsity team. Between his sophomore and junior years, he grew four inches over the summer, which helped him get that coveted spot on the varsity team.

Michael set fire to the varsity team. During his junior and senior years, he averaged 25 points per game. As a senior, he was picked to play in the 1981 McDonald’s All-American Game, in which he scored 30 points.

College Career of Michael Jordan

Michael, who was now 6 feet 6 inches tall, was recruited by a lot of colleges, like Syracuse, UVA, Duke, and the University of North Carolina. In the end, he chose to go to UNC.

At UNC, he averaged 13.5 points per game and was named ACC Freshman of the Year. He led the team to the 1982 NCAA Championship against the Georgetown Hoyas. With 15 seconds left in the game, Michael made a shot over Georgetown Center Patrick Ewing that gave his team the lead. This shot would end up being the one that won the game. Michael would later say that this game and that shot were a big turning point for his confidence and his basketball career as a whole.

NBA Career Life of Michael Jordan

Michael played for the UNC Tar Heels for three years. In 1984, he won both the Naismith and Wooden College Player of the Year awards. He left UNC a year early to join the military in 1984. Michael went back to UNC in 1986 to finish his degree. He got a Bachelor’s degree in geography, which is very impressive.

It’s strange that he wasn’t the first choice. He was picked THIRD, after Hakeem Olajuwon and Sam Bowie. The Chicago Bulls took Michael with the third pick in the whole draught.

On September 12, 1984, Michael signed his first contract with the Bulls. The deal was for seven years and $6 million, which comes out to about $850,000 per season on average. In the year before Michael joined the team, only six games were sold out. When Michael was a rookie, the number of fans at games doubled.

michael jordan net worth

At the end of Michael’s fifth season, he and Chicago agreed to a new contract worth $25 million over the next eight years. It was the biggest deal ever made in the NBA up to that point. Because of this, Michael’s salary went up to about $5 million per year. When this deal ended in 1996, Michael signed a one-year deal worth $30 million. He signed a one-year deal for $33.14 million the following year. Taking inflation into account, the second one is worth about $55 million today.

Michael left the NBA and came back twice. He retired once to play baseball in a small league. The second time he played in the NBA, he did so for two years with the Washington Wizards.

Net Worth of Michael Jordan

Michael Jordan is a former American basketball player who now owns a team, promotes products, and runs his own business. The amount of money Michael Jordan has is $2.2 billion. Michael Jordan is probably still the most famous basketball player in the world. Michael Jordan is the player and person that everyone else tries to match up to. The press is always looking for the “next Michael Jordan,” and every season, a new player is crowned (or saddled) with the title. In the meantime, Michael Jordan continues to enjoy his semi-retirement, his many endorsement and development deals, and his reputation as the best basketball player of all time.

Also Read: Kyrie Irving Net Worth: How Does The NBA Player Earn His Net Worth?

Endorsements by Michael Jordan

Michael Jordan has been a spokesperson for many companies throughout his long and successful career, including Nike, Gatorade, Wheaties, McDonald’s, Coca-Cola, Chevrolet, Ball Park Franks, Rayovac, Hanes, and MCI. Jordan also has deals with Upper Deck, 2K Sports, and Five Star Fragrances. He owns a place that sells cars and seven places to eat.

michael jordan net worth

After Nike, one of his first big endorsement deals was with Gatorade. This was a deal that would be important to him for the rest of his life. Michael signed a 10-year, $18 million endorsement deal with Gatorade at the end of the 1989 season. The famous “Be Like Mike” Gatorade ad ran for the first time after the Bulls won their first of six championships. The partnership between Michael and Gatorade made both the brand and the person even more popular. Michael Jordan has made $1.4 billion from corporate partners so farn in his career (before taxes).

Michael sold a portion of his stock in 2019 to hedge fund managers Gabe Plotkin and Daniel Sundheim for $1.5 billion.

Real Estate of Michael Jordan

Michael currently resides in a luxurious mansion in Jupiter, Florida. The 26,000-square-foot, 11-bedroom residence is situated on three acres in Jack Nicklaus’ ultra-exclusive Bear’s Club neighborhood. He purchased the property in 2011 for $4.8 million and then spent two years and $7.6 million building his ideal home.

Michael bought a huge house on a lake in Charlotte, North Carolina, for $2.8 million in March 2013. Michael Jordan’s lake house in Charlotte is 12,310 square feet and has eight bathrooms and six bedrooms. It is right on the water on a lot that is almost 50,000 square feet. The inside has vaulted ceilings, marble and hardwood floors, more than one fireplace, and an elevator, and some of the bathrooms have jacuzzi tubs. From almost every side of the house, there are beautiful views of the nearby lake through floor-to-ceiling windows. Outside, there is a pool and a pier that leads to a lakeside gazebo.

Michael also owns a property in Salt Lake City, Utah, and a high-end condo in the city, so he can be close to both of his cars.

Final Words

Michael Jordan was born in Brooklyn, New York, on February 17, 1963. As a senior, he was picked to play in the 1981 McDonald’s All-American Game. Michael won both the Naismith and Wooden College Player of the Year awards. His first contract was for seven years and $6 million, which came out to about $850,000 per season. He signed a one-year deal for $33.14 million the following year, which is worth about $55 million today.