What was Jerry Buss Net Worth At The Time Of His Death? In 1979, Jerry Buss’ then-unprecedented purchase of the Los Angeles Lakers proved to be a huge success. In his first year as owner, the squad won a championship. The victory launched the franchise’s remarkable legacy, thanks in large part to Jerry’s vision and willingness to invest. ‘Winning Time: The Growth of the Lakers Dynasty,’ an HBO drama series, dramatizes the Lakers’ rise and Jerry’s role in it. So, if you’re curious about how he made the money that led to him becoming one of the most successful franchise owners in history, we’ve got you covered.
How Did Jerry Buss Earn His Money?
Jerry grew up in Wyoming during the Great Depression and had the ideal rags-to-riches story. He worked for his stepfather’s plumbing company, a local hotel, and eventually dropped out of school to work in the railroad industry. Jerry was then pressured to get his undergraduate degree and, eventually, a doctorate. Jerry made his first venture in 1959, persuading four investors to put down a total of $6000 on loan to purchase a property in Los Angeles, California. Many years later, this grew into a real estate empire worth $350 million.
After a pricey divorce settlement, then-Lakers owner Jack Kent Cooke considered selling the franchise in 1977. The transaction eventually included the Kings (an NHL franchise), the Forum (the Lakers’ home stadium at the time), and a $10 million ranch, thanks to Jerry’s suggestion. Jack acquired the Chrysler Building in New York, as well as other properties, in exchange. The Lakers’ dominance in the NBA began with this game.
Basketball’s popularity was declining at the time, with football and baseball attracting more attention. Jerry had the insight to turn basketball into a source of entertainment as well as a sport. He wasn’t hesitant to spend money on the greatest players, coaches, and equipment in order to win championships and improve the worth of the franchise. Jerry required a lot of money to make those signature moves. The process began with the sale of the Forum’s name rights to Great Western Bank.
He also invited celebrities and Hollywood stars, as well as cheerleaders and a house band. Due to the introduction of premium seating, previously designated for the media, courtside seats became extremely popular and were, therefore, more expensive. Jerry also co-founded the Prime Time TV Network, which broadcast Lakers games on basic cable in an unusual way. This resulted in increased viewing and, as a result, increased advertising revenue.
“My ambition really was to have the Lakers, and Los Angeles identified as one and the same,” Jerry remarked in a 2010 interview. When you think of New York, you automatically think of the Yankees. That’s what I hoped to happen here as well. That when you think of Los Angeles, you think of the Lakers. That, I believe, I’ve accomplished.” His decisions paid off, as the Lakers won five championships in the first ten years of his own and another five before his death in 2013.
Jerry Buss Net Worth at the Time of His Death
What was Jerry Buss Net Worth At The Time Of His Death? In 2013, the Lakers were valued at over $1 billion, and Jerry’s net worth was believed to be around $600 million at the time of his death. The majority of Jerry Buss’ net worth came from his ownership of the Los Angeles Lakers basketball franchise. He was also the former owner of the WNBA’s Los Angeles Sparks, the NHL’s Los Angeles Kings, and the NBA’s Los Angeles Lakers (soccer).
In 1979, he made enough money to buy The Lakers, The Kings, and The Forum sports venue for $67.5 million (only $16 million of which went to The Lakers). In today’s money, that’s the equivalent of $213 million. It was the greatest sports franchise acquisition in history at the time, and within a year, Jerry’s Lakers had won their first of ten NBA championships. The Los Angeles Lakers are one of the most valuable sports franchises in the world, with a market value of more than $1 billion. Buss was also a professional poker player with a lot of skill.
Jerry Buss Personal Life:
After four children, Johnny, Jim, Jeanie, and Janie, Buss’ marriage to the former JoAnn Mueller ended in divorce in 1972. Buss went on to have two more children with Karen Demel, Joey, and Jesse. All six of his children worked for the Lakers at the time of his death. Buss was renowned as a playboy and had a string of young girlfriends throughout his time as Lakers owner. In 1990, he reached an out-of-court settlement in a palimony action filed by Puppi Buss, who claimed that she had an on-again, off-again relationship with Buss for 15 years and that he fathered her son; the terms of the deal were not disclosed.
On May 29, 2007, two California Highway Patrol officers noticed Buss driving his gold Mercedes-Benz on the wrong side of the road in Carlsbad, Northern San Diego County, with a 23-year-old woman passenger and issued him a citation for driving under the influence. Buss was brought into custody after failing a field sobriety test, given a blood test, and booked on suspicion of driving while intoxicated with a blood-alcohol level of 0.08.
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