What was Jerry Buss' net worth?
Dr. Jerry Buss was an American entrepreneur and professional sports club owner who, at the time of his death in 2013, was 80 years old and had a net worth of $600 million.
Dr. Buss was born in New York City and raised in New Jersey. When Jerry Buss started out, he made his first million dollars in the real estate sector.
As the owner of the Los Angeles Lakers basketball team, he amassed a significantly larger fortune (as well as international fame). In addition, he was a past owner of the Los Angeles Sparks (WNBA), the Los Angeles Kings (NHL), and the Los Angeles Lakers (NBA), among others (soccer).
Early Life
Jerry Buss was born in Salt Lake City and reared in Kemmerer, Wyoming by a single mother during the height of the Great Depression.
He is the author of the novel The Greatest Show on Earth. A very young toddler recalls waiting in a bread line for meals as one of his earliest recollections as a small child.
Jerry's dedication earned him a scholarship to the University of Wyoming, where he completed his degree in 2.5 years. Jerry had already earned an MS and a Ph.D. in chemistry from the University of Southern California by the time he reached 24.
Jerry Bus's Investments
Following graduation, he worked as a chemist and for a short time in the aerospace sector before returning to the University of Southern California as a teaching member in the chemistry department.
While working as a teacher at USC, Jerry began investing in real estate in the Los Angeles area in order to supplement his teacher's pay with additional revenue.
Jerry's side business quickly became so profitable that he was able to abandon his teaching career totally and devote his time and energy only to real estate. Jerry Buss would eventually become a very wealthy individual.
The Lakers
By 1979, Jerry had amassed sufficient funds to purchase the Los Angeles Lakers, the Sacramento Kings, and the Forum sports venue. With the purchase of the three teams, he spent a total of $67.5 million (of which only $16 million went to The Lakers).
The current inflation-adjusted value of that sum is $213 million dollars. For a brief period of time, it was the most expensive sports franchise purchase in history.
It took less than a year for the Lakers to win their first of a total of eleven NBA championships under Jerry's guidance.
The Los Angeles Lakers were worth $1 billion at the time of his death in 2013. They were one of the first professional teams to be valued at a billion dollars, making them a historic achievement.
Amazingly, the Los Angeles Lakers are now one of the most valuable sports clubs in the world, with a market value in excess of $5.5 billion.
Personal Life
Additionally, Buss was a skilled poker player who competed on a professional level. Dr. Jerry Buss died on February 18, 2013, at a Los Angeles hospital after a long fight with cancer.
He had been battling the disease for several years. He is survived by six children, all of them are active members of the Los Angeles Lakers organization.
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