What is Gilbert Arenas' Net Worth and Career Earnings?
Gilbert Arenas is a retired American professional basketball player who has a net worth of $10 million. He accumulated $160 million from salary alone during his NBA career. However, as we detail below, he has experienced significant financial issues in recent years.
Gilbert Arenas is best known for his seven-season tenure with the Washington Wizards. He began his NBA journey with the Golden State Warriors and later had brief stints with Orlando Magic, Memphis Grizzlies, and Shanghai Sharks.
Nicknamed "Agent Zero," Arenas chose the number zero for his jersey, referencing critics who claimed he would play "zero minutes" in the NBA. Another reason is his late-game heroics when the clock struck "zero." His other nicknames include "Hibachi" and "Gilby."
Despite being a three-time NBA All-Star and an NBA Most Improved Player Award recipient, his career was marred by controversies. A significant incident involving firearms led to his suspension for an entire season in 2010. After this, he only played a few more seasons before retiring in 2013.
Contracts & Career Earnings
Initially earning $845,000 in his first two years, Gilbert signed a significant contract in 2003 for six years, worth $63.7 million. In June 2008, he opted for early termination to sign a more lucrative six-year deal worth $111 million. Over his career, he earned $160 million in salary and additional millions from endorsements.
In recent times, Gilbert claimed he took a pay cut by joining the NBA, insinuating he earned more under the table in college. He earned $332,817 in his first NBA season.
In 2014, Orlando Magic paid Gilbert $22.3 million despite his last game for them being in the 2010-2011 season. This made him the third highest-paid NBA player that year and among the top 30 highest-paid athletes globally.
Financial Issues
In recent years, Arenas faced several financial challenges. He even sued a former financial advisor seeking $40 million in damages. Gilbert accused the advisors of losing significant amounts of his money due to "absolute recklessness." However, Gilbert also had a reputation for extravagant spending, once spending $1 million on his birthday party in 2007.
After a long relationship with public relations specialist Laura Govan, the pair split, having four children together. The court awarded Govan a monthly support payment of $20,000. In 2016, Gilbert revealed that his children might have to leave private school due to his reduced income, which was around $170,000 per year.
Brand Endorsements
Throughout his career, Gilbert endorsed various brands, with his most notable partnership being with Adidas. They gave him his own shoe, the Adidas Gil Zero, followed by the Adidas TS Lightswitch line. However, this partnership ended after his 2009 gun incident.
Real Estate
In 2003, Gilbert bought a 13,250-square-foot mansion in Great Falls, Virginia, for $2.875 million. The property featured a notable outdoor pool grotto and indoor shark tanks. He listed it for $3.5 million in June 2012 but sold it for $2.5 million in December 2014.
In 2015, he listed a home in Encino, California, for $3.495 million, which he bought in 2007 for $3.1 million. The Mediterranean-style home, which featured five bedrooms and 5,800 square feet of living space, sold for $3.1 million in December 2022.
In 2016, Gilbert sold another property in Calabasas, California, for $3.35 million. Located in a gated community, this Tuscan-style house offers stunning views. It includes 9,600 square feet of living space, seven bedrooms, a custom movie theater, a hidden wine room, and a saltwater swimming pool. He originally purchased it for $2.75 million in 2014.
(Photo by Jeff Gross/Getty Images)
Early Life
Gilbert Jay Arenas Jr. was born on January 6, 1982, in Tampa, Florida. He moved to Los Angeles with his family, where he attended high school and excelled in basketball. After high school, he attended the University of Arizona, playing for two years before declaring for the NBA Draft.
NBA Career
Gilbert was the 31st overall pick by the Golden State Warriors in the 2001 NBA Draft. He quickly made an impact, winning the NBA Most Improved Player Award in the 2002-2003 season. After this season, he signed a six-year, $60-million contract with the Washington Wizards. With the Wizards, Arenas became known for his exceptional steals, technical skills, and buzzer-beater shots, earning regular All-Star appearances.
In 2008, he signed a new six-year, $111-million contract with the Wizards. However, his time with the team was cut short due to a firearms incident, leading to a season-long suspension. He spent his final NBA years with the Orlando Magic, Memphis Grizzlies, and Shanghai Sharks.
Legal Issues
After Laura Govan appeared on "Basketball Wives LA," Gilbert sued her and the show's producers for trademark infringement and using his likeness without permission. He eventually dropped the lawsuit in 2012.
In 2009, Gilbert admitted to storing unloaded firearms in his locker at the Verizon Center, violating NBA rules and local laws. Another teammate, Javaris Crittenton, was also found with firearms. This led to an investigation by DC Metropolitan Police and the US Attorney's office.
In 2010, Gilbert was charged with carrying a pistol without a license and pleaded guilty. The NBA suspended him indefinitely, and the Wizards condemned his actions. Ultimately, he and Crittenton were suspended for the rest of the 2010 season. Gilbert was sentenced to two years of probation and 30 days in a halfway house.
