What was Jerry Buss' Net Worth?
Dr. Jerry Buss was a prominent American entrepreneur and professional sports team owner. At the time of his death in 2013, he had amassed a net worth of $700 million. Buss first built his fortune through real estate investments before earning greater fame and wealth as the owner of the Los Angeles Lakers basketball team. He also owned the Los Angeles Sparks (WNBA), the Los Angeles Kings (NHL), and the Los Angeles Lazers (indoor soccer).
Some might think Buss' net worth should have been in the billions. However, when he passed away in 2013, the Lakers' value was estimated to be between $900 million and $1 billion. Jerry owned 66% of the team, with 8% owned by real estate billionaire Ed Roski and 26% by AEG founder Phil Anschutz. This meant Buss' stake was valued at approximately $600 – $660 million at the time of his death.
Ownership and Legacy
Upon his death, Jerry's 66% share of the Lakers was equally inherited by his six children through a family trust, each owning about 11% of the team. The Lakers are now valued at $6.5 billion, making each child's share worth roughly $715 million. Initially, this equal distribution led to an attempt to control the team with mutual votes, with Jerry's daughter Jeanie Buss emerging as the family's representative. However, a failed coup attempt by her brother Johnny in 2017 resulted in Jeanie gaining full control of all Lakers decisions.
Jerry Buss / David Klein/Getty Images
Early Life
Jerry Buss was born in Salt Lake City and raised in Kemmerer, Wyoming, by a single mother during the Great Depression. One of his earliest memories was standing in line for food as a young child. Despite these hardships, Jerry excelled academically, earning a scholarship to the University of Wyoming and graduating in just 2.5 years. By the age of 24, he had completed his MS and Ph.D. in chemistry from the University of Southern California.
Real Estate Investments
After finishing his education, Buss worked as a chemist and briefly in the aerospace industry before returning to USC as a faculty member in the chemistry department. He started investing in Los Angeles real estate to supplement his teaching income. His real estate ventures became so lucrative that he eventually left teaching to concentrate solely on his investments. This side business significantly contributed to his wealth.
(Photo by Jon Kopaloff/Getty Images)
The Lakers
By 1979, Jerry had accrued enough wealth to purchase the Lakers, the Kings, and the Forum sports arena for a combined $67.5 million, of which only $16 million was for the Lakers. Adjusted for inflation, this would be equivalent to $213 million today, making it the largest sports team purchase at the time.
Under his leadership, the Lakers won their first of ten NBA championships within a year. By the time of his death in 2013, the team was valued at $1 billion, making it one of the first professional teams to reach a billion-dollar valuation. Today, the Lakers are one of the most valuable sports franchises globally, worth upwards of $6.5 billion.
Personal Life
Jerry Buss was also a skilled poker player who competed professionally. On February 18, 2013, he passed away in a Los Angeles hospital after a long battle with cancer. He is survived by his six children, all of whom remain closely involved in the Lakers' organization.
