Jerry Buss Net Worth: The Visionary Behind the Los Angeles Lakers’ Success

Dr. Jerry Buss, an American entrepreneur and renowned sports team owner, had an estimated net worth of $700 million at the time of his passing in 2013. Buss initially built his fortune through real estate investments, but his legacy is most strongly tied to his ownership of the Los Angeles Lakers, a team that he transformed into one of the most valuable sports franchises in the world. In addition to the Lakers, Buss also owned the Los Angeles Sparks (WNBA), the Los Angeles Kings (NHL), and the Los Angeles Lazers (soccer).

Early Life

Born in Salt Lake City, Jerry Buss was raised by a single mother in Kemmerer, Wyoming, during the Great Depression. His childhood memories include the hardship of standing in bread lines. Despite these challenges, Buss’ hard work and determination earned him a scholarship to the University of Wyoming, where he completed his degree in just 2.5 years. By the age of 24, he had earned both an MS and a Ph.D. in chemistry from the University of Southern California (USC).

Why Jerry Buss Net Worth Wasn’t in the Billions

Though Jerry Buss net worth was substantial, some might expect it to be in the billions, especially considering the value of the Lakers at the time of his death. However, there are key reasons why this wasn’t the case. When Jerry Buss passed away in 2013, the Lakers were valued between $900 million and $1 billion. Buss owned 66% of the team, while the remaining 34% was held by other investors: 8% by real estate billionaire Ed Roski and 26% by AEG founder Phil Anschutz. Therefore, Buss’ share of the Lakers was worth between $600 million and $660 million.

Jerry Buss Inheritance

After Jerry Buss’ death, his 66% stake in the Lakers was inherited equally by his six children through a family trust, giving each child an approximately 11% share in the team. Today, the Lakers are valued at around $6.5 billion, meaning each sibling’s stake is worth approximately $715 million.

Also Read: Jason Aldean’s Net Worth 2024

Although the siblings initially managed the team collectively, with Jeanie Buss serving as the public face, a failed attempt by Johnny Buss to take control in 2017 ultimately resulted in Jeanie gaining 100% decision-making authority over the Lakers.

Real Estate Ventures

After completing his education, Jerry Buss worked as a chemist and briefly in the aerospace industry before returning to USC as a faculty member in the chemistry department. To supplement his modest teaching salary, Buss began investing in real estate around Los Angeles. His side business quickly grew, and soon he was earning enough from his real estate ventures to leave academia and focus on his investments full-time. This decision would eventually make Buss a very wealthy man.

The Lakers

By 1979, Jerry Buss had amassed enough wealth to purchase the Los Angeles Lakers, the Los Angeles Kings, and The Forum sports arena, paying a total of $67.5 million for the trio (equivalent to $213 million today). Of that amount, just $16 million was allocated to the Lakers. At the time, this was the largest sports team purchase in history. Buss’ leadership quickly bore fruit, as the Lakers won their first of ten NBA championships under his ownership within a year. By the time of his death in 2013, the Lakers had achieved a valuation of $1 billion, making them one of the first professional teams to reach such a milestone. Today, the Lakers are valued at over $6.5 billion, ranking among the most valuable sports franchises globally.

Personal Life

Jerry Buss was not only a successful businessman but also a talented poker player who competed professionally. His life, marked by incredible achievements and a deep love for sports, came to an end on February 18, 2013, when he died in a Los Angeles hospital after a prolonged battle with cancer. He is survived by his six children, all of whom are deeply involved in the Lakers organization, continuing the legacy he built.