Dr. Jerry Buss, an American entrepreneur and sports club owner, died in 2013 at the age of 80 and had a net worth of $600 million.
Dr. Buss is a native New Yorker who grew up in the Garden State. Jerry Buss made his first million dollars in real estate while he was just starting out.
As the owner of the Los Angeles Lakers basketball club, he accumulated a far bigger wealth than he had previously (as well as international fame). Along with that, he formerly owned the Los Angeles Sparks (WNBA), the Los Angeles Kings (NHL), and the Los Angeles Lakers (NBA) (soccer).
While growing up in Kemmerer, Wyoming, Jerry Buss was raised by a single mother during the Great Depression.
The Greatest Show on Earth was his first published work of fiction. One of a tiny child’s earliest memories is of standing in a bread line for meals.
A scholarship at the University of Wyoming was made possible because of Jerry’s hard work, and he finished his degree in just over two years. By the time he was 24, Jerry had already received an MS and a PhD in chemistry from the University of Southern California.
The Investments of Jerry Buss
Before returning to the University of Southern California, he worked as a scientist in the aerospace industry and as a faculty member in the university’s chemistry department.
When Jerry was teaching at USC, he started investing in real estate in the Los Angeles region as a way to supplement his teacher’s salary.
While he was teaching, Jerry’s side company suddenly grew so prosperous that he was able to give up teaching and focus on real estate. Jerry Buss would go on to become a very rich man.
Lebron James and the Los Angeles Lakers
It wasn’t until 1979 that Jerry had gathered enough money to buy the Lakers, the Kings, and the Forum. A total of $67.5 million was spent on the three clubs, with just $16 million going to the Los Angeles Lakers.
At the current rate of inflation, that figure is equivalent to $213 million. It was the most costly purchase of a sports franchise in history for a short time.
Under Jerry’s leadership, the Lakers won their first of eleven NBA titles in less than a year.
At the time of his death in 2013, the Los Angeles Lakers were valued at $1 billion. A historic feat, they were one of the first professional sports clubs to be valued at a billion dollars.
The Los Angeles Lakers have a market worth of over $5.5 billion, making them one of the most valuable sports teams in the world.
Life at Home
As a professional poker player, Buss possessed a high degree of competence. Sadly, Dr. Jerry Buss passed away on February 18th, 2013, after a lengthy battle with cancer.
For years, he had been battling the sickness. His six children, all of whom are involved in the Los Angeles Lakers organisation, are left to carry on his legacy.
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