Donald Sterling Is Worth $4 Billion — How Did the Disgraced NBA Team Owner Get so Wealthy?
Donald Sterling went from being a legal professional to a slumlord to the landlord of the Clippers to being a virulent racist.
By Jennifer TisdaleJun. 4 2024, Published 5:Fifty five p.m. ET
Donald Sterling
There are some other people in the world who have a virtually unhealthy obsession with the rich. By that I don't mean changing into rich, regardless that that's in there too, however rather what are the wealthy doing. Obviously social media has given the extremely rich the chance to drag again the curtain every now and then in order that the plebes see a lifestyles filled with opulence. Because it is this sort of odd life, we can't stop ourselves from taking a look. It's like gazing a automobile twist of fate, if stated accident was lined in diamonds.
There is another stage to cash this is some distance past the reaches of most people, and we're speaking about billionaires. For probably the most part, we haven't any idea what they are doing and there's probably a just right or unhealthy reason why for that. For instance, former LA Clippers owner Donald Sterling is a multi-billionaire who was once essentially fired from proudly owning a staff after his racist remarks surfaced by way of a secret recording. Secret! How did anyone like that get so darn rich? Here's what we all know.
How did Donald Sterling get so rich?
According to Forbes, Donald — who is worth $4 billion — "built a fortune largely by buying down-at-the-heels apartment buildings in Los Angeles." His real name is Donal Tokowitz, which he changed because as he it sounds as if advised one buddy, "You have to name yourself after something that’s really good, that people have confidence in. People want to know that you’re the best," in keeping with Los Angeles Magazine (via The Nation). For a while, he was.
Growing up within the Boyle Heights community of Los Angeles as the son of an immigrant produce peddler, Donald started operating moderately younger. He used to be a field boy at a neighborhood grocery retailer and had an actual knack for saving money. Eventually he graduated college and went on to wait legislation school at Southwestern School of Law. While there, he offered furniture to pay for his training.
Being a legal professional really suited Donald however he set his points of interest high. As his friend informed The Nation, Donald didn't have a lot growing up which meant "acquiring great wealth is a crusade. He’s psychologically predisposed to hoarding." In his case, he wanted to hoard cash. When he had enough stored up, Donald began buying and flipping property round Los Angeles.
In 1981 he paid nearly $13 million for the then–San Diego Clippers, $10 million of which was once on layaway. The message Donald sent to lovers was one among pleasure around building up the crew. In 1982, Sports Illustrated referred to Donald's time as an proprietor to this point because the Reign of Error, which included a campaign to spice up ticket gross sales that featured his face on various billboards. At this time, his net worth was once estimated to be about $300 million.
When did Donald Sterling move the Clippers to Los Angeles?
In 1984, Los Angeles Lakers proprietor Jerry Buss convinced his good friend to transport the San Diego Clippers to Tinseltown. The Nation reported that this little maneuver cost Donald $6 million in fines as a result of he did now not obtain approval from the league first. Per the hole, he made money by way of "dumping contracts, pocketing television revenue, and collecting his share of the NBA’s luxury tax," then stored cash through doing outlandish such things as taping up the gamers sooner than video games which is what a trainer must do.
Jerry Buss
As of the time of this writing, the Clippers have by no means won league or conference titles. While Donald used to be their proprietor, he was once also being sued by way of the Justice Department for allegedly "developing his own racial quota system to decide who gets the privilege of renting his properties," per The Nation. That lawsuit used to be settled in November 2009 to the song of $2.Seventy three million. He's in fact been sued multiple times for identical causes and has paid hundreds of thousands of dollars in settlements.
In April 2014, Donald was recorded saying racist remarks through his then mistress V. Stiviano and was once fined $2.5 million through the league. The recording was once also leaked to TMZ which ultimately resulted in the scandalous staff owner being driven out. He bought the Clippers in August of that 12 months to Microsoft cofounder Steve Ballmer for $2 billion, consistent with Forbes.
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