Net Worth Ranker
What Is Gilbert Arenas’ Net Worth?
Gilbert Arenas, the retired American professional basketball player, has an estimated net worth of $10 million. He accumulated significant wealth during his NBA career, primarily through lucrative contracts and endorsements. However, financial difficulties in recent years have impacted his overall financial standing.
Gilbert Arenas’ Career Earnings and Contracts
Arenas earned $160 million in salary alone during his NBA career. His first major contract came in 2003, a six-year deal with the Washington Wizards worth $63.7 million. This contract significantly increased his earnings compared to his first two years in the NBA, where he made approximately $845,000. In June 2008, Arenas opted out of his existing contract to pursue a more substantial deal, subsequently signing a six-year, $111 million contract with the Wizards. His earnings weren’t limited to his NBA salary; he also received millions from endorsements.
Interestingly, Arenas has suggested that he might have earned more money playing under the table in college at the University of Arizona than he did during his first NBA season, where he made $332,817. In 2014, even though he hadn’t played for the Orlando Magic since the 2010-2011 season, he received $22.3 million from the team. This payment made him the third highest-paid player in the NBA and among the top 30 highest-paid athletes worldwide at the time. The Magic agreed to defer the payment to alleviate their salary and luxury tax burdens.
Gilbert Arenas’ Financial Issues and Legal Battles
In recent years, Arenas has encountered financial difficulties, leading him to sue a former financial advisor for $40 million in damages. He alleged that the advisors, after collecting $2.25 million in management fees, recklessly lost significant amounts of his money. Arenas’s spending habits also contributed to his financial challenges, including a reported $1 million spent on his birthday party in 2007. Following his separation from Laura Govan, with whom he had four children, he was ordered to pay $20,000 per month in child support. In a 2016 court filing, Arenas indicated that his children might have to switch from private to public schools due to his financial situation. At the time, he reported an annual income of approximately $170,000, primarily from investment income, while his children’s private school tuition amounted to $96,000 per year.
Gilbert Arenas’ Brand Endorsements
Arenas had several brand endorsements throughout his career, most notably with Adidas. Adidas created a signature shoe for him, called the Adidas Gil Zero, and later released the Adidas TS Lightswitch shoes. However, his partnership with Adidas ended after his 2009 gun incident.
Gilbert Arenas’ Real Estate Investments
In 2003, Arenas purchased a 13,250-square-foot mansion in Great Falls, Virginia, for $2.875 million. The 1.2-acre property featured a large outdoor pool grotto and shark tanks inside the home. He listed the property for sale in June 2012 for $3.5 million but eventually sold it in December 2014, incurring a loss of $2.5 million.
In 2015, Arenas listed a home in Encino, California, for $3.495 million, which he had originally purchased in 2007 for $3.1 million. This Mediterranean-style home offered 5,800 square feet of living space, including five bedrooms, five fireplaces, a swimming pool, and a raised spa. He ultimately sold this home in December 2022 for $3.1 million. Arenas successfully sold another home in Calabasas, California, in 2016 for $3.35 million. This Tuscan-style residence, located in a gated community on a seven-acre hilltop plot, featured 9,600 square feet of living space, seven bedrooms, a custom movie theater, a hidden wine room, a saltwater swimming pool, and a three-car garage. He had originally purchased this property in 2014 for $2.75 million.
Gilbert Arenas’ Early Life and NBA Career
Gilbert Jay Arenas Jr. was born on January 6, 1982, in Tampa, Florida. He later moved to Los Angeles with his family and attended high school, where he played basketball. After graduating, he attended the University of Arizona and played for the school team for two years before entering the NBA Draft. Arenas was selected 31st overall by the Golden State Warriors in the 2001 NBA Draft. He quickly made an impact, earning the NBA Most Improved Player Award during the 2002-2003 season. Following this achievement, he became a free agent and signed with the Washington Wizards on a six-year, $60-million contract. During his tenure with the Wizards, Arenas became known for his steals, technical skills, and late-game “buzzer-beater” shots. He was consistently selected for the All-Star games. In 2008, Arenas signed a new six-year contract with the Wizards for $111 million. However, his time with the Wizards ended after his firearms incident. The resulting season-long suspension affected his career, and he spent the remaining years with the Orlando Magic, the Memphis Grizzlies, and the Shanghai Sharks.
Gilbert Arenas’ Legal Issues
After Laura Govan appeared on an episode of “Basketball Wives LA,” Arenas sued her and the show’s producers for trademark infringement, false advertising, and unauthorized use of his likeness. He eventually dropped the lawsuit in 2012. In 2009, Arenas admitted to storing unloaded firearms in his locker at the Verizon Center. He gave the firearms to stadium security, but the incident led to an investigation by the DC Metropolitan Police and the US Attorney’s office. In 2010, Arenas was charged with carrying a pistol without a license and pleaded guilty to the felony charge. The NBA suspended him indefinitely, and the Wizards condemned his actions. Arenas and Javaris Crittenton were suspended for the remainder of the 2010 season. Arenas was sentenced to two years of probation and 30 days in a halfway house.
