Net Worth Ranker
What Is Phil Jackson’s Net Worth?
Phil Jackson, a luminary in the world of basketball as a retired NBA player, coach, and team executive, boasts a substantial net worth of $70 million. This impressive figure reflects his successful career spanning over a decade as a power forward and, more significantly, his legendary coaching tenure. Jackson’s contributions to the sport have earned him a place in the NBA Hall of Fame and recognition as one of the top ten basketball coaches of all time. His financial standing is a testament to his skill, leadership, and strategic acumen, which have shaped the landscape of professional basketball.
Phil Jackson’s NBA Career Earnings and Contracts
Jackson’s financial success is rooted in his earnings as both a player and a coach in the NBA. During his playing career, although specifics of his contracts from the 1960s and 1970s are not readily available, he would have earned salaries commensurate with his role as a valuable team member, culminating in a championship win with the New York Knicks in 1973. However, it was his transition to coaching that significantly amplified his earnings. During his nine-year coaching stint with the Chicago Bulls, where he masterminded six championship victories, Jackson amassed a total of $9 million. This figure underscores the growing recognition of coaches’ value in the NBA during the 1990s.
Following his departure from the Bulls, Jackson took a brief respite before returning to the NBA in June 1999 with a lucrative five-year, $30 million contract with the Los Angeles Lakers. This deal positioned him among the highest-paid coaches in the league at the time. His success with the Lakers, marked by multiple championship wins, further cemented his status and earning potential. Later, as President of the New York Knicks, Jackson commanded an impressive $11 million per year. Over his three-year tenure with the Knicks organization, which concluded in June 2017, he earned a total of $60 million. His substantial income reflects the high demand for his expertise and leadership, even in an executive role.
Phil Jackson’s Real Estate Portfolio
Phil Jackson’s investment strategy extends to real estate, with properties in both California and New York. Upon relocating to Los Angeles in 1999, he acquired an ocean-view home in Marina Del Rey, California, for $1.8 million. This acquisition coincided with his appointment as head coach of the Lakers and reflects his commitment to establishing a presence in the city.
In 2014, the same year he secured a $60 million contract to become President of the New York Knicks, Jackson invested $4.85 million in a midtown New York City apartment. This purchase signifies his return to the East Coast and his role in leading the Knicks organization. The apartment was listed for sale in 2017 for $5 million and sold at the asking price in January 2018, indicating a successful real estate transaction.
For over four decades, Jackson has maintained ownership of a lakefront property in Montana, which has served as his summer retreat for much of his life. He initially acquired the property in 1973, utilizing the bonus money he received from the Knicks Championship win that year. The property initially featured a modest cabin, but Jackson later constructed a larger home that now serves as his primary residence. This long-term investment reflects his appreciation for nature and his desire to maintain a connection to his roots.
Early Life and Influences
Born on September 17, 1945, in Montana, Phil Jackson’s early life was steeped in religion. Both his parents served as Assemblies of God ministers, instilling in him a strong moral compass and a disciplined upbringing. Raised alongside two brothers and a half-sister, Jackson experienced a childhood devoid of television and dancing, activities deemed inappropriate by his devout parents. Initially, he envisioned following in his parents’ footsteps and becoming a minister.
Jackson’s introduction to basketball occurred in high school, where he discovered a passion for the sport that transcended mere recreation. As a member of the high school basketball team, he experienced the camaraderie and excitement of athletic competition, ultimately leading his team to a state title. Basketball became a refuge for Jackson, providing him with opportunities to interact with his peers and develop his athletic talents. His involvement in football and baseball further showcased his versatility and attracted the attention of scouts from professional baseball and basketball teams.
After graduating from high school, Jackson was persuaded to attend the University of North Dakota, where he had the opportunity to play basketball under the guidance of coach Bill Fitch. Fitch’s influence on Jackson’s basketball acumen was profound, shaping his understanding of the game and instilling in him the principles of teamwork, discipline, and strategic thinking. This experience would later prove invaluable as he embarked on his playing and coaching career in the NBA.
Playing Career Highlights
Jackson’s NBA career commenced in 1967 when he was drafted by the New York Knicks. Although he initially served as a substitute player with limited playing time, his unwavering work ethic and dedication endeared him to the fans. He became an integral part of the Knicks team that clinched the NBA title in 1973, marking a significant milestone in his career.
Following the Knicks’ championship victory, several key players retired, paving the way for Jackson to assume a starting role for the first time. He embraced the opportunity, showcasing his skills and contributing to the team’s success. His tenure with the Knicks continued until 1978, after which he played for the New Jersey Jets for two seasons before retiring from professional basketball in 1980.
Coaching Career Achievements
Jackson seamlessly transitioned into coaching, establishing himself as a respected figure in Puerto Rico’s professional league. His NBA coaching career began in 1987 when he was appointed as an assistant coach for the Chicago Bulls. Two years later, he was promoted to head coach, marking the beginning of his legendary coaching tenure.
As head coach of the Bulls, Jackson became a fervent advocate of Tex Winter’s triangle offense, a strategic approach that emphasized teamwork, ball movement, and player empowerment. The tactic proved remarkably successful, propelling the Bulls to six championship titles, including two separate three-year championship runs. Under Jackson’s leadership, the Bulls established themselves as one of the most dominant dynasties in NBA history.
Despite his success, tensions simmered beneath the surface between Jackson and general manager Jerry Krause. Some observers speculated that Krause felt overshadowed by Jackson’s coaching prowess, particularly given Krause’s role in assembling the star-studded team. The dynamic between the two men reached a boiling point during the 1997-1998 season, when Jackson was signed with the understanding that his contract would not be renewed. At the end of the season, Jackson departed from the Bulls, vowing never to coach again.
However, Jackson’s passion for coaching proved too strong to resist, and he returned to the NBA in 1999 as head coach of the Los Angeles Lakers. In his first season, he guided the team to an NBA title, reaffirming his coaching prowess. Over the next several years, Jackson led the Lakers to two more championships, cementing his reputation as one of the greatest coaches in NBA history.
Internal conflicts within the team eventually led to their downfall, culminating in a loss to the Detroit Pistons in the 2004 NBA Finals. During this period, Jackson reportedly requested an increase in his $6 million contract to $12 million. Although the Lakers presented him with an offer, he did not act on it, prompting the team to announce his departure.
After a brief hiatus, Jackson returned to the Lakers in 2005, succeeding a coach who had to step down due to health concerns. Although the Lakers initially struggled to regain their championship form, Jackson orchestrated a turnaround, leading them to another NBA title in 2009. The Lakers repeated the feat in 2010, securing Jackson’s eleventh championship title, solidifying his legacy as the most decorated coach in NBA history.
As Jackson’s health began to decline following a prostate cancer diagnosis, he made the decision to postpone his surgery and coach for one more season. In 2011, he retired from coaching, leaving behind an unparalleled legacy of success and innovation.
Executive Career
Following his retirement from coaching, Jackson embarked on a new chapter in his career, assuming the role of president of the New York Knicks with a five-year, $60 million contract. This appointment marked a return to the team where he had begun his NBA career as a player.
Jackson’s tenure as president of the Knicks began with a sweeping overhaul, as he dismissed the team’s entire coaching staff in 2014. However, despite his efforts to implement his vision and make significant adjustments to the roster, the team struggled to achieve consistent success.
In 2015, the Knicks set an unwanted record, enduring a losing streak of 13 consecutive games. The streak worsened, ultimately reaching 16 consecutive losses. Despite his attempts to turn the franchise around, the Knicks continued to face challenges, and Jackson’s tenure as president was marked by disappointment and frustration.
In 2017, Jackson announced his departure from the Knicks, bringing an end to his executive career. Behind the scenes, tensions had arisen between Jackson and star player Carmelo Anthony, further complicating the team’s dynamics and contributing to Jackson’s decision to leave.
Personal Life
Phil Jackson’s personal life has been marked by both joy and challenges. He married his first wife in 1967, but the marriage ended in divorce in 1972. He married his second wife in 1974, but this marriage would also end in divorce. One of his most notable romances was with Jeanie Buss, the daughter of Lakers owner Jerry Buss. He met Jeanie in 1999, and in 2013, they became engaged. In 2016, they called off the engagement.
Jackson has five children and eight grandchildren, who bring him immense joy and pride. He has frequently aligned himself with the “counterculture” of the 60s and 70s. He has admitted to taking LSD, Marijuana, and other drugs. He has stated that he doesn’t believe people should be sent to prison for using marijuana, although he is also critical of various legalization attempts, as he claims the legislation is often poorly written.
