Net Worth Ranker
What Is Julius Erving’s Net Worth?
Julius Erving, a retired American basketball player, entrepreneur, and icon known as “Dr. J,” has accumulated a net worth of $50 million. This fortune reflects his successful career in professional basketball and subsequent business ventures.
Julius Erving’s Basketball Career Earnings and Endorsements
Julius Erving’s net worth is significantly derived from his basketball career. During his 16 seasons playing for the Virginia Squires, New York Nets, and Philadelphia 76ers, he earned substantial salaries and bonuses. While specific contract details from the 1970s and 1980s are not entirely accessible, it’s known that upon the merger of the ABA and NBA in 1976, Erving signed an endorsement contract for basketball shoes paying $20,000 per year, equivalent to about $90,000 today when adjusted for inflation. By the mid-1980s, his endorsement deal with Converse grew to $100,000 annually, equivalent to $250,000 in today’s money.
Beyond his direct earnings from teams and endorsements, Julius Erving’s name and image were valuable assets. In 1983, Electronic Arts (EA) offered Erving and Larry Bird either $25,000 cash or 20,000 shares of stock options with a $1 purchase price for the rights to create the video game “Dr. J vs Larry Bird.” Erving chose the stock options, which by the mid-1990s, became worth millions when EA went public in 1989. The exact value of those shares at their peak is unknown but played a significant part in building Julius Erving’s net worth. In 2016, Julius Erving sold the lifetime rights to the name “Dr. J” to Authentic Brands Group (ABG), receiving an upfront buyout along with annual royalties. The specific details of the financial agreement are confidential. This action contributed significantly to Julius Erving’s net worth.
Julius Erving’s Business Ventures and Investments
Julius Erving’s entrepreneurial efforts following his basketball career have also added to his net worth. After retiring from the NBA, Erving invested in a Coca-Cola bottling plant in Philadelphia. He was the majority owner of this business for 20 years, and the profits from this business venture contributed to his net worth. He later joined the front office of the Orlando Magic in 1997 and partnered with former NFL player Joe Washington to field a NASCAR Busch Series team in 1998. He also served on the board of directors for various companies, including Converse, Saks, and Sports Authority, although it is not known how much he made serving on these boards.
Early Life and Career Foundations of Julius Erving
Born Julius Winfield Erving II on February 22, 1950, in East Meadow, Long Island, New York, Erving’s early life shaped his path to success. He moved to Roosevelt, New York, as a teenager and attended Roosevelt High School. In 1968, Erving enrolled at the University of Massachusetts Amherst, where he played two varsity college basketball seasons. He averaged 26.3 points and 20.2 rebounds per game. In 1971, Erving signed a four-year contract with the ABA’s Virginia Squires, where he earned 27.3 points per game and helped the Squires advance to the Eastern Division Finals.
Julius Erving’s ABA and NBA Career Milestones
In 1973, the Squires sold Erving’s contract to the New York Nets due to financial struggles. During the 1975-76 season, Erving was named MVP of the playoffs and led the Nets to another championship title. In 1976, Erving was traded to the Philadelphia 76ers, where he led the team to a 50-win season and an NBA Finals appearance in his first year. In the 1982-83 season, Erving and the Sixers dominated the season, resulting in an NBA championship title. These milestones throughout his career further solidified Julius Erving’s net worth.
Julius Erving’s Post-Playing Career and Media Appearances
Beyond business ventures, Julius Erving has made appearances in film and television. In 1979, he starred in “The Fish That Saved Pittsburgh.” In 1993, he made a cameo in the legal drama “Philadelphia.” Erving also made cameos in episodes of “Hangin’ with Mr. Cooper” and “The Office.” In 2022, he appeared in the sports drama “Hustle.”
