Net Worth Ranker
What Is Larry Johnson’s Net Worth?
Larry Johnson, a retired American professional basketball player, has a net worth of $500 thousand. While his NBA career earnings totaled $83 million, financial difficulties, including a bankruptcy filing in 2015, significantly impacted his wealth. The bankruptcy documents indicated assets of around $800,000 against $300,000 in debts, a substantial portion of which related to unpaid child support and IRS obligations.
Early Life and Collegiate Career
Born on March 14, 1969, in Tyler, Texas, Larry Johnson’s early life laid the foundation for his future basketball success. He attended Skyline High School in Dallas, where his performance earned him a spot on the McDonald’s High School All-American Team in 1987. His collegiate career began at Odessa College, where he showcased his exceptional talent, averaging 22.3 points per game during his freshman year in the 1987-88 season. In his sophomore season, his scoring average increased to over 29 points per game. Johnson was honored as the NJCAA Division I Player of the Year in both seasons, a feat unmatched by any other player. Subsequently, he transferred to the University of Nevada, Las Vegas (UNLV), where he continued his basketball journey. At UNLV, he led the Runnin’ Rebels to the 1990 NCAA championship, setting records for the largest margin of victory and highest score in an NCAA championship game, with a 103-73 triumph. In the 1990-91 season, Johnson and the Runnin’ Rebels achieved a perfect regular-season record of 27-0, but were ultimately defeated by Duke in the Final Four. Johnson’s outstanding performance earned him numerous accolades, including NABC Player of the Year, Naismith College Player of the Year, and the John R. Wooden Award in 1991.
NBA Career and Earnings
Larry Johnson’s NBA career spanned from 1991 to 2001. Drafted first overall by the Charlotte Hornets in the 1991 NBA draft, Johnson quickly made his mark, averaging 19.2 points per game and securing the NBA Rookie of the Year Award. His best statistical season came in 1992-93, where he averaged 22.1 points per game with a .526 field goal percentage, earning him his first All-Star Game selection, a first for the Hornets. In the 1994-95 season, Johnson expanded his offensive arsenal, making a career-high 81 three-pointers, a significant increase from his previous seasons. He earned his second NBA All-Star Game selection that year. In 1996, Johnson was traded to the New York Knicks. While he didn’t reach his previous All-Star form, he played a crucial role on the Knicks’ Eastern Conference championship team in 1999. A memorable four-point play in Game 3 of the Eastern Conference Finals against the Indiana Pacers secured a 92-91 victory for the Knicks. The Knicks eventually reached the NBA Finals against the San Antonio Spurs, where they lost in five games. Johnson played for the Knicks until his retirement in 2001 due to chronic back problems. During his NBA career, Larry Johnson earned $83 million in salary.
Despite the substantial earnings of $83 million throughout his NBA career, Johnson faced significant financial challenges later in life. In March 2015, he filed for bankruptcy in California. The filing revealed approximately $800,000 in assets against $300,000 in debts. Notably, half of his debts were attributed to unpaid child support payments, along with $90,000 owed to the IRS. It was reported that one of his ex-girlfriends claimed he was only paying $1,000 per month instead of the agreed $11,000. She alleged that in 2006, Johnson had placed $26 million into a trust to avoid paying debts. She also claimed he was earning $250,000 per year and possessed $700,000 in retirement accounts at the time. Johnson eventually agreed to pay this ex-girlfriend $55,000 and transferred the rights to a $1 million home in Aliso Viejo, California. Following this settlement, he filed to rescind the bankruptcy.
International Play and Other Ventures
Beyond his NBA career, Johnson represented the United States on the international stage. In 1987, he contributed to the team that won the silver medal at the FIBA U19 Basketball World Cup. In 1989, he helped the U.S. secure gold at the Summer Universiade in West Germany. In 1994, he played a key role in the U.S. winning gold at the FIBA Basketball World Cup in Canada. Johnson has made appearances in films and television series. He appeared in a 1993 episode of “Family Matters” as his alter ego ‘Grandmama.’ He also appeared in the films “Eddie” and “Space Jam” in 1996, playing himself. In “Space Jam,” he starred alongside other NBA players, including Charles Barkley, Patrick Ewing, and Muggsy Bogues.
Personal Life and Financial Issues
Johnson converted to Islam and has five children with four different women. His personal life became intertwined with his financial struggles, as evidenced by his 2015 bankruptcy filing, which cited over $120,000 in unpaid child support as a significant factor. Information from the bankruptcy case revealed that Johnson had assets of $800,000 and debts of $300,000, half of which was from unpaid child support. One of his ex-girlfriends claimed that Johnson was paying only $1,000 a month instead of $11,000 that he had agreed to pay. She also claimed that Johnson told her that in 2006 he had put $26 million into a trust to avoid paying debts. She stated Johnson was making $250,000 per year and had $700,000 in retirement accounts at the time. Johnson agreed to pay his ex-girlfriend $55,000 and the rights to a $1 million home in Aliso Viejo, California. Following that, Johnson filed to rescind the bankruptcy.
