Joey Buss’s personal life
Joey Buss is part of the esteemed Buss family. They are famous for owning the Los Angeles Lakers since 1979. Joey has been associated with the Lakers’ organization, contributing to its strategic and operational aspects in the front office. Joey Buss is a member of the Buss family, renowned for its ownership and leadership of the Los Angeles Lakers.
The Buss family legacy began with patriarch Dr. Jerry Buss, who acquired the Lakers in 1979. Under his ownership, the Lakers became one of the most successful franchises in NBA history, winning numerous championships and cultivating a rich basketball culture in Los Angeles. We do not have any information about his early life and education. Here we will discuss his father’s successful career.
Joey Buss’s father, Jerry Buss
Dr. Jerry Buss was an American entrepreneur and professional sports team owner who had a net worth of $700 million at the time of his death in 2013. Jerry Buss earned his first fortune in the real estate business. He then earned a much larger fortune (and fame) as the owner of the Los Angeles Lakers basketball team. He was also at one time the owner of the Los Angeles Sparks (WNBA), the Los Angeles Kings (NHL), and the Los Angeles Lazers (soccer).
In case you were thinking that Jerry Buss’ net worth would be much higher, perhaps in the billions, here’s why that is not the case: At the time of his death Jerry’s death in 2013 the Lakers were worth $900 million – $1 billion.
Jerry did not own 100% of the team. Jerry Buss was born in Salt Lake City and raised in Kemmerer, Wyoming by a single mother at the height of the Great Depression. One of his earliest memories was waiting on a bread line for food as a very young child.
Hard work earned Jerry a scholarship to the University of Wyoming, where he graduated in just 2.5 years. By the time Jerry turned 24, he had received an MS and Ph.D in chemistry from the University of Southern California.
After school, he worked as a chemist and briefly in the aerospace industry before returning to USC as a faculty member in the chemistry department. While working at USC, Jerry began investing in real estate around Los Angeles to earn extra income to supplement his teacher’s salary. Jerry was soon earning so much money from his side business that he gave up teaching altogether to focus entirely on real estate. With time, Jerry Buss would become a very wealthy man.
By 1979, Jerry had earned enough money to purchase The Lakers, The Kings, and The Forum sports arena. He purchased all three for a total of
$67.5 million. That’s the inflation-adjusted equivalent of $213 million today. At the time, it was the largest sports team purchase in history. Within a year, the Lakers had won their first of ten NBA championships under Jerry’s leadership. At the time of his death in 2013, The Lakers were worth $1 billion.