Donald Sterling, an American business magnate and former attorney, has a net worth of $4 billion. He is best known for his controversial ownership of the Los Angeles Clippers of the NBA from 1981 to 2014. Sterling’s wealth primarily stems from his successful real estate ventures in the Los Angeles area, alongside his legal career.
What is Donald Sterling’s Early Life Like?
Donald Sterling was born Donald Tokowitz on April 26, 1934, in Chicago, Illinois, to Susan and Mickey Tokowitz, both Ashkenazi Jewish immigrants. When Sterling was two years old, his family moved to Los Angeles, where he grew up in the Boyle Heights neighborhood. He attended Theodore Roosevelt High School, graduating in 1952. At school, he was a member of the gymnastics team and served as class president. Sterling continued his education at California State University, Los Angeles, graduating in 1956, and then attended Southwestern University School of Law, graduating in 1960. In 1959, Sterling and his wife Shelly changed their surname from Tokowitz to Sterling, believing it would be easier to pronounce and provide financial benefits.
How Did Sterling’s Career in Real Estate Begin?
Sterling began his professional career in 1961 as a divorce and personal injury attorney. Due to limited opportunities for Jewish lawyers at prestigious firms, he established his own independent practice. He ventured into real estate by purchasing a 26-unit apartment building in Beverly Hills, marking the start of his significant real estate portfolio. Throughout the 1960s, Sterling acquired several properties, including Lesser Towers in Westwood and the California Bank Building, which he renamed Sterling Towers and Sterling Plaza, respectively. By April 2014, he owned 162 properties in Los Angeles and additional holdings in Orange County, San Diego, and Las Vegas.
How Did Sterling Acquire the LA Clippers?
In 1981, at the suggestion of his friend Jerry Buss, who owned the Los Angeles Lakers, Sterling purchased the San Diego Clippers for $12.5 million. The Clippers were struggling at the time, and Sterling pledged to invest heavily to improve the team. Despite his efforts, the Clippers did not achieve a winning season until the 1991-1992 NBA season, eleven years after Sterling took over as owner. Sterling attempted to move the team to Los Angeles in 1982 and again in 1984, facing resistance and fines from the NBA. Nevertheless, the Clippers moved to Los Angeles, and Sterling’s persistence eventually paid off.
What Were the Challenges During Sterling’s Ownership of the Clippers?
Sterling’s tenure as owner of the Clippers was fraught with challenges. The team struggled for many years, and Sterling faced criticism for his frugal management style. In 2009, ESPN The Magazine named the Clippers the worst franchise in professional sports. Sterling was often labeled the “worst owner in sports” by various publications, including The New York Times and Forbes. Despite these criticisms, the Clippers experienced a resurgence in the early 2010s with the acquisition of star players like Blake Griffin and Chris Paul.
What Was the Racist Controversy Involving Sterling?
In April 2014, Donald Sterling became embroiled in a major scandal when recordings of him making racist comments were leaked. The conversation, recorded by his then-mistress V. Stiviano, led to widespread condemnation. NBA Commissioner Adam Silver banned Sterling from the league for life and fined him $2.5 million. Sterling was stripped of almost all authority over the Clippers and banned from attending any team facilities. The controversy forced Sterling to sell the Clippers, and his wife, Shelly Sterling, negotiated the sale to former Microsoft CEO Steve Ballmer for $2 billion in May 2014.
What is Donald Sterling’s Personal Life Like?
Donald Sterling married Rochelle “Shelly” Stein in 1957, and the couple had three children together. They became estranged in 2012. Tragically, their oldest son, Scott, died of a drug overdose in 2013. Despite their personal challenges, Shelly played a crucial role in negotiating the sale of the Clippers following the 2014 scandal.
How Has Sterling’s Real Estate Career Evolved?
Sterling’s real estate career has been marked by significant achievements and controversies. He has built a substantial property portfolio in Los Angeles and beyond. However, his career has also faced legal challenges, such as the $17.3 million lawsuit filed by actress Robyn Cohen after a fire at one of Sterling’s properties. Despite these setbacks, Sterling’s real estate ventures have contributed significantly to his wealth.
What is Sterling’s Legacy?
Donald Sterling’s legacy is a complex mix of business success and public controversy. His real estate investments have made him one of the wealthiest individuals in Los Angeles, but his tenure as the Clippers’ owner and the 2014 scandal have left a lasting impact on his public image. Sterling’s story serves as a cautionary tale about the intersection of personal conduct and public scrutiny in the world of high-stakes business and sports.
Conclusion
Donald Sterling’s journey from a lawyer to a real estate mogul and NBA team owner is a testament to his business acumen and determination. However, his career has also been marred by significant controversies, particularly the 2014 scandal that led to his lifetime ban from the NBA. With a net worth of $4 billion, Sterling’s legacy is a blend of remarkable success and profound controversy, illustrating the complexities of life in the public eye.