Donald Sterling Net Worth, Know Much Money Is Donald Sterling Worth?

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, an NBA team, from 1981 to …

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, an NBA team, from 1981 to 2014. Sterling built his wealth through a successful career in real estate, primarily in the Los Angeles area.

How Did Donald Sterling Begin His Career?

Donald Tokowitz, who later changed his name to Donald Sterling, was born on April 26, 1934, in Chicago, Illinois. His parents, Susan and Mickey Tokowitz, were Ashkenazi Jewish immigrants. The family moved to Los Angeles when he was two years old, and Sterling grew up in the Boyle Heights neighborhood. He attended Theodore Roosevelt High School, graduating in 1952. After high school, he earned a degree from California State University, Los Angeles, in 1956 and a law degree from Southwestern University School of Law in 1960.

What Led to Sterling’s Success in Real Estate?

Sterling started his professional career in 1961 as a divorce and personal injury attorney. Due to limited opportunities for Jewish lawyers in prestigious law firms, he built his own practice. Simultaneously, he began investing in real estate, starting with a 26-unit apartment building in Beverly Hills. His portfolio grew significantly over the years, including the purchase of the Lesser Towers, which he renamed Sterling Towers, and the leasing of the California Bank Building, renamed Sterling Plaza.

By April 2014, Sterling owned 162 properties in Los Angeles and additional properties in Orange County, San Diego, and Las Vegas. Despite his success, he faced legal challenges, including a $17.3 million lawsuit for a fire at a West Hollywood apartment building he owned.

How Did Donald Sterling Acquire the LA Clippers?

In 1981, on the recommendation of Jerry Buss, Sterling bought the San Diego Clippers for $12.5 million. At the time, the Clippers were struggling, and Sterling promised to invest significantly in the team. Despite his pledge, the team did not see a winning season until 1991-1992, eleven years into his ownership.

Sterling attempted to move the team to Los Angeles in 1982, which led to an investigation by an NBA committee and a recommendation to remove him as owner. He handed over team operations to Alan Rothenberg, and eventually, in 1984, he moved the Clippers to Los Angeles without NBA approval, resulting in a $25 million fine. Sterling sued the NBA for $100 million, but the fine was reduced to $6 million, and the move was allowed.

How Did Sterling’s Management Affect the Clippers?

Under Sterling’s ownership, the Clippers played at various venues, including the Los Angeles Memorial Sports Arena and Arrowhead Pond of Anaheim, before moving to the Staples Center in 1999. Sterling invested $50 million in a state-of-the-art practice facility in Playa Vista, which opened in 2008.

Despite the investments, the Clippers were often criticized for poor performance. In 2009, ESPN The Magazine named them the worst franchise in professional sports. Sterling himself was labeled “the worst owner in sports” by multiple publications.

What Led to Sterling’s Downfall?

In April 2014, recordings of Sterling making racist comments to his mistress, V. Stiviano, surfaced. The backlash was immediate and severe. NBA Commissioner Adam Silver banned Sterling for life, fined him $2.5 million, and stripped him of his authority over the Clippers. Silver also announced plans to force Sterling to sell the team.

How Did the Sale of the Clippers Unfold?

In May 2014, Shelly Sterling, Donald’s estranged wife, negotiated the sale of the Clippers to Steve Ballmer, former Microsoft CEO, for $2 billion. This sale marked the end of Sterling’s controversial tenure as owner.

What Is Known About Sterling’s Personal Life?

Donald Sterling married Rochelle “Shelly” Stein in 1957, and they have three children. They became estranged in 2012. Tragically, their oldest son, Scott, died of a drug overdose in 2013. Despite these personal challenges, Sterling’s real estate empire and the sale of the Clippers secured his place among the wealthiest individuals in the United States.

What Is Donald Sterling’s Legacy?

Donald Sterling’s legacy is a mix of business acumen and controversy. His significant real estate investments in Los Angeles and ownership of the Clippers are overshadowed by his lifetime ban from the NBA due to racist remarks. His story serves as a complex example of success marred by personal failings and public scandal.

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