Transformed Wealth: Jerry Buss' Ascension to the Top in the Sporting World's Hierarchy
Jerry Buss: The Man Behind Los Angeles Sports Empire
Jerry Buss, born on January 27, 1933, in Salt Lake City, Utah, during the Great Depression, embarked on a journey that would transform the landscape of sports and real estate in Los Angeles.
Buss's life took a significant turn when his family moved to Los Angeles when he was nine, and later to Kemmerer, Wyoming, where he started working for his stepfather's plumbing company. This humble beginning laid the foundation for his future success.
In 1959, Buss made his first property investment in West Los Angeles, marking the start of his successful career in real estate. His keen ability to identify valuable properties at the right time, coupled with skillful negotiation of favorable terms, allowed him to generate significant profits from his real estate ventures. By the end of the 1970s, Buss's real estate company, Mariani-Buss Associates, owned around 700 properties across California, Arizona, and Nevada.
The profits from his real estate ventures provided the capital that enabled Buss to diversify into other business areas. In 1974, he purchased the Los Angeles Strings, a tennis team that competed in World TeamTennis. In 1979, he bought the NBA's LA Lakers, the NHL's LA Kings, The Forum indoor arena, and a 13,000-acre Sierra Nevada ranch in a deal worth $67.5 million.
Buss's sports teams, particularly the LA Lakers, became synonymous with entertainment and innovation. He introduced the "Showtime" era, a style of play that emphasized fast breaks, high scoring, and spectacular dunks. Under his ownership, the Lakers won ten NBA championships, cementing their place as one of the most successful teams in basketball history.
The LA Sparks, acquired by Buss in 1997, also saw remarkable success. In the 2000-01 season, they posted a 28-4 record, the best in league history. They went on to win back-to-back championships in 2001 and 2002, dropping just one game throughout the playoffs. Lisa Leslie made headlines in 2002 by becoming the first woman in WNBA history to dunk in a game.
Buss's empire was estimated to be worth $350 million due to his real estate investments. Tragically, he passed away on February 18, 2013, at the age of 80 due to kidney failure. His daughter, Jeanie Buss, took over as team president and Lakers representative on the NBA Board of Governors. In 2020, the Lakers clinched their first title since Buss died, making Jeanie Buss the first female controlling owner to win an NBA championship.
Buss's legacy continues to inspire and impact the world of sports and real estate. His strategic property selection, negotiation skills, reinvestment of gains, and long-term vision were key factors in his outstanding business success.
An entrepreneur in the sports industry, Jerry Buss established his real estate business, Mariani-Buss Associates, by purchasing properties and his first investment being in West Los Angeles in 1959. During the 1970s, he expanded his business portfolio by acquiring sports teams such as the LA Strings tennis team in 1974 and the LA Lakers and other sports franchises in 1979. His ingenious business acumen extended into other sectors, as he owned a casino, the Sky Casino, in Laughlin, Nevada, by the early 1980s. Moreover, Buss, an ardent supporter of basketball, initiated the "Showtime" era with the LA Lakers and ventured into the world of blogging, creating the popular sports blog, Lakers Nation, in the latter part of his life.
