Business booming for Magic JohnsonPosted by Inside Hoops
The Los Angeles Times (Mike Bresnahan and Greg Johnson) reports: His Beverly Hills-based Magic Johnson Enterprises now has AMC Magic Johnson Theatres in four cities, 116 Starbucks in 14 states and Washington, 31 Burger King restaurants in the Southeast, and 13 24-Hour Fitness/Magic Johnson Sport health clubs. He also owns a nearly 5% share of the Lakers. Johnson consistently has declined to release financial data for his privately held businesses or himself. But a business associate, who asked not to be identified because he was not authorized to speak by Johnson, estimated the value of the former NBA star’s various holdings at $700 million. This associate estimated Johnson’s personal net worth at nearly $500 million… Canyon-Johnson, formed in 1998, has financed 31 real estate developments in 13 states and Washington. It launched its third and biggest investment fund in April — and in a matter of weeks drew $1 billion from pension funds and others with deep pockets.