Donald Sterling Net Worth - Pulptastic

What is Donald Sterling’s Net Worth?

Donald Sterling is a former attorney and American business magnate with a net worth of $4 billion dollars. He is most well-known for his former ownership of the Los Angeles Clippers NBA team. Sterling is also a prominent real estate investor in Los Angeles, with ownership of thousands of apartment units throughout the city.

Early Life and Education

Donald T. Sterling was born in Chicago, Illinois in 1934 to Ashkenazi Jewish immigrants, Susan and Mickey Tokowitz. The family moved to Los Angeles when he was two years old and he was raised in the Boyle Heights neighborhood. Sterling attended Theodore Roosevelt High School in Los Angeles, where he was a member of the gymnastics team and served as class president. He graduated in 1952 and went on to attend California State University, Los Angeles, graduating in 1956. He then attended Southwestern University School of Law, graduating in 1960.

At the age of 25, Sterling and his wife Shelly changed their name to “Sterling” because peers found “Tokowitz” difficult to pronounce and believed there would be financial benefits.

Sterling’s Real Estate Ventures

In 1961, Sterling began his career as a divorce and personal injury attorney, but due to limited opportunities for Jews at large law firms, he started his own independent practice. Alongside this, he began investing in real estate, purchasing a 26-unit apartment building in Beverly Hills.

Throughout the 1960s, Sterling continued to invest in property, including buying two apartment buildings in Westwood, which he renamed Sterling Towers. In 1976, he also leased the California Bank Building, renaming it Sterling Plaza.

As of April 2014, Sterling owned 162 properties in Los Angeles, as well as properties in Orange County, San Diego, and Las Vegas. However, despite his success, Sterling faced legal issues, including a lawsuit filed by actress Robyn Cohen, who lost her belongings in a fire at a West Hollywood apartment building owned by Sterling. A Los Angeles jury ruled against Sterling, requiring him to pay $17.3 million.

Sterling’s Ownership of the Clippers

In 1981, Sterling purchased the San Diego Clippers for $12.5 million and pledged to “spend unlimited sums” to build up the struggling franchise. However, it took eleven years for the team to enjoy a winning season.

He tried to move the team to Los Angeles in 1982 and 1984, despite the NBA’s disapproval. He was hit with a $25 million fine and subsequently sued the NBA for $100 million. The league eventually decreased his fine to $6 million.

The Clippers played at multiple venues in Los Angeles before Sterling spent $50 million to build a new state-of-the-art practice facility and team headquarters in the Playa Vista neighborhood. As of 2013, the team was worth $700 million and Sterling had become the longest-tenured owner in the NBA.

However, Sterling’s ownership was not without criticism. In 2009, ESPN The Magazine named the Clippers as the worst franchise in professional sports. The New York Times and Forbes called Sterling the “worst owner in sports,” and Sporting News described him as “one of the worst owners in basketball.”

Donald Sterling Banned from NBA, Fined $2.5 Million

In April 2014, Donald Sterling faced backlash for making racist comments in a recording with his mistress, V. Stiviano. NBA commissioner Adam Silver responded by banning Sterling from the league for life and fining him $2.5 million dollars. Sterling was also stripped of his authority over the Clippers team and banned from all team facilities. Silver announced plans to force Sterling to sell the team for violating league rules.

Donald Sterling’s Sale of the Clippers

In May 2014, Shelly Sterling, Donald Sterling’s wife, negotiated a deal to sell 100% of the Clippers to Steve Ballmer, former Microsoft CEO, for $2 billion.