Scottie Pippen, the retired American professional basketball legend, commands a net worth of $20 million as of 2023. His financial journey is as extraordinary as his basketball career, and in this article, we’ll take a closer look at the wealth he’s amassed and how he managed it.
Pippen’s path to his current net worth began on the hardwood. Over his illustrious 17-season NBA career, he earned an astonishing $109 million in salary alone. This impressive figure doesn’t even account for the tens of millions he raked in through lucrative endorsement deals.
Contracts and Financial Strategy
Scottie Pippen’s financial story is often characterized by his perceived underpayment as an NBA player. In 1991, he signed a 7-year, $18 million contract extension with the Chicago Bulls. While this might seem modest compared to the astronomical salaries of his contemporaries like Michael Jordan, Pippen made this decision to ensure financial security for his family. Growing up in challenging circumstances as one of 12 children, he understood the importance of providing for his loved ones.
The lion’s share of Pippen’s career earnings came from a five-year, $67.2 million contract with the Houston Rockets prior to the 1998-1999 season. He further padded his bank account with an additional $10 million during his final two seasons with the Chicago Bulls.
Scottie Pippen’s Stellar NBA Career
Pippen’s journey to NBA stardom began when he was selected in the first round of the 1987 NBA Draft by the Seattle Supersonics. The Chicago Bulls had their eyes on him but needed to arrange a trade with Seattle to secure his services.
He made his NBA debut on November 7, 1987, when the Chicago Bulls faced the Philadelphia 76ers in their season opener. Pippen’s inaugural game featured 10 points, 2 steals, 4 assists, and 1 rebound in just 23 minutes of play, culminating in a 104–94 victory for the Bulls.
Scottie Pippen’s versatility and defensive prowess earned him his first NBA All-Star selection in 1990. However, it was during the 1990-91 season that he truly emerged as a primary defensive stopper and a formidable scoring threat. Pippen achieved his first triple-double on November 23 against the Los Angeles Clippers, delivering 13 points, 12 assists, and 13 rebounds in a 105–97 victory.
Scottie Pippen’s Influence of Endorsements
While his NBA salary was undoubtedly impressive, Scottie Pippen’s wealth received a considerable boost from his endorsement deals. He began his career endorsing Avia sneakers but eventually became a prominent figure in the Nike family. He released several signature shoes, with the iconic Pippen 1 in 1997 being a standout.
In addition to Nike, Pippen inked endorsement deals with major brands such as Ameritech Cellular TV, Frito-Lay, Visa, McDonald’s, Right Guard, and Coca-Cola. These partnerships not only added to his net worth but also solidified his status as a household name beyond the basketball court.
Scottie Pippen Navigating Financial Challenges
Over the years, there have been allegations of financial difficulties in Scottie Pippen’s post-retirement life. Some sources even claimed that he was nearly broke just a few years after leaving the NBA. However, these claims are often exaggerated or false. While Pippen did face some financial challenges, they were not as dire as portrayed.
One significant financial setback came from a former financial advisor named Robert Lunn. In 2016, Pippen sued Lunn, alleging that the advisor, who had been highly recommended by the Bulls, mismanaged $20 million of his money. Less than a year after engaging Lunn’s services, Pippen discovered that the advisor had invested his funds in risky real estate ventures, ultimately leading to a friend’s bankruptcy and the loss of millions.
Scottie Pippen’s Real Estate Ventures
Beyond basketball, Scottie Pippen also dabbled in real estate. In 2004, he and Larsa Pippen purchased a sprawling 10,000-square-foot home on 2.6 acres in the lakefront Chicago suburb of Highland Park for $2.225 million. Pippen initially listed the property for sale in 2016 at a price of $3.1 million, but after three years on the market, he lowered the price to $1.899 million.
Pippen also owned a mansion in South Florida, which was on and off the market for a decade starting in 2010 when it was first listed for $16 million. At one point, the property was offered as a luxury rental for $40,000 per month.
Scottie Pippen’s journey from humble beginnings to basketball stardom and financial success is a testament to his talent, determination, and strategic decision-making. With a net worth of $20 million in 2023, he continues to be an enduring figure in both the sports and financial worlds, leaving an indelible mark on the game of basketball and the business of wealth-building.