Net Worth Ranker
What Is Donald Sterling’s Net Worth?
Donald Sterling, an American businessman and former attorney, has a net worth of $4 billion [1]. His wealth primarily stems from his real estate ventures and his former ownership of the Los Angeles Clippers [1]. Sterling’s career trajectory began in law, but he later transitioned into real estate, amassing a substantial portfolio of properties in the Los Angeles area [1].
Real Estate Investments
Sterling’s entry into the real estate market began in 1961 [1]. He purchased a 26-unit apartment building in Beverly Hills, marking his initial foray into property investment [1]. Further expanding his holdings in the 1960s, he acquired Lesser Towers, two large apartment buildings in Westwood, subsequently renaming them Sterling Towers [1]. In 1976, he leased the California Bank Building, rebranding it as Sterling Plaza [1]. By April 2014, Sterling’s real estate empire included 162 properties in Los Angeles, along with holdings in Orange County, San Diego, and Las Vegas [1]. Although details such as specific addresses and purchase prices for most of these properties are not publicly available, the sheer volume of his holdings underscores the significant role real estate played in accumulating his $4 billion net worth [1]. A Los Angeles jury ruled against Sterling, requiring him to pay $17.3 million in a lawsuit filed by an actress, Robyn Cohen, who lost most of her belongings in a fire at a West Hollywood apartment building owned by Sterling [1].
Los Angeles Clippers Ownership
In 1981, Donald Sterling purchased the San Diego Clippers for $12.5 million, following a suggestion from Jerry Buss, owner of the Los Angeles Lakers [1]. Upon acquiring the team, Sterling pledged to invest “unlimited sums” to improve the franchise [1]. Despite his financial commitment, the Clippers struggled initially, not achieving a winning season until 1991-1992, eleven years into Sterling’s ownership [1]. In June 1982, Sterling’s attempt to relocate the team to Los Angeles faced opposition from an NBA committee, which initially recommended his removal as owner. However, this recommendation was retracted after Sterling delegated the team’s operations to Alan Rothenberg, who became the team’s president [1].
In 1984, Sterling again sought to move the Clippers to Los Angeles, drawing inspiration from Al Davis’ successful relocation of the Oakland Raiders to Los Angeles without league approval. Despite the NBA’s lack of approval, Sterling proceeded with the move, incurring a $25 million fine from the league [1]. He subsequently filed a $100 million lawsuit against the NBA, which was later dropped after the league reduced his fine to $6 million [1]. The Clippers initially played at the Los Angeles Memorial Sports Arena and later at the Arrowhead Pond of Anaheim (now the Honda Center) from 1994 to 1998 before moving to the Staples Center in Downtown Los Angeles in 1999, sharing the facility with the Los Angeles Lakers [1]. Sterling invested $50 million to construct a state-of-the-art practice facility and team headquarters for the Clippers in the Los Angeles Playa Vista neighborhood, which opened in September 2008 [1]. In 2013, the team was valued at $700 million [1].
Controversy and Forced Sale
Donald Sterling faced significant backlash in April 2014 following the public release of a recording in which he made racist remarks during a conversation with V. Stiviano [1]. NBA Commissioner Adam Silver responded by banning Sterling from the league for life and fining him $2.5 million [1]. Sterling was also stripped of his authority over the team and prohibited from entering Clippers facilities [1]. Silver announced his intention to force Sterling to sell the team due to his violation of league rules [1]. In May 2014, Shelly Sterling negotiated the sale of 100% of the Clippers to Steve Ballmer, former Microsoft CEO, for $2 billion [1]. This sale marked the end of Sterling’s controversial ownership and significantly impacted his overall net worth [1].
Early Life and Background
Donald Tokowitz, later known as Donald Sterling, was born on April 26, 1934, in Chicago, Illinois, to Ashkenazi Jewish immigrant parents, Susan and Mickey Tokowitz [1]. The family relocated to Los Angeles when Sterling was two years old, and he grew up in the Boyle Heights neighborhood [1]. He attended Theodore Roosevelt High School in Los Angeles, graduating in 1952, where he participated in gymnastics and served as class president [1]. He pursued higher education at California State University, Los Angeles, graduating in 1956, and later earned a law degree from Southwestern University School of Law in 1960 [1]. In 1959, at the age of 25, he and his wife Shelly legally changed their last name to “Sterling,” due to perceived pronunciation difficulties and potential financial advantages associated with the name “Tokowitz” [1].
Legal and Business Career
Sterling’s professional career began in 1961 as a divorce and personal injury attorney [1]. Recognizing limited opportunities for Jewish lawyers at established firms, he founded his own independent practice [1]. This legal background, combined with his growing real estate investments, laid the foundation for his substantial wealth accumulation [1]. His legal expertise likely played a role in navigating the complexities of real estate transactions and business deals, contributing to his overall financial success and ultimately impacting his $4 billion net worth [1].
Personal Life
Donald Sterling married Rochelle “Shelly” Stein in 1957, and they had three children together [1]. They became estranged in 2012 [1]. Their oldest son, Scott, passed away in 2013 due to an apparent drug overdose in his Malibu apartment [1]. Further details regarding Sterling’s personal life, such as specific lifestyle choices, spending habits, or philanthropic activities, are not widely available in the provided sources. While these aspects could offer additional insights into his financial decisions and overall net worth management, the available information primarily focuses on his real estate ventures, Clippers ownership, and the controversy surrounding his forced sale of the team [1].
