Turning NBA Stars Into Real Estate Moguls
NBA players as the next major real estate moguls? The National Basketball Association recently held its second real estate symposium in New York offering NBA players tips on navigating real estate. Former NBA player Danny Granger told the crowd that he made more money on his real estate investments than he did playing for the Miami Heat.
The symposium was taught by David Eyzenberg, a founder of real estate investment banking firm Eyzenberg & Co. and former broker at Avison Young. He was joined by two former NBA players-turned-real estate developers, who offered advice to current and former players about how to invest some of their NBA earnings into real estate.
Granger, also a former Indiana Pacers all-star, earned tens of millions of dollars over a decade playing in the NBA. He retired last year. During his time playing ball, he built up a real estate investment company with 200-plus properties in his portfolio. His company has construction and property management divisions.
"The last three years of my career, I was more interested in real estate than basketball," Granger told attendees. The symposium comes at a time when athlete wealth has come under scrutiny. In 2009,Sports Illustrated published a report that claimed 60 percent of NBA players are broke within five years of retirement.
As such, the NBA has been offering a career development program to help players transition to new careers or learn financial tips for when they leave basketball.
Source: "Ex-ballers to NBA stars: Don’t Let RE Investors Scam You," The Real Deal (June 28, 2016)
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