What is Gilbert Arenas' Net Worth and Career Earnings?
Gilbert Arenas is a retired American professional basketball player who has a net worth of $10 million. Gilbert Arenas earned $160 million from salary alone during his NBA career. Unfortunately, as we detail in the next sections below, he has experienced some severe financial problems in recent years.
Gilbert Arenas is probably best known for his seven-season stint with the Washington Wizards. He started his NBA career with the Golden State Warriors. After seven seasons with the Wizards, Gilbert ended his career with single-season stints at Orlando, Memphis, and Shanghai.
Known as "Agent Zero," Arenas chose the number zero for his jersey, reportedly because his critics once said that he would play "zero minutes" in the NBA. His name is also a reference to his late-game shots, which often occur when the clock has reached "zero." Other nicknames include "Hibachi" and "Gilby."
Although Arenas was a three-time NBA All-Star and winner of the NBA Most Improved Player Award, his career was not free from controversy. A notable firearms incident saw him suspended for an entire season in 2010. After this incident, Gilbert only played a few more seasons in the NBA before playing for a final season in China. He retired at the end of 2013.
Contracts & Career Earnings
After making around $845,000 during his first two years in the NBA, he signed his first big-money contract in 2003, a six-year deal worth $63.7 million. He exercised his early termination clause in June 2008 so that he could sign a bigger deal worth $111 million over six years. During his career, Gilbert earned $160 million in salary plus tens of millions more from endorsements.
In recent Gilbert has claimed he took a pay cut when he joined the NBA, the implication being that he made more money under the table playing in college at the University of Arizona. Gilbert earned $332,817 in his first NBA season.
In 2014, Gilbert was paid $22.3 million by the Orlando Magic despite having not played for the team since the 2010-2011 season. That made him the third highest-paid player in the NBA and one of the 30 highest-paid athletes in the world at the time. The Magic and Gilbert agreed to defer the payment to remove Gilbert from their salary and luxury tax caps.
Financial Issues
In recent years, Arenas has struggled financially at various points. He even went so far as to sue a former financial advisor, seeking $40 million in damages. In the lawsuit, Gilbert claimed the financial advisors, after taking $2.25 million in management fees, lost significant amounts of his money due to "absolute recklessness" on the part of his advisor. However, Arenas wasn't exactly conservative when it came to spending money, as he once famously spent $1 million on a birthday party for himself in 2007.
After a long relationship with public relations specialist Laura Govan, the pair eventually parted ways. They had four children together over the course of their relationship, which eventually resulted in Govan being rewarded with a monthly support payment of $20,000. In a 2016 court filing, Gilbert revealed his children might be required to leave private school and instead attend public school. At the time, he claimed to be earning around $170,000 per year, mainly from investment income. At the time his children's private school tuition came to $96,000 per year.
Brand Endorsements
Gilbert endorsed a number of brands over the course of his career, but his most notable partnership is perhaps Adidas. Adidas gave Arenas his own shoe, called the Adidas Gil Zero. He later released his own line of Adidas TS Lightswitch shoes. His partnership with Adidas came to an end after his 2009 gun incident.
Real Estate
In 2003, Gilbert paid $2.875 million for a newly constructed 13,250-square-foot mansion in Great Falls, Virginia, set on 1.2 acres of land. The property famously featured a large outdoor pool grotto and several shark tanks on the inside. He listed this property for sale in June 2012 for $3.5 million. He ultimately accepted a loss of $2.5 million when he sold the estate in December 2014.
In 2015, Gilbert put a home in Encino, California, on the market for $3.495 million. He originally purchased this residence back in 2007 for $3.1 million. This was during the same time that he was filing a lawsuit against his financial advisor for allegedly mismanaging his money. Featuring Mediterranean-style construction, the home features five bedrooms and 5,800 square feet of living space. Additional highlights include five fireplaces, a swimming pool, and a raised spa. He ultimately sold this home for $3.1 million in December 2022.
In 2016, Arenas successfully sold a third home, this one located in Calabasas, Ca. Located in a gated community, the residence sold for $3.35 million and sits atop a seven-acre plot of land situated on a hill. This Tuscan-style house offers exceptional panoramic views of the surrounding canyons and mountains. It also features 9,600 square feet of living space, seven bedrooms, a custom movie theater, and a hidden wine room. Outside, there is a saltwater swimming pool and a three-car garage. Gilbert originally purchased this home in 2014 for $2.75 million.
(Photo by Jeff Gross/Getty Images)
Early Life
Gilbert Jay Arenas Jr. was born on January 6, 1982, in Tampa, Florida. He subsequently relocated to Los Angeles with his family, where he attended high school and played basketball for the school team. After graduating, Arenas attended the University of Arizona and played for the school team for two years before declaring his eligibility for the NBA Draft.
NBA Career
Gilbert was picked 31st overall by the Golden State Warriors during the 2001 NBA Draft. He immediately made a strong impact, winning the NBA Most Improved Player Award during the 2002-2003 season. After this season, Arenas became a free agent and was signed by the Washington Wizards, who offered him a six-year, $60-million contract. During his time with the Wizards, Gilbert became known for his steals and strong technical abilities. He was also known for his late-game "buzzer-beater" shots. By this point, he was being regularly voted to the All-Star games.
In 2008, Arenas signed a new, six-year contract with the Wizards worth $111 million. However, his time with the Wizards would last just one more year before his firearms incident. The resulting season-long suspension impacted his career, and he spent the last years with the Orlando Magic, the Memphis Grizzlies, and the Shanghai Sharks.
Legal Issues
After Laura Govan appeared on an episode of "Basketball Wives LA," Gilbert sued her and the show's producers for trademark infringement, false advertising, and using his likeness without permission. He eventually dropped the lawsuit in 2012.
In 2009, Gilbert Arenas admitted that he had stowed unloaded firearms in his locker at the Verizon Center. He eventually gave the firearms to security teams at the stadium, but the damage was already done. By bringing firearms into the stadium, he violated both NBA rules and local D.C. laws. Another team member, Javaris Crittenton, was also reported to have unloaded firearms in his locker. Inevitably, the DC Metropolitan Police launched an official investigation along with the US Attorney's office.
In 2010, Gilbert was charged with carrying a pistol without a license. He then pleaded guilty to the felony charge. The NBA soon suspended him indefinitely, and the Wizards issued a statement condemning his actions. Eventually, Arenas and Crittenton were suspended for the rest of the entire 2010 season. In terms of criminal consequences, Gilbert was sentenced to two years of probation and 30 days in a halfway house.
