What is Karl Malone's Net Worth?
Karl Malone is an American retired professional basketball power forward who has a net worth of $55 million. Karl Malone is regarded as one of the best power forwards in the history of the NBA and was known as "The Mailman" for his consistent delivery. Malone entered the NBA in 1985 with the Utah Jazz. He lead the team into the NBA Finals in 1998 and 1999. He was named to the All-NBA first team 11 times. He was twice named the NBA's Most Valuable Player (1997, 1999). In 2003, he left the Jazz and played his final season with the Los Angeles Lakers.
Malone played in the 1992 and 1996 Summer Olympics and won gold medals with the US team both years. In the 1996 Olympics, Malone averaged 8.4 points, 4.5 rebounds, and 1.4 assists per game and made 56.9% of two-point field goal attempts and 52.9% of free throw attempts.
Career Earnings
During his NBA career, Karl earned $105 million in salary alone. After adjusting for inflation, that's the same as around $200 million. His highest single-season salary came in 2002-2003, when he earned $17 million in his final season with the Jazz. That was the same as earning $25 million today.
Karl Malone is a retired professional basketball player for the NBA who earned the nickname "the Mailman" and is considered to be one of the greatest power forwards in NBA history.
(Photo by Malcolm Ali/WireImage)
Early Life
Malone was born in Summerfield, Louisiana, on July 24, 1963, into a large family, as he was the youngest of nine children. His father was Shedrick Hay, and his mother's name was Shirley. His father had moved out of the home to raise a family with another woman. When Malone was three, his father committed suicide. Malone grew up on a farm, raised by his mother. He attended Summerfield High School, where he played basketball and led the time to three consecutive state titles.
After finishing high school, Malone enrolled at Louisiana Tech University. He wasn't able to play basketball until his sophomore year due to low grades during his freshman year. Malone led the team to their first NCAA tournament in school history.
NBA Career
Malone was selected by the Utah Jazz as the 13th overall pick in the 1985 NBA draft. During his second season with the Jazz, he was the leading scorer of the game in 24 of the 29 games that took place between February and April of 1987. As he grew out of his rookie status, Malone developed a reputation for being reliable and became a foundation of the team's offense. In 1988, Malone made his first All-Star Game and his first All-NBA team, marking the first of 14 consecutive All-Star appearances by Malone.
In 1988, Malone signed a 10-year contract with the Jazz worth $18 million. During the following season, his game point average was only second to Michael Jordan. His scoring kept increasing in subsequent seasons, and he scored a career-high 61 points in a 1990 game against the Milwaukee Bucks. He continued putting up stellar numbers throughout his seasons in the 1990s. He also participated in the 1992 Summer Olympics as a member of the American national team dubbed the "Dream Team" and helped the team take home the gold medal.
Malone started in all of the Jazz's games in the 1993-94 season, helping the franchise make the Western Conference Finals. The following season, the Jazz won 60 of their season games for the first time in history. In 1996, Malone renewed his contract with the Jazz and again joined the American Olympic team, helping again take home the gold. The same year, he won the NBA Most Valuable Player Award. Malone remained a dominant player on the Jazz until 2003 when he became a free agent. He decided to play for another season, joining the Los Angeles Lakers in an attempt to win a championship as one had thus far alluded him while with the Jazz. The Lakers did make it to the NBA Finals that year but were defeated in game five by the Detroit Pistons.
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After his one season with the Lakers, Malone became a free agent. Though there was talk about a number of different teams possibly signing him, like the New York Knicks and San Antonio Spurs, Malone formally announced his retirement from the NBA at a press conference in February of 2005.
Malone is considered to be one of the best power forwards in the history of the NBA. He earned two MVP Awards, eleven NBA First Team nominations and was a three time member of the NBA All-Defensive First Team. As he got older, he remained a physical and dominant player. At the age of the 40, he became the oldest player to log a triple-double and be a starter on an NBA Finals-bound team.
Post-NBA Career
Following his retirement from the NBA, Malone became the director of basketball promotion and the assistant strength and conditioning coach at Louisiana Tech University, his alma mater. He also began working for the Utah Jazz in 2013 as a big man coach.
Malone's primary career pursuits outside of basketball have been owning and managing businesses. He owns several businesses in Louisiana, including an ice cream shop, a grill restaurant, and Arby's fast food restaurant. He also owns two car dealerships in Utah and another one in Louisiana. He also owns three Jiffy Lube franchises in Utah and is a part-owner of several Burger King franchises in Idaho and Utah.
Personal Life
in 1990, Malone married Kay Kinsey, the winner of the 1988 Miss Idaho USA pageant. They have four children together – three daughters and one son.
In 1998, a tabloid reported that Malone had been involved in a paternity lawsuit a decade prior, alleging that he was the father of three children outside of his marriage with Kay. It was later confirmed that Malone had fathered twins with Bonita Ford, a woman from his hometown when the two were both 17 years old. It was also confirmed that he had fathered a child with Gloria Bell, who was only 13 when she gave birth. The cases were settled on confidential terms. Though Malone neglected to maintain a relationship with his estranged children, they have since reconciled. His twins both went on to play basketball at his alma mater and his son, Bell, went on to play in the NFL.
Malone enjoys hunting and fishing and owns a summer home on a river in Alaska. He has also served on the National Rifle Association's Board of Directors.
