What is Bruce McNall's Net Worth?
Bruce McNall is a former sports executive, Thoroughbred racehorse owner, and convicted felon who has a net worth of $500 thousand. At his absolute peak, Bruce McNall's net worth was easily in the $100-200 million range. He once owned both the NHL's Los Angeles Kings and the CFL's Toronto Argonauts. In Thoroughbred racing, he won the prestigious Prix de l'Arc de Triomphe in 1990 with his colt Saumarez. McNall experienced a dramatic career downfall in 1993 when he was convicted of conspiracy and fraud and sentenced to 70 months in prison. He filed for bankruptcy in 1994.
For a more detailed explanation of the rise and fall of Bruce McNall, please read this article: "The Unbelievable Fall From Grace Of Former LA Kings Owner Bruce P. McNall".
In the 1980s McNall was a movie producer for films such as "Weekend at Bernie's" and "The Manhattan Project." In 1986 he purchased a 25% stake in the L.A. Kings. A year later he bought 24% more to become the largest shareholder for the team. He was forced to sell the Kings in 1993 due to defaulting on a $90 million loan. In 1992 he was elected the chairman of the NHL Board of Governors. McNall purchased the Toronto Argonauts in 1991 along with Wayne Gretzky and John Candy.
McNall also formerly owned the most expensive baseball card in the world, a 1909 Honus Wagner. His autobiography "Fun While It Lasted: My Rise and Fall in the Land of Fame and Fortune," was published in 2003.
Holmby Hills Mansion
In 1982 Bruce paid $7 million (the same as $22 million in today's dollars) for a home at 924 Bel Air Rd in LA's Holmby Hills neighborhood (same area as the Playboy Mansion). In 1995, a year after filing for bankruptcy, Revlon Chairman Ronald Perelman outbid a school called Harvard-Westlake (that is adjacent to the home) at a public auction. Perelman paid $4,738,750 for the 10,000-square-foot mansion.
In 2012 the home sold for $7.9 million. The home sold again in 2013 for $11 million. That structure was torn down and replaced with a 38,000 square foot mega-mansion. In January 2017, this home was listed for $250 MILLION. It was the most expensive home in America for a number of years. It finally sold in October 2019 for $94 million. Here's a video tour:
Early Life and Education
Bruce McNall was born on April 17, 1950 in Arcadia, California. For his higher education, he attended UCLA, despite his claim that he went to the University of Oxford, which was later debunked.
Sports Executive
McNall had amassed quite the fortune by the 1980s from collecting and selling allegedly ancient coins. He used his fortune to purchase a 25% stake in the NHL's Los Angeles Kings in 1986, and an additional 24% in 1987. The team's largest shareholder, McNall was named the president of the Kings; he subsequently bought the team's remaining shares in March of 1988. That August, McNall shocked the sports world when he acquired the NHL's greatest star, Wayne Gretzky, from the Edmonton Oilers. He also acquired the Oilers' Marty McSorley and Mike Krushelnyski. After McNall raised Gretzky's annual salary to $3 million, NHL salaries soared across the board. McNall went on to become chairman of the NHL Board of Governors in 1992.
Beyond ice hockey, McNall purchased the Canadian Football League's Toronto Argonauts with Gretzky and actor John Candy in 1991. On the team was Raghib Ismail, whom McNall had managed to entice away from the NFL with a four-year, then-unprecedented $18.2 million contract. Ismail would go on to lead the Argonauts to the Grey Cup championship in 1991. After two seasons with the team, he returned to the United States to join the NHL's Los Angeles Raiders.
Thoroughbred Racing
Elsewhere in the sports world, McNall owned many Thoroughbred racehorses. In 1990, with his colt Saumarez, he won the Prix de l'Arc de Triomphe, the most prestigious horse race in France. Earlier, McNall owned a 50% interest in Trempolino, the colt that won the 1987 Prix de l'Arc de Triomphe. He also partnered with Gretzky in owning the colt Golden Pheasant, which won various races in Europe and the United States.
Financial Decline
In late 1993, McNall defaulted on a $90 million loan. Consequently, Bank of America threatened to force the Los Angeles Kings into bankruptcy unless he relinquished control of the team. McNall ended up selling his controlling interest in the Kings in May of 1994, but remained president for some time. He also resigned as chairman of the NHL Board of Governors. Not long after that, McNall admitted in an interview with Vanity Fair to smuggling much of his prized coin collection out of other countries.
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Criminal Conviction and Sentencing
After losing control of the Kings and admitting to defrauding six different banks out of $236 million over a ten-year period, McNall was charged and convicted with conspiracy and fraud, and was sentenced to 70 months in prison. Upon his conviction, it was revealed that his exorbitant expenditures had sent the Kings into major financial jeopardy, resulting in the team's bankruptcy in 1995.
In 2001, McNall was released from prison 13 months early due to good behavior. He remained on probation until 2006. During his imprisonment, McNall kept in contact with many of his former hockey players, including Gretzky and Luc Robitaille, who would visit him. He also corresponded with such celebrities as Kurt Russell, Goldie Hawn, and Tom Hanks.
Post-Prison Life
McNall resumed his career after serving his prison sentence. In 2003, he published an autobiography entitled "Fun While it Lasted: My Rise and Fall in the Land of Fame and Fortune." The following year, McNall became co-chair of the film financing and acquisitions company A-Mark Entertainment.
Personal Life
McNall was previously married to Jane Cody.
