Unexpected Ways Shaquille O'Neal Spends His Millions
Shaquille O’Neal is considered one of the best basketball players of all time, and with the reputation comes a great deal of money. He has a net worth of $400 million (November of 2018,) and has been known to live in luxurious, but the NBA legend is also a keen businessman. Moreover, Shaq can be surprisingly humble. Let’s discover how O’Neal spends his money.
A LITTLE BACKSTORY
The NBA player is 7’1’’ and weighs 300 lbs. He burst into the basketball scene in a tremendous manner, surprising recruiters from a young age. In 1992, Shaq signed with the Orlando Magic team with a contract of $40 million. He was only 20 years old at the time, and the agreement lasted for seven years. It is still considered the best rookie deal in the NBA.
Shaq upped his career and played some of his best games with the Magic, but it wasn’t until he changed to the Los Angeles Lakers that he became a legend. They offered him a deal a seven-year contract for $121 million. During his time with the Lakers, the team won three NBA champions, and Shaq got three finals MVP awards.
However, he didn’t just play basketball. Just like most famous athletes, O’Neal started landing endorsement deals with major brands in the United States as well as acting roles and even rap music. Thanks to him, basketball was catapulted into mainstream America, and more people started paying attention.
In 2004, Shaq left the Lakers for the Miami Heat, and they won the NBA champion in 2006. As he got older, he played for the Phoenix Suns, The Cleveland Cavaliers, and the Boston Celtics, but the NBA star eventually retired in 2011. At the time, he was the highest-paid player in NBA history with a salary of $286 million.
HIS CRAZY EXPENSES
Luckily, Shaq has found a pretty lucrative career as a sports analyst at the age of 47, and he has also invested his money wisely. Unfortunately, it took some time for the player to learn how to handle his money properly. He made some frivolous purchases just like most people would do with the kind of salary he had.
He became a rich man at a very young age thanks to the Orlando Magic, but when his first million landed on his account, he spent it in one day. Shaq bought a $150,000 Mercedes, and his dad asked him for one too. The star returned to the dealership for another, and then, his mother asked for a similar car. That’s almost half a million dollars spent in just three vehicles.
That same day, Shaq bought rings, diamonds, and TVs as well as paid off his family’s house. The next day, the bank manager called him to explain that he had a debt of $50,000, and he warned O’Neal about wasting money like that. O’Neal truly learned from that conversation, which prompted him to hire a business manager.
Soon enough, he became one of the few money-conscious NBA players. According to several statistics, 60% of NBA athletes go broke after 5 years of retirement. It’s even worse for NFL players, as 78% of them land in financial crisis after 2 years. But, Shaq is now richer now than as a basketball star. Records from his divorce from wife, Shawny, revealed that he spent around $875,000 a month during the height of his career.
It might be like an outrageous amount of money, but Shaq was making more than $20 million a year just on his salary. Therefore, a year’s worth of his monthly expenses adds to less than half his income. As of the end of 2018, he spends $156,116 on mortgages, $26,560 on babysitters, $24,300 on gas, $22,190 on maid service, $17,220 on clothes, and $12,775 on food.
Additionally, Shaq spends $6,730 on dry cleaning. Of course, those amounts count for his family, not just himself, but it is still an incredible sum of money. Moreover, while he learned how to handle his money years ago, he still indulges in his love of cars, especially big vehicles that will fit him comfortably. His collection includes a Cadillac DTS, a Ford Expedition, a Jeep Wrangler, a Lincoln Continental, a Lincoln Navigator, a Cadillac Escalade, and a Hummer H2.
Shaq also owns a Lamborghini Gallardo, and workers at Wes Coast Custom, a Miami-based company, said that Shaq has customized more than 30 vehicles with them. Most of his requests are pretty normal such as better sound systems, but the NBA star also asked to have the Superman logo at the front. Another important thing is that West Coast needs to make more room in the cars for the big player.
His first mansion was located in Windermere, Florida and had 31,000 square feet with 13 bedrooms. He was 21 years old at the time, and the house cost $4 million. However, that was more than 25 years ago. Shaq put this property on sale in May 2018 for $28 million as it features a bunch of customizations such an indoor basketball court, a 17-car garage, a huge master bedroom, and the Superman logo all over the house.
In the end, he was not willing to part with his home. However, not all his real estate purchases have been that extravagant. Shaq bought a $235,000 five-bedroom home in Mount Dora, Florida, but it is not his permanent residence. In 2018, he bought another house in Bell Canyon, California for $1.8 million; therefore his tastes have also matured.
O’Neal has a passion for tech devices, and he decided to invest in several businesses such as Apple, where he bought stock many years ago. The NBA star also admitted once that he spends more than $1,000 in apps every week. He explained that he likes to stay in touch with the advancements in smartphones. His favorite video games have to do with hunting, and he once bought 17 games in a week. Shaq loves hunting deer and bears on his phone.
His divorce records revealed that Shaq spent more than $110,000 a month just on trips. As a result, he was named CFO, Chief Fun Officer, of Carnival Cruise Line in January 2018. He has an endorsement deal with the company, stars in several of their commercials, and gets to travel all the time on their cruises. He had a great time on the giant boat called Carnival Vista which sails around the Caribbean.
Later that year, Shaq went back to The Bahamas to swim with Sharks for ‘Shark Week’, and a tiny one even entered the cage, which has never happened before for the special. Of course, people will never forget that O’Neal was notorious for wasting money quickly, despite his savvy investment since then. Therefore, here a couple more extravagant things the athlete bought.
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MORE INSANE SPENDING
After signing with the Suns in 2018, he moved to an apartment in Phoenix, but it had no furniture. So, Shaq went to Walmart and spent $70,000. Unfortunately, his American Express card was declined at the register due to safety reasons. He had to call the representatives to confirm his identity. In 2017, he spent $1 million for his daughter Amira’s Sweet Sixteen party. He also bought her a Mercedes G-Wagon.
Not many people could spend millions in one go without worries, but this is Shaq, one of the best NBA players in history. Let us know what crazy purchase you would make with that amount of money. If you liked this article, share it with your friends who loved O’Neal’s basketball career. See you next time!