Gilbert Arenas Net Worth (Money & Salary)

What is Gilbert Arenas’ Net Worth and Career Earnings?

Currently, Gilbert Arenas, a retired American professional basketball player, possesses a net worth of $10 million. Throughout his NBA career, he garnered $160 million purely from salary. Unfortunately, as discussed in the following sections, he has faced significant financial challenges in recent years.

Most notably, Arenas is recognized for his seven-season tenure with the Washington Wizards. He began his journey in the NBA with the Golden State Warriors. After concluding his time with the Wizards, his career wrapped up with single-season experiences at Orlando, Memphis, and Shanghai.

Known by the nickname “Agent Zero,” Arenas chose the number zero for his jersey, allegedly in response to critics who stated he would play “zero minutes” in the NBA. This moniker also relates to his late-game shots, which typically occur when the clock hits “zero.” Additional nicknames he holds include “Hibachi” and “Gilby.”

Arenas, a three-time NBA All-Star and recipient of the NBA Most Improved Player Award, endured controversies during his career. A significant firearms incident led to his suspension for an entire season in 2010. Afterward, he played only a few more seasons in the NBA, with his final season spent in China, before retiring at the conclusion of 2013.

Contracts & Career Earnings

During his initial two years in the NBA, Gilbert’s earnings were roughly $845,000 before he signed a lucrative six-year contract worth $63.7 million in 2003. In June 2008, he opted for early termination of that deal to pursue a more substantial contract worth $111 million over six years. Over his career, he collectively earned $160 million in salary along with tens of millions more through endorsements.

Recently, Gilbert has asserted that he accepted a pay decrease upon entering the NBA, insinuating that his earnings during college at the University of Arizona were higher due to off-the-books payments. His first NBA season saw him earning $332,817.

Despite not playing for the Orlando Magic since the 2010-2011 season, in 2014, he received $22.3 million from them. This made him the third highest-paid player in the NBA and ranked him among the 30 highest-paid athletes worldwide at that time. The Magic and Gilbert reached an agreement to defer this payment, allowing the team to exclude him from their salary and luxury tax caps.

Financial Issues

Arenas has faced various financial struggles in recent years, even going as far as to file a lawsuit against a former financial advisor seeking $40 million in damages. In his legal claim, Gilbert stated that after the advisor took $2.25 million in management fees, they lost considerable amounts of his money due to “absolute recklessness.” However, Arenas wasn’t particularly frugal with his expenditures, infamously spending $1 million on his own birthday celebration in 2007.

After an extensive relationship with public relations specialist Laura Govan, they eventually separated. Together, they had four children, which led to Govan receiving a monthly support payment of $20,000. In a court document filed in 2016, Gilbert disclosed that his children might need to transition from private school to public school due to financial constraints. At that time, he claimed to be making around $170,000 annually, primarily from investment income, while their private school tuition totaled $96,000 per year.

Brand Endorsements

Throughout his career, Gilbert endorsed several brands, but his most significant partnership is likely with Adidas. Adidas provided Arenas with his own shoe, known as the Adidas Gilpersonal likeness without permission.

Real Estate

In 2003, a newly built mansion in Great Falls, Virginia, was purchased by Gilbert for $2.875 million. This expansive 13,250-square-foot estate, set on 1.2 acres, was notable for its outdoor pool grotto and multiple indoor shark tanks. He put this property on the market in June 2012, listing it for $3.5 million, but in December 2014, he ultimately sold it at a loss of $2.5 million.

Gilbert listed a home in Encino, California, for $3.495 million in 2015. He had acquired the property in 2007 for $3.1 million while simultaneously filing a lawsuit against his financial advisor for alleged mismanagement of his funds. This Mediterranean-style dwelling comprises five bedrooms and offers 5,800 square feet of living area. Noteworthy features include five fireplaces, a swimming pool, and a raised spa. He sold this residence in December 2022 for $3.1 million.

A third property in Calabasas, California, was successfully sold by Arenas in 2016. Situated in a gated community, the Tuscan-style home fetched $3.35 million and is perched on a seven-acre hillside plot. This residence boasts panoramic views of the surrounding canyons and mountains, with a total living space of 9,600 square feet, featuring seven bedrooms, a custom movie theater, and a concealed wine room. An outdoor saltwater swimming pool and a three-car garage complete the package. Gilbert acquired this property in 2014 for $2.75 million.

Early Life

On January 6, 1982, Gilbert Jay Arenas Jr. was born in Tampa, Florida. He later moved with his family to Los Angeles, where he played basketball and attended high school. Following graduation, Arenas enrolled at the University of Arizona, playing for the school for two years before declaring for the NBA Draft.

NBA Career

During the 2001 NBA Draft, Gilbert was selected 31st overall by the Golden State Warriors. He made an immediate impression, earning the NBA Most Improved Player Award for the 2002-2003 season. Afterward, he entered free agency and was signed by the Washington Wizards, who provided him with a six-year, $60 million contract. While with the Wizards, Gilbert became noted for his technical skills and ability to make late-game “buzzer-beater” shots, earning regular All-Star selections.

In 2008, Arenas inked a new six-year deal with the Wizards worth $111 million; however, one more year with the team followed before his firearms incident. The resulting suspension for an entire season affected his career trajectory, leading him to play the latter part of his career with the Orlando Magic, the Memphis Grizzlies, and the Shanghai Sharks.

Legal Issues

Gilbert filed a lawsuit against Laura Govan and the producers of “Basketball Wives LA” after her appearance on the show, citing trademark infringement, false advertising, and unauthorized use of his personal likeness.

likeness without consent. The lawsuit was ultimately dropped by him in 2012.

In 2009, an admission from Gilbert Arenas revealed that he had concealed unloaded guns in his locker at the Verizon Center. While he did turn over the firearms to stadium security, the repercussions had already taken effect. His actions broke both the NBA’s regulations and the laws of D.C. A fellow teammate, Javaris Crittenton, was also alleged to have unloaded weapons in his own locker. Consequently, the DC Metropolitan Police initiated a formal investigation in conjunction with the US Attorney’s office.

In 2010, Gilbert faced charges for carrying a pistol without a license and subsequently pleaded guilty to this felony charge. Following this, the NBA imposed an indefinite suspension on him, whereas the Wizards publicly denounced his conduct. Ultimately, both Arenas and Crittenton received suspensions for the entire duration of the 2010 season. As for the criminal implications, Gilbert was sentenced to two years on probation along with a 30-day stay in a halfway house.