The Buss Family Trust has a 66 percent stake in the Lakers, which was passed down to Jerry Buss’ six children through a trust, with each kid receiving an equal vote (11 percent for each child).
His succession plan called for his daughter Jeanie to take over as Lakers governor and team representative at NBA Board of Governors meetings.
The 27 percent share was purchased for an undisclosed sum.
What Is Buss Family Trust?
How Much Is Buss Family Trust Worth?
Jerry Buss is an American investor and the main owner of the Los Angeles Lakers, a professional basketball team in the National Basketball Association (NBA) that has won 10 league championships, with the franchise’s Showtime era in the 1980s being particularly memorable.
As a contributor, he is a member of the Naismith Memorial Basketball Hall of Fame. Other professional sports franchises in Southern California were owned by Buss.
Buss went into real estate investing to supplement his income so he could continue teaching. In the 1960s, he made his first investment of $1,000 in a West Los Angeles apartment building.
He and longstanding business partner Frank Mariani created Mariani-Buss Associates, a real estate investment company, after finding considerable success in the real estate market.
Pickfair, the Beverly Hills house previously held by Mary Pickford and Douglas Fairbanks, was purchased by Buss in 1979 and sold in 1987.
In 2010, he was inducted into the Basketball Hall of Fame for his services to the game. In 1983, Buss received the American Academy of Achievement’s Golden Plate Award.