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Lebron’s Real (Estate) Reason for Picking Miami?

Everyone has an opinion on why Lebron James picked Miami over New York and Chicago. We have no inside information. The only connection we have to Lebron is that my son played on the same AAU team as one of Lebron’s teammates in Cleveland. I did not talk to Lebron, the teammate or even my son about this.

We thought we would still offer our thoughts on the matter. We think it had to do with real estate. From the beginning, Lebron said there were two things that would enter into the decision making process:

  1. The opportunity to win multiple rings (NBA championships)
  2. The opportunity to become a billionaire through earnings and investments

I’ll leave the basketball stuff to the sports analysts aside from the fact Lebron obviously did not believe he could win a championship in Cleveland.

The part about becoming a billionaire interested me. Apparently, the New York Knicks also saw it as an important issue to Lebron. According to a report by Forbes.com, the Knicks tailored their presentation to the superstar around potential future earnings:

To make the case, they commissioned a study from marketing consultant Interbrand that says LeBron could earn close to $1 billion over his lifetime in salary and endorsements if he makes Madison Square Garden his permanent home–their high-end estimate sees him earning as much as $2 billion. That outshines the estimated $700 million he’d likely earn in Cleveland, the $690 million in Chicago, and $600 million in Miami.

The Knicks broke down the different sources of income available in each city. Below is one of the actual slides from the presentation (the entire presentation is available here).

There was one big part missing in the presentation. How does he then invest the millions he earns? Lebron plays golf with Warren Buffett!! He realizes that to become the billionaire he wants to be, he must intelligently invest his earnings. Why not real estate?

Look at real estate values in the finalists for Lebron: Chicago, New York and Miami.

Real estate values increased more in Miami than either of the other two cities during the boom of the last decade. Today, you can purchase luxury properties for over a 50% discount off boom prices. Lebron believes he will bring back the excitement to Miami. The excitement will bring back the city which will bring back prices. Any property he bought now could apprciate dramatically upon the Heat’s success. (I’m not saying I believe that. I’m saying Lebron perhaps does.)

Maybe, the real reason Lebron picked Miami was real estate.

Have to go…checking out prices in South Beach…just in case.


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4 replies
  1. Alex Cortez
    Alex Cortez says:

    Interesting take on it. Not necessarily that I believe it (after all, he doesn’t have to play/live in a city in order to invest in it), but it’s definitely something I hadn’t though about. To be honest, I was too wrapped up with World Cup action but this is an interesting angle to the Lebron story.

    Reply

Trackbacks & Pingbacks

  1. […] me with ad nauseum for the last few weeks, including suggestions that the move was in part motivated by the real estate market. But when the owner of your former team has been fined $100,000 by the NBA for comments made in an […]

  2. […] me with ad nauseum for the last few weeks, including suggestions that the move was in part motivated by the real estate market. But when the owner of your former team has been fined $100,000 by the NBA for comments made in an […]

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