Bobby Bonilla Net Worth: The Story of the Million Dollar Payday
Bobby Bonilla is a former Major League Baseball (MLB) player who is best known for his incredible contract deal with the New York Mets. While many professional athletes earn hefty salaries during their playing days, few can say they have a yearly payday as lucrative as Bonilla’s.
In fact, he has become somewhat of a legend in the sports world for the unique way in which he receives his payments. So just how much is Bobby Bonilla worth, and how did he come to earn such a staggering sum of money? Let’s take a closer look.
Early Life and Baseball Career
Bobby Bonilla was born on February 23, 1963, in the Bronx, New York. He attended Herbert H. Lehman High School, where he excelled as a baseball player. After graduation, Bonilla was selected by the Pittsburgh Pirates in the 1981 MLB draft.
He quickly made a name for himself as a talented player, earning a spot on the National League All-Star team six times during his career.
Throughout his career, Bonilla played for several different teams, including the Pirates, Mets, Los Angeles Dodgers, Baltimore Orioles, Atlanta Braves, and Florida Marlins.
He was known for his strong hitting ability, and he finished his career with a .279 batting average, 287 home runs, and 1,173 runs batted in (RBIs).
The Bonilla Contract: A Unique Deal
While Bonilla had a successful career as a professional baseball player, it is his contract with the New York Mets that has earned him the most attention. In 1991, the Mets signed Bonilla to a five-year, $29 million contract, making him one of the highest-paid players in the league at the time.
However, the most interesting aspect of Bonilla’s contract was that it included a deferred payment plan. Instead of receiving the $5.9 million owed to him each year from 2000 to 2035, Bonilla agreed to defer the payments until 2011, at which point he would receive an annual sum of $1.19 million for 25 years.
This arrangement meant that Bonilla would be earning more money per year in retirement than he ever did during his playing days.
The reasoning behind this unusual contract was that the Mets were hoping to free up salary cap space in the short term.
The team’s owners, Fred Wilpon and Saul Katz, were heavily invested in Bernie Madoff’s Ponzi scheme, and they believed that they would earn a high enough return on their investments to cover Bonilla’s deferred payments. Unfortunately, this plan did not work out as expected, and the Mets ended up losing millions of dollars to Madoff’s scam.
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Bobby Bonilla’s Current Net Worth
So, just how much is Bobby Bonilla worth today? According to Celebrity Net Worth, his net worth is estimated to be $20 million. While this may not be as high as some of the other former athletes on this list, it is still an impressive sum of money.
One of the reasons for Bonilla’s high net worth is the unique nature of his deferred payment plan. While most professional athletes earn the bulk of their money during their playing days, Bonilla’s contract has allowed him to earn a steady income in retirement. This has given him a degree of financial stability that many retired athletes do not enjoy.
Another factor contributing to Bonilla’s net worth is his various business ventures. In addition to his work as a sports commentator and analyst, he has also invested in real estate and other ventures. These investments have allowed him to diversify his income streams and build wealth outside of his baseball career.
Bobby Bonilla is a former Major League Baseball (MLB) player who is best known for his incredible contract deal with the New York Mets, which included a deferred payment plan. Bobby Bonilla’s net worth is estimated to be $20 million due to his unique deferred payment plan and various business ventures.