Gilbert Arenas Net Worth

What is Gilbert Arenas' Net Worth and Career Earnings?

Gilbert Arenas is a retired American professional basketball player who has a net worth of $5 million. Gilbert Arenas earned $160 million from salary alone during his NBA career. Unfortunately, as we detail in the next sections below, he has experienced some severe financial problems in recent years.

Gilbert Arenas is probably best known for his seven-season stint with the Washington Wizards. He started his NBA career with the Golden State Warriors. After seven seasons with the Wizards, Gilbert ended his career with single-season stints at Orlando, Memphis, and Shanghai.

Known as "Agent Zero," Arenas chose the number zero for his jersey, reportedly because his critics once said that he would play "zero minutes" in the NBA. His name is also a reference to his late-game shots, which often occur when the clock has reached "zero." Other nicknames include "Hibachi" and "Gilby."

Although Arenas was a three-time NBA All-Star and winner of the NBA Most Improved Player Award, his career was not free from controversy. A notable firearms incident saw him suspended for an entire season in 2010. After this incident, Gilbert only played a few more seasons in the NBA before playing for a final season in China. He retired at the end of 2013.

Contracts, Salaries & Career Earnings

Gilbert earned $163 million in salary during his NBA career. He earned millions more from endorsements, notably from Adidas.

Gilbert earned $332,817 in his rookie season, and famously would later claim he took a pay cut when he joined the NBA, the implication being that he made more money under the table playing in college at the University of Arizona.

After making around $845,000 during his first two years in the NBA, he signed his first big-money contract in 2003, a six-year deal worth $63.7 million with the Washington Wizards. In 2008, he exercised an early termination clause to negotiate a more lucrative six-year, $111 million contract with the same team. He then made $700,000 during his one-season stint with the Shanghai Sharks.

One of the more unusual highlights of his financial journey came in 2014, when he was paid $22.3 million by the Orlando Magic despite not having played for them since the 2010–2011 season. That payment, stemming from the amnesty clause in his contract, made him the third-highest-paid player in the NBA that year and one of the 30 highest-paid athletes in the world. The deferred structure allowed the Magic to clear his salary from their cap and luxury tax liabilities.

Financial Issues

In recent years, Arenas has struggled financially at various points. He even went so far as to sue a former financial advisor, seeking $40 million in damages. In the lawsuit, Gilbert claimed the financial advisors, after taking $2.25 million in management fees, lost significant amounts of his money due to "absolute recklessness" on the part of his advisor. However, Arenas wasn't exactly conservative when it came to spending money, as he once famously spent $1 million on a birthday party for himself in 2007.

After a long relationship with public relations specialist Laura Govan, the pair eventually parted ways. They had four children together over the course of their relationship, which eventually resulted in Govan being rewarded with a monthly support payment of $20,000. In a 2016 court filing, Gilbert revealed his children might be required to leave private school and instead attend public school because he could no longer afford the tuition. At the time, he claimed to be earning around $170,000 per year, mainly from investment income. At the time, his children's private school tuition came to $96,000 per year.

Endorsements

Gilbert endorsed a number of brands over the course of his career, but his most notable partnership was with Adidas. Adidas gave Arenas his own shoe, called the Adidas Gil Zero. He later released his own line of Adidas TS Lightswitch shoes. His partnership with Adidas came to an end after his 2009 gun incident.

Real Estate

In 2003, Gilbert paid $2.875 million for a newly constructed 13,250-square-foot mansion in Great Falls, Virginia, set on 1.2 acres of land. The property famously featured a large outdoor pool, grotto, and several shark tanks on the inside. He listed this property for sale in June 2012 for $3.5 million. He ultimately accepted a loss of $2.5 million when he sold the estate in December 2014.

In 2015, Gilbert put a home in Encino, California, on the market for $3.495 million. He originally purchased this residence back in 2007 for $3.1 million. This was during the same time that he was filing a lawsuit against his financial advisor for allegedly mismanaging his money. Featuring Mediterranean-style construction, the home features five bedrooms and 5,800 square feet of living space. Additional highlights include five fireplaces, a swimming pool, and a raised spa. He ultimately sold this home for $3.1 million in December 2022.

In 2016, Arenas successfully sold a third home, this one located in Calabasas, Ca. Located in a gated community, the residence sold for $3.35 million and sits atop a seven-acre plot of land situated on a hill. This Tuscan-style house offers exceptional panoramic views of the surrounding canyons and mountains. It also features 9,600 square feet of living space, seven bedrooms, a custom movie theater, and a hidden wine room. Outside, there is a saltwater swimming pool and a three-car garage. Gilbert originally purchased this home in 2014 for $2.75 million.

(Photo by Jeff Gross/Getty Images)

Early Life

Gilbert Jay Arenas Jr. was born on January 6, 1982, in Tampa, Florida. He subsequently relocated to Los Angeles with his family, where he attended high school and played basketball for the school team. After graduating, Arenas attended the University of Arizona and played for the school team for two years before declaring his eligibility for the NBA Draft.

NBA Career

Gilbert Arenas was selected 31st overall in the second round of the 2001 NBA Draft by the Golden State Warriors. Considered a draft steal, he quickly proved himself a dynamic scorer and fierce competitor. In just his second season (2002–2003), Arenas averaged 18.3 points, 4.7 rebounds, and 6.3 assists per game, earning him the NBA Most Improved Player Award and solidifying his reputation as one of the league's rising stars. However, due to salary cap restrictions tied to his second-round draft status, the Warriors were unable to offer him a competitive long-term deal.

In the summer of 2003, Arenas became a free agent and signed a six-year, $60 million contract with the Washington Wizards. It was in Washington that he blossomed into a full-fledged NBA superstar. Known for his fearless scoring, clutch shooting, and unpredictable personality, he averaged over 25 points per game across multiple seasons and earned three consecutive All-Star selections from 2005 to 2007. His quick release and long-range shooting made him one of the most dangerous offensive weapons of his era. He was also a reliable playmaker and led the league in total minutes played during the 2005–2006 season. Fans dubbed him "Agent Zero," a reference to both his jersey number and his fearless, underdog mentality.

Arenas was especially famous for his game-winning buzzer-beaters, including a memorable 2007 playoff shot to defeat the Chicago Bulls. That same year, he scored a career-high 60 points in a game against the Los Angeles Lakers—one of the highest-scoring performances in franchise history.

In 2008, despite battling knee injuries, Arenas opted out of his original deal and signed a new six-year, $111 million contract with the Wizards. However, his career began to unravel shortly thereafter. Ongoing knee issues limited his play, and in December 2009, he was involved in a high-profile locker room incident involving firearms and teammate Javaris Crittenton. The NBA suspended Arenas for the remainder of the 2009–2010 season, a decision that severely impacted his legacy and future prospects.

In December 2010, the Wizards traded Arenas to the Orlando Magic, where he played a supporting role behind Dwight Howard. His time in Orlando was short-lived; the Magic waived him in 2011 via the league's amnesty clause, though he would continue to receive massive deferred salary payments for years. After a brief stint with the Memphis Grizzlies in 2012, Arenas attempted a comeback with the Shanghai Sharks in the Chinese Basketball Association, averaging over 20 points per game during the 2012–2013 season. While he never officially announced his retirement, he gradually faded from the professional basketball spotlight.

Despite the controversies and injuries that cut his prime short, Arenas remains one of the most electrifying scorers of the 2000s. His unique blend of talent, confidence, and unpredictability left a lasting impact on NBA culture and earned him a loyal fan base long after his playing days ended.

Legal Issues

After Laura Govan appeared on an episode of "Basketball Wives LA," Gilbert sued her and the show's producers for trademark infringement, false advertising, and using his likeness without permission. He eventually dropped the lawsuit in 2012.

In 2009, Gilbert Arenas admitted that he had stowed unloaded firearms in his locker at the Verizon Center. He eventually gave the firearms to security teams at the stadium, but the damage was already done. By bringing firearms into the stadium, he violated both NBA rules and local D.C. laws. Another team member, Javaris Crittenton, was also reported to have unloaded firearms in his locker. Inevitably, the DC Metropolitan Police launched an official investigation along with the US Attorney's office.

In 2010, Gilbert was charged with carrying a pistol without a license. He then pleaded guilty to the felony charge. The NBA soon suspended him indefinitely, and the Wizards issued a statement condemning his actions. Eventually, Arenas and Crittenton were suspended for the rest of the 2010 season. In terms of criminal consequences, Gilbert was sentenced to two years of probation and 30 days in a halfway house.

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