Paul Allen's Estate Officially Puts Portland Trail Blazers Up For Sale

The Portland Trail Blazers are officially on the market.

On Tuesday, the estate of the late Microsoft co-founder Paul Allen announced that it has begun the process of selling the NBA franchise. The sale will be managed by investment bank Allen & Co., with legal counsel provided by Hogan Lovells. It's expected to stretch into the 2025–26 season, and could generate one of the largest team sale prices in league history.

The Blazers have been held in a trust overseen by Allen's sister, Jody Allen, since his death in 2018. According to the terms of that trust, the Blazers—and many of Allen's other assets—are to be liquidated, with proceeds directed toward charitable causes through the Paul G. Allen Family Foundation.

"Paul's instructions were clear," the estate noted. "These assets are to be sold, and the proceeds used to fund his philanthropic vision."

The sale marks the beginning of the end of Paul Allen's private empire—and the beginning of a historic charitable windfall.

The Microsoft Co-Founder Who Changed the World

Paul Allen co-founded Microsoft alongside Bill Gates in 1975 after the two childhood friends from Seattle dropped out of college to chase an audacious vision: a computer on every desk. While Gates took on the role of CEO and public face, Allen was the key technical mind in the company's early years, writing much of its early software and driving the deal to license MS-DOS to IBM.

Microsoft went public on March 13, 1986.

• Microsoft ended the day with a total market cap of $780 million.
• Bill Gates' 45% stake was worth $350 million.
• Paul Allen's 25% was worth $195 million
• Steve Ballmer's 8% was worth $51.5 million.

Allen left the company in 1983 after being diagnosed with Hodgkin's lymphoma (which he later beat).

By the time of his death in 2018, Paul Allen's net worth was $20 billion. Though he gradually sold off most of his Microsoft shares, the fortune he built allowed him to pursue a lifetime of passion projects—ranging from professional sports teams to deep-sea exploration to spaceflight.

An Empire of Passion Projects

Paul Allen didn't just collect businesses—he collected causes. His portfolio was vast and eclectic, unified only by his curiosity, ambition, and willingness to write enormous checks to realize big ideas.

Among his most notable acquisitions and ventures:

• Portland Trail Blazers – Purchased in 1988 for $70 million
• Seattle Seahawks – Acquired in 1997 for $194 million after the previous owner threatened to move the team to Los Angeles
• Seattle Sounders – Became a part-owner of the MLS expansion franchise in 2007
• Real Estate – At one point, Allen was the single largest private landowner in Washington state, including prized properties in Seattle and extensive holdings in Mercer Island
• Vulcan Inc. – The private company Allen used to manage his business, real estate, entertainment, and philanthropic investments
• Octopus – A 414-foot megayacht that was one of the largest in the world, complete with two helipads, a submarine, and a recording studio
• SpaceShipOne – Helped fund the first privately built spacecraft to reach space, through his company Mojave Aerospace
• Stratolaunch – Built the world's largest airplane (by wingspan) to launch rockets into orbit mid-air
• Experience Music Project (now MoPOP) – A massive pop culture museum in Seattle
• Art Collection – Allen quietly built one of the most valuable private art collections in the world, which sold for $1.6 billion in 2022—all of which went to charity

A Legacy of Giving

Allen was an extraordinarily generous philanthropist, donating over $2 billion during his lifetime to more than 1,500 nonprofit organizations. After his death, his estate continued that mission.

Key areas of giving included:

• Brain science and health through the Allen Institute for Brain Science
• Climate change and biodiversity through programs protecting marine life and endangered species
• Housing and homelessness initiatives in the Pacific Northwest
• Arts and culture, including support for museums and performance venues

He was also a member of the Giving Pledge, meaning he committed to donate the majority of his fortune to charitable causes. The sale of his sports teams—led now by the Trail Blazers—will generate billions more for those causes.

(Photo by Thearon W. Henderson/Getty Images)

The Trail Blazers Will Fetch Billions

Paul Allen bought the Trail Blazers in 1988 for $70 million. In 2014, Steve Ballmer, Paul's former Microsoft colleague, bought the L.A. Clippers for $2 billion, a move widely seen at the time as wildly overpriced and only doable because Ballmer had unlimited money. A decade later, the Clippers are worth north of $5 billion. Recent NBA franchise sales suggest a potential valuation for the Trailblazers in the $3–5 billion range:

• Phoenix Suns sold in 2023 at a $4 billion valuation
• Milwaukee Bucks minority stake deal in 2023 valued the team at $3.5 billion
• Boston Celtics are currently in the process of being sold for a record-setting $6.1 billion

Nike founder Phil Knight attempted to buy the Trail Blazers in 2022 with a reported $2+ billion, but the deal was declined. That same offer would likely fall short today.

While only the Blazers are officially for sale, Allen's estate still owns the Seattle Seahawks and a 25% stake in the Seattle Sounders, both of which could hit the market next.

The Beginning of the End—And the Beginning of Something Bigger

Paul Allen didn't just build wealth—he built a blueprint for using it well. With the Trail Blazers now officially for sale, a process that began with his death in 2018 is finally picking up speed. His remarkable life—as a tech pioneer, sports owner, and visionary philanthropist—is now funding a posthumous second act that could prove just as impactful. As he once put it:

"What should exist? What could be? That's the question I keep asking."

With billions now earmarked for his foundation, the answers to that question may just be getting started.