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Pat Riley is a $120 million net-worth American professional basketball executive, former NBA player, coach, and current president of the Miami Heat. The Heat hired him as their head coach from 1995 to 2003, then from 2005 to 2008. Riley started his coaching career after a productive playing career in the NBA. He is best known today for being an executive.
Looking at how Pat Riley increased his Net Worth
Pat Riley began earning big bucks when his NBA and NFL careers began in 1967. Riley was drafted by the San Diego Rockets as the seventh overall pick in the 1967 NBA Draft. He was also selected as a wide receiver by the Dallas Cowboys in the eleventh round of the 1967 NFL Draft despite not having played collegiate football.
He spent three seasons with the Rockets before being chosen in the 1970 NBA expansion draft by the Portland Trail Blazers. Riley was moved by the Blazers to the LA Lakers, where he spent five seasons as a player. Riley was an important reserve for the Lakers' 1972 NBA championship team.
After retiring in 1976, Riley began his coaching career in 1979, when he coached the team he won the title with. He would coach the Lakers for a little over 10 years before moving to the New York Knicks. After his coaching stint with the Knicks, he was hired by the Miami Heat in 1995, where he became the president and coach of the team.
Through his business, "Riles & Co.," Pat Riley applied to trademark the phrase "three-peat" in November 1988. The application was approved, and trademark #1552980 was issued shortly afterward. This implied that Riley would receive a licensing royalty every time the phrase was used in a commercial context.
Pat Riley made a fortune in royalty fees a few years later, when the Chicago Bulls completed TWO three-peats. Riles & Co. reportedly made $300,000 in licensing and royalties in 1993 and in 1998, the royalty income doubled to nearly $600,000. Riles & Co. has cashed in on dozens of other three-peat occurrences. Even Riley's own Lakers finally pulled off the feat between 2000 and 2002.
Riley reportedly sold his Miami mansion for $16.75 million in 2012. He seems pleased to take a 25% price cut even though it was originally listed for a considerably greater amount of $23 million. He and his wife paid $6.3 million for the house when they first bought it in 1996.
