Bobby Bonilla Net Worth - Pulptastic
What is Bobby Bonilla’s net worth, contract, salary and career earnings?
Bobby Bonilla, a retired American baseball player, has a net worth of $20 million. He played in Major League Baseball for 16 years, earning a .279 batting average, a .358 on-base percentage, and a .472 slugging percentage. Bonilla won the World Series in 1997 with the Florida Marlins and led the league in extra-base hits and doubles in 1990 and 1991, respectively. He also participated in six MLB All-Star Games and won three Silver Slugger Awards.
Bobby Bonilla’s Early Years
Bobby Bonilla was born on April 9th of 1963 in The Bronx, New York. He grew up playing baseball at high school before graduating in the early 80s.
After leaving high school, he went unpicked during the 1981 Major League Baseball draft, which prompted him to attend the New York Institute of Technology in the hopes of obtaining a computer science degree.
However, he was eventually spotted by the Pittsburgh Pirates after just one semester, and he worked his way through the team’s farm system.
Bobby Bonilla’s Career
Bobby Bonilla broke his right leg during training in 1985, putting his career in jeopardy. However, the Chicago White Sox signed him a year later, and he made his debut in the major leagues. The Pirates then reacquired him later that year and moved him to right field after some errors at third base. With stars such as Barry Bonds and Andy Van Slyke, Bonilla helped the Pirates win several National League East Division titles. He also won several Silver Slugger Awards and led the league in statistics.
Bonilla became the highest-paid player in the league after signing a 5-year, $29-million contract with the Mets in the early 90s. However, his performance did not match his pay rate, and his statistics declined. After playing for several other teams, he returned to the Mets in 1998, but faced criticism for his disappointing performance. He signed a contract in 1999 that deferred the Mets’ payment of $5.9 million until 2035.
Bonilla played his last few years with the Atlanta Braves and the St. Louis Cardinals, but retired in 2001 due to injuries and reduced playing time.
Bobby Bonilla’s Salary and Contract Details
During his 15-year playing career, Bobby Bonilla earned a total of $52 million in salary from seven different teams. He was the highest paid baseball player in the league and one of the highest paid athletes in the world during his 1992 contract with the NY Mets.
Despite retiring from the game in 2001, Bonilla’s last contract with The Mets entitles him to earn nearly $1.2 million for 25 years, starting in 2011 and ending in 2035. Additionally, he receives $250,000 per year as part of a deal he made with The Mets in 1994, totaling $1.45 million. Even though his career ended in 2001, this contract still makes him one of the highest earners on the Mets’ payroll.
Bobby Bonilla’s Spaced-Out Contract with The NY Mets
Bobby Bonilla, who hasn’t played professionally since 2001, will receive nearly $1.2 million per year from The NY Mets through 2035. In 2001, he had $5.9 million left on his contract, but instead of paying him that amount, he proposed that The Mets pay him $29.8 million over 28 years starting in 2011. This equates to $1.2 million per year for 25 years. Bonilla will receive the final $1.2 million payment in 2035, on his 72nd birthday.
Bonilla had previously signed a similar spaced-out contract with The Mets in 1994, where they agreed to pay him half of the $6 million they owed him over 25 years starting in 2003.
The Mets’ decision to accept this deal is a topic of debate among fans. Some believe it was a smart move, while others think Bonilla walked away with the better end of the contract. Nonetheless, Bobby Bonilla Day is celebrated on July 1st every year, marking his annual payday from The Mets.
Financial experts estimate that Bonilla will receive double his initial contract amount of around $12.5 million because of this deferred payment scheme, along with an additional annual payment of $250,000 from his 1994 contract.
The Mets’ Costly Deal with Bobby Bonilla
The Mets organization agreed to pay Bobby Bonilla $29.8 million in 2000, which was significantly more than the $5.9 million they owed him at the time. This decision was due to the organization’s heavy investment with Bernie Madoff, which earned them double digit returns each year. The Mets calculated that even with an 8% return, they would make a $60 million profit on the deferment, which is almost double the amount they owed Bonilla.
However, Bernie Madoff’s scheme was eventually revealed to be a giant ponzi scheme, which cost Mets owner Fred Wilpon $700 million personally. Despite this, the organization is still obligated to pay Bonilla’s deferred deal until 2035, which some see as a smart retirement planning move.
Bobby Bonilla’s Real Estate Investment
In 1992, Bobby Bonilla bought land in the Round Hill Historic District of northeastern Greenwich, Connecticut, for $1.9 million and built a house. Almost two decades later, in 2010, he listed the property for sale at $7.5 million, but had to settle for a lower offer of $5 million in 2011.
