Dr. Jerry Buss' $11.85 million property, once hangout spot of Kobe Bryant and Magic Johnson, on sale: What we know so far

Dr. Jerry Buss, the late owner of the LA Lakers, custom-built the 'Dream Ranch,' which has hit the market for sale. The 9,792-square-foot property that features all possible amenities is up for sale at an eye-boggling $11.85 million.

Located on a 3.18-acre lot in Rancho Santa Fe, the mansion features eight bedrooms, 10 bathrooms, a swimming pool, a basketball court, a tennis court and other facilities.

It was purposefully re-built to Dr. Jerry Buss' taste. He wanted the property to look like the Rosewood Miramar Beach Resort in Montecito.

The land on which the mansion was built, was one of the very successful returns of investment from Dr. Jerry Russ himself. He purchased the 9792 square foot property, located on a 3.18 acre grand lot and not too far from LA, the home of the Lakers.

As the listing agent, Khaki Wennstrom revealed, Russ wanted something that was not too near the busy Los Angeles but would fulfill his purpose of taking an escape from the hastle. The agent said:

“Buss wanted a home close enough to LA but an escape for his team."

The Rancho Sueno, also equipped with high-end features like a championship tennis court, an eight-car garage and a swimming pool, was frequented by A-list celebrities during the Buss years.

The property was a frequent gathering place for famous athletes like Kobe Bryant, Magic Johnson and Shaquille O'Neal.

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Dr. Jerry Buss: The man behind the Lakers' Showtime Era and his legacy

Dr. Jerry Buss was a key figure behind the 'Showtime Era' of the Lakers, which helped take the NBA to new heights. The HBO series 'Winning Time: The Rise of the Lakers' was based on his contributions during the 1980s. The LA Lakers won five NBA championships during his reign.

However, Buss amassed a significant fortune throughout his lifetime. His net worth at the time of his death in 2013 was reported to be $700 million. He first earned a substantial sum in the real estate business before acquiring an even larger fortune as the owner of the Lakers.

Apart from the Lakers, he also owned the Los Angeles Kings (NHL), the Los Angeles Sparks (WNBA) and the Los Angeles Lazers (soccer) at different points in time.

In 1979, Buss made a historically significant sports team purchase, acquiring the Lakers, Kings and the Forum sports arena for $67.5 million, leading the Lakers to their first of 10 NBA championships under his ownership.

Dr. Jerry Buss' net worth at the time of his passing was primarily tied to his ownership stake in the Lakers, which stood at 66%. The team's value at the time was estimated to be around $0.9-1 billion, with Buss's share amounting to approximately $600-660 million.

Following his death, his stake in the Lakers was inherited by his six children through a family trust, with each child owning roughly 11% of the team. Subsequently, the surge in the Lakers' value to $6.5 billion meant that each stake was worth an estimated $715 million.