Bobby Bonilla Net Worth

Bobby Bonilla: Career, Net Worth, and the Infamous Contract

What is Bobby Bonilla’s net worth, contract, salary and career earnings?

Bobby Bonilla is a retired American baseball player with a net worth estimated at $20 million. Bonilla’s baseball career spanned from 1986 to 2001, during which he played for several Major League Baseball (MLB) teams. Known for his power hitting and versatile fielding, Bonilla left a lasting mark on the sport, highlighted by his infamous deferred-payment contract with the New York Mets.

Early Life and Baseball Beginnings

Bobby Bonilla was born on April 9, 1963, in The Bronx, New York. His passion for baseball ignited during his high school years. While he showed promise, he went undrafted in the 1981 Major League Baseball draft. This setback led him to enroll at the New York Institute of Technology, pursuing a degree in computer science. However, his baseball talent couldn’t be ignored. The Pittsburgh Pirates scouted him after just one semester and brought him into their farm system.

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Career Highlights and Success on the Field

Bonilla’s professional baseball journey started with a setback when a leg injury during training threatened to derail his career in 1985. However, the Chicago White Sox gave him a chance a year later, setting the stage for his MLB debut. The Pittsburgh Pirates, recognizing his potential, reacquired him, initially positioning him at third base. Despite some fielding challenges, which led to a shift to right field, Bonilla quickly established himself as a key player. He was playing alongside other stars such as Barry Bonds and Andy Van Slyke, contributing significantly to the Pirates’ success, including multiple National League East Division titles. Bonilla’s performance earned him accolades, including:

• A .279 career batting average.
• A .358 on-base percentage.
• A .472 slugging percentage.
• Winning the World Series with the Florida Marlins in 1997.
• Leading the league in extra-base hits in 1990.
• Leading the league in doubles in 1991.
• Participating in six MLB All-Star Games.
• Winning three Silver Slugger Awards.

Bonilla’s achievements in the early 90s led him to free agency, where he signed with the New York Mets, becoming the league’s highest-paid player at the time with a 5-year, $29-million contract. However, his performance with the Mets didn’t live up to the high expectations, and he was later traded to various teams, including the Baltimore Orioles, Florida Marlins, and Los Angeles Dodgers, before returning to the Mets in 1998. His second stint with the Mets was marked by criticism, leading to the infamous deferred-payment contract, which continues to be a topic of discussion among baseball fans.

The Infamous Bobby Bonilla Contract: A Financial Anomaly

The most talked-about aspect of Bobby Bonilla’s career is undoubtedly his unique contract with the New York Mets. Even though Bonilla last played professionally in 2001, the Mets are still paying him nearly $1.2 million annually through 2035. This deferred payment plan is a result of a deal made in 2000 when the Mets owed Bonilla $5.9 million. Instead of paying the full amount, they agreed to spread the payments over 25 years, starting in 2011, with annual installments of $1,193,248.

This wasn’t the first time Bonilla and the Mets had structured a deferred payment. A similar deal was struck in 1994, with the Mets agreeing to pay him $250,000 annually starting in 2003, related to a previous contract. This makes his annual earnings closer to $1.4 million.

The reasoning behind this deal involved the Mets’ financial strategies, including investments that promised high returns. However, the deferred contract has become a symbol of both creative financial planning and questionable decision-making, as fans often mark July 1st as “Bobby Bonilla Day,” the annual date of his hefty payment.

(Photo by Rick Stewart/Getty Images)

The Bernie Madoff Connection and Mets’ Finances

The Mets’ willingness to agree to the deferred payment plan was partly influenced by the team’s financial strategies at the time, particularly their investments with Bernie Madoff. Under the direction of owner Fred Wilpon, the Mets were accustomed to double-digit returns on their investments with Madoff. They calculated that with even an 8% return, they could profit significantly from the deferment.

However, this strategy backfired significantly. The Madoff investments were revealed to be a massive Ponzi scheme, causing substantial financial losses for Wilpon and the Mets organization. Despite these losses, the team remains obligated to fulfill Bonilla’s contract until 2035, serving as a lasting reminder of the risks associated with high-yield investment strategies.

Real Estate Ventures

Beyond baseball, Bobby Bonilla engaged in real estate investments. In 1992, he purchased land in the Round Hill Historic District of Greenwich, Connecticut, for $1.9 million and built a home. In 2010, he attempted to sell the property for $7.5 million, but the property was eventually sold in 2011 for $5 million.

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Conclusion

Bobby Bonilla’s career is a tale of athletic achievement, financial complexities, and memorable contracts. While his on-field performance earned him accolades and significant earnings, his deferred-payment contract continues to define his legacy, showcasing a unique intersection of sports, finance, and the enduring appeal of baseball history.