Bruce McNall Net Worth

Bruce McNall: From Sports Mogul to Convicted Felon – A Look at His Net Worth and Dramatic Downfall

Bruce McNall’s name evokes a mixture of awe and scandal. This article delves into the remarkable life of a man who once commanded a fortune, hobnobbed with celebrities, and controlled major sports franchises, only to experience a dramatic fall from grace. We’ll explore Bruce McNall’s net worth throughout his career, his extravagant spending, and the criminal activities that led to his imprisonment. From his early days to his current status, this is the story of Bruce McNall.

Early Life and Rise to Prominence

Bruce P. McNall was born on April 17, 1950, in Arcadia, California. His early life provided a foundation for his later ventures. He claimed to have attended the University of Oxford, a detail that was later debunked, however, he did attend UCLA for his higher education. McNall’s initial wealth came from the collection and sale of ancient coins, a business that allowed him to amass a significant fortune during the 1980s. This initial success set the stage for his entry into the world of professional sports and entertainment.

Building a Sports Empire: The Kings, the Gretzky Trade, and Beyond

McNall’s ambition led him to the fast-paced world of professional sports. In 1986, he purchased a 25% stake in the NHL’s Los Angeles Kings. Building on this initial investment, McNall acquired an additional 24% the following year, becoming the team’s largest shareholder. His control of the Kings was solidified in March 1988 when he bought the remaining shares. However, McNall’s greatest move came in August 1988 when he orchestrated the blockbuster trade that brought Wayne Gretzky, the greatest hockey player of all time, to Los Angeles. This acquisition, along with Marty McSorley and Mike Krushelnyski, sent shockwaves through the hockey world and significantly increased the Kings’ profile. The impact of the Gretzky trade extended beyond the ice, as McNall also raised Gretzky’s salary to a then-unheard-of $3 million annually, causing NHL salaries to skyrocket across the board. In 1992, his influence grew further as he was elected chairman of the NHL Board of Governors.

Venturing into Canadian Football: The Toronto Argonauts

Not content with dominating the NHL, McNall expanded his sports holdings into Canadian Football. In 1991, he partnered with Wayne Gretzky and actor John Candy to purchase the Toronto Argonauts of the Canadian Football League (CFL). This move further cemented McNall’s reputation as a major player in the sports world. McNall made another high-profile acquisition by luring Raghib Ismail away from the NFL with a then-unprecedented $18.2 million contract. Ismail’s success helped the Argonauts win the Grey Cup championship in 1991. After two seasons with the team, Ismail returned to the NFL, joining the Los Angeles Raiders.

A Passion for Thoroughbred Racing

Beyond ice hockey and Canadian football, Bruce McNall was also deeply involved in Thoroughbred horse racing. In 1990, his colt Saumarez won the prestigious Prix de l’Arc de Triomphe, the most significant horse race in France. This victory highlighted his success and passion for the sport. McNall also had a 50% stake in Trempolino, another horse that won the Prix de l’Arc de Triomphe in 1987. He further partnered with Wayne Gretzky in owning the colt Golden Pheasant, which achieved victories in both Europe and the United States.

The Fall from Grace: Financial Collapse and Criminal Conviction

Despite his successes, McNall’s financial situation began to unravel in late 1993. He defaulted on a $90 million loan, leading to a crisis that threatened the future of the Los Angeles Kings. Bank of America, a major creditor, threatened bankruptcy, and McNall was forced to sell his controlling interest in the Kings in May 1994, although he remained president for some time. He also resigned as chairman of the NHL Board of Governors. The situation worsened when McNall admitted to Vanity Fair that he had smuggled valuable coin collections out of various countries. In 1995, the Kings went bankrupt due to McNall’s excessive spending. McNall’s extravagant lifestyle and alleged fraudulent activities led to his downfall.

The Holmby Hills Mansion: The Ultimate Trophy

In 1982, McNall purchased a luxurious home located at 924 Bel Air Rd in LA’s Holmby Hills neighborhood, for $7 million (equivalent to $22 million today). This area, which also includes the Playboy Mansion, was a status symbol of the highest order. Following his financial collapse, the mansion was sold at a public auction in 1995. Revlon Chairman Ronald Perelman outbid the Harvard-Westlake school for the property. Perelman paid $4,738,750 for the 10,000-square-foot mansion. Years later, the property was sold again in 2012 for $7.9 million, and again in 2013 for $11 million. The original structure was torn down and replaced with an expansive 38,000-square-foot mega-mansion. In January 2017, this new home was listed for an astounding $250 million. It was the most expensive home in America for a number of years. The property finally sold in October 2019 for $94 million. You can view a video tour below:

Post-Prison Life and Legacy

After his criminal conviction, McNall was sentenced to 70 months in prison for conspiracy and fraud, having defrauded six banks out of $236 million over a decade. He was released early, after serving 57 months due to good behavior. He remained on probation until 2006. While incarcerated, McNall maintained contact with former hockey players, including Wayne Gretzky and Luc Robitaille. He also corresponded with notable celebrities such as Kurt Russell, Goldie Hawn, and Tom Hanks. Following his release, McNall attempted to rebuild his career, publishing his autobiography, “Fun While it Lasted: My Rise and Fall in the Land of Fame and Fortune,” in 2003. The following year, he co-chaired the film financing and acquisitions company A-Mark Entertainment. McNall’s story remains a cautionary tale about the risks of ambition, excess, and the price of financial misdeeds.

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Bruce McNall’s Net Worth Today

As of the latest estimates, Bruce McNall’s net worth stands at approximately $500,000, a stark contrast to the $100-$200 million fortune he once commanded at his peak. The drastic reduction in his net worth is a direct result of his criminal conviction, financial mismanagement, and the subsequent loss of his business and assets. Despite this significant financial setback, McNall continues to be remembered for his significant contributions to the sports world, his extravagant lifestyle, and his dramatic fall from grace.

For a more detailed explanation of the rise and fall of Bruce McNall, please read this article: “The Unbelievable Fall From Grace Of Former LA Kings Owner Bruce P. McNall“.