Early Life and Career Start
Bobby Bonilla, born on April 9, 1963, in The Bronx, New York, was celebrated for his Major League Baseball (MLB) achievements. While in high school, Bonilla developed his baseball skills but went undrafted in the 1981 MLB draft.
He initially pursued a degree in computer science at the New York Institute of Technology. However, his baseball talent was soon noticed by the Pittsburgh Pirates, leading him to leave college and begin his professional career with their farm system.
MLB Career and Key Achievements
Bonilla faced a setback in 1985 when he broke his leg during training. Nonetheless, he debuted with the Chicago White Sox in 1986 and was soon re-signed by the Pirates. He initially played third base but was moved to right field.
Bonilla played an important role in the Pirates’ success in the late 1980s, contributing to multiple National League East Division titles and earning multiple Silver Slugger Awards. His performance solidified his reputation as a top MLB hitter.
High Paying Contract with the Mets
In the early 1990s, Bobby Bonilla signed a five-year, $29 million contract with the New York Mets, making him the highest-paid player in MLB at the time. This contract, adjusted for inflation, would have been valued at about $55 million today. Despite the high salary, Bonilla’s performance did not meet expectations, leading to a decline in his statistics.
He later played for the Baltimore Orioles, Florida Marlins, and Los Angeles Dodgers before returning to the Mets in 1998.
Deferred Payments and Financial Strategy
Bobby Bonilla earned over $52 million in remuneration during his 15-year MLB career. His deal with the Mets included an unprecedented deferred payment plan. Instead of receiving $5.9 million in 2001, Bonilla chose a deal where he would be paid $29.8 million over 28 years, starting in 2011. This agreement provides him around $1.2 million annually, continuing until 2035, keeping him prominent on the Mets’ roster even after retirement.
Impact of Bernie Madoff’s Scheme
The Mets’ decision to defer payments was influenced by their investment with Bernie Madoff, who promised high returns. The Mets expected a significant gain from deferring Bonilla’s payments, anticipating a $60 million profit, nearly doubling the $29.8 million owed. However, Madoff’s Ponzi scheme resulted in a $700 million loss for Mets owner Fred Wilpon. Despite this, the Mets honored the agreement, showcasing Bonilla’s successful financial planning.
Real Estate Ventures
In addition to his baseball earnings, Bobby Bonilla invested in real estate. In 1992, he bought land in Greenwich, Connecticut, for $1.9 million and built a house. Although he initially listed the property for $7.5 million in 2010, he ultimately sold it for $5 million in 2011.
Conclusion
Bobby Bonilla’s net worth is estimated at $20 million, reflecting a successful MLB career and strategic financial management. His deferred payment agreements and real estate investments have secured a lasting financial legacy.