Louisville put basketball coach Rick Pitino on unpaid administrative leave Wednesday morning after the program was implicated in the pay-to-play college basketball scandal currently dominating the news cycle. Essentially, Pitino was fired.
He was the Louisville basketball coach for 16 seasons, during which his teams went 559-416, made the NCAA tournament 13 times, and won the 2012-13 national championship.
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Pitino was under contract at Louisville through the 2025-26 season after he signed an extension in 2015.
The deal increased his salary from $4.45 million for the 2015-16 fiscal year to $5.1 million in 2016-17, and was set to stay at $5.1 million through 2026. In total, the deal was worth $50.93 million in guaranteed salary, and featured several bonuses on top of that.
Pitino was eligible for $250,000 in academic bonuses, and a further half a million dollars $500,000 if Louisville won another championship.
His salary was guaranteed, but the full contract details haven't been released so we don't know if any clauses will void that guarantee.
Pitino was one the highest-paid coach in college basketball last season, according to data compiled by USA Today.
So how do we go about estimating Rick Pitino's net worth? Several factors. Let's talk it through.
Rick Pitino Net Worth
As stated earlier, Pitino has been the head coach at Louisville for 16 seasons. Before that, he spent three an a half years as head coach of the Boston Celtics after signing a 10-year, $50 million contract. He left $27 million on the table when he resigned.
While he was in Boston, he purchased a six-bedroom, six-bathroom, 7,295-square foot home in Indian Creek, Florida for $5.4 million. He later reportedly put that house up for $14.9 million before taking it off the market.
He bought the 9,673-square-foot former home of Papa John's president Dan Holland in August 2001 for $2.25 million, and sold it for $1.7 million in 2013. He and his wife Joanne were reportedly looking to downsize. Soon after, Pitino bought a $450,000 Lexus.
Pitino has authored several books: "Born to Coach" (an autobiography) and "Rebound Rules", and co-authored "The One-Day Contract: How to Add Value to Every Minute of Your Life", "Full-Court Pressure: A Year in Kentucky Basketball", "Success is a Choice: Ten Steps to Overachieving in Business and Life".
So what figure can we speculate for Rick Pitino's net worth?
Celebrity Net Worth estimates $25 million, but Pitino has earned that much in the last four years alone just through salary. The real figure is probably higher than that.
Considering his Florida home worth somewhere between $10-15 million, career earnings as a coach, book deals, and sponsorship deals with Taco Bell, Guitar Hero, and others, Rick Pitino's net worth is probably closer to double that. It's tough to estimate but $40 million seems closer to the mark than $25 million.