Michael Jordan once battled insurance company to ensure "Calhoun Shot" winner got $38,000 a year for rest of his life
Michael Jordan helped Don Calhoun receive his $1 million prize after he had nailed a three-quarter-court shot in 1993.
The Chicago Bulls half-time contest was deemed to have less than a 1% chance of someone winning the lofty prize money. However, Calhoun was just the 20th contestant, meaning somebody won far quicker than the organization or the insurance company had expected.
After winning, Calhoun quickly learned that he may not get his money. The insurance company was trying to back out of making the payment. One of the stipulations for the contest was that the winner couldn't have played organized basketball for five years. When filling out the form to claim his winnings, Calhoun had answered honestly: he had played college basketball three years earlier.
Local media began to cover the story. The Chicago Bulls held a press conference with Calhoun and Jerry Reinsdorf in attendance. The Bulls announced that they would honor the win regardless of the insurance company's decision.
"It is unclear at this time whether the company that insured the event will pay on the policy," a joint statement read, per ESPN.
"However, regardless of its decision, (restaurant group) Lettuce Entertain You, Coca-Cola (Foundation) and the Chicago Bulls will honor the $1 million award and ensure that this event has a happy ending."
When Calhoun attended a Michael Jordan event, in an attempt to leverage his shot into a signature from his favorite player, Jordan quickly asked if he had gotten his money.
When Calhoun replied in the affirmative, Jordan made the shocking revelation that he helped force the situation to ensure that Calhoun was paid.
"We made them give it to you," Jordan said. "We were upset that they were trying to not pay you."
However, Calhoun didn't get $1 million upfront. Instead, he received $50,000 a year for 20 years. After taxes, that amount worked out to approximately $38,000 per year.
Michael Jordan is worth $3 billion
Michael Jordan has always been a fierce competitor. Perhaps that's why he wanted to ensure that Don Calhoun was rewarded for succeeding in the three-quarter-shot competition.
Jordan has always been about winning. He did it throughout his career and has continued to win after retirement. The Chicago Bulls legend is an astute businessman and has amassed a wealth beyond anyone's imagination.
Jordan boasts a net worth of $3 billion. Along with his Jordan brand, the basketball legend was the majority shareholder in the Charlotte Hornets franchise, which he purchased for $275 million in 2010.
Earlier this year, Michael Jordan sold his stake in the franchise for $3 billion. Now, according to CBS News, the former NBA superstar is among the 400 richest people in America. You can rest assured that he makes sure he gets his payouts after winning at the negotiating table.