4 businesses owned by NBA legend Hakeem Olajuwon

Oluwatosin Racheal Alabi -

Hakeem Abdul Olajuwon, popularly known as “The Dream,” is a remarkable figure in the world of basketball. Born on Jan. 21, 1963, in Lagos, Nigeria, his journey from a young boy with dreams to an NBA legend is a story of talent, determination, and lasting impact.

Growing up in Nigeria, Hakeem initially pursued a career in soccer, a sport deeply ingrained in the nation’s culture. However, fate had other plans for him. At the age of 15, he discovered basketball and quickly showcased his extraordinary talent on the court.

In 1980, Hakeem ventured to the United States, seeking a college education and a platform to develop his basketball skills. He joined the University of Houston, where he played for the Houston Cougars under Coach Guy V. Lewis. His college career was marked by immense success, including three consecutive NCAA Final Four appearances from 1982 to 1984. Hakeem’s outstanding performance earned him recognition as the NCAA Tournament’s Most Outstanding Player in 1983 and 1984.

The NBA beckoned, and in the 1984 NBA Draft, Hakeem was selected as the first overall pick by the Houston Rockets. His transition to the professional league was seamless, and he quickly established himself as one of the most dominant centers in NBA history. Known for his incredible post moves, especially the unstoppable “Dream Shake,” Hakeem became a scoring sensation. With 26,946 points, he ranked among the NBA’s top scorers, along with an impressive 13,748 rebounds which demonstrated his tenacity Defensively, Hakeem revolutionized shot-blocking with an astounding 3,830 blocked shots, ultimately becoming the NBA’s all-time leader in blocked shots at the time of his retirement.

Throughout his NBA career, Hakeem achieved numerous milestones, including 12 All-Star selections, the NBA Most Valuable Player (MVP) award in 1994, NBA Defensive Player of the Year honors in 1993 and 1994, and NBA Finals MVP titles in 1994 and 1995. He led the Houston Rockets to back-to-back NBA championships in 1994 and 1995, solidifying his status as an all-time great.

Off the court, Olajuwon ventured into real estate, amassing a reported $100 million in real estate investments. His business acumen proved to be as impressive as his skills on the hardwood, and his net worth is estimated to be $300 million, making him one of the richest NBA players in the world.

Here, Billionaires.Africa offers an exclusive look into Olajuwon’s thriving enterprises and delves into the remarkable wealth he has accumulated over the years.

  1. DR34M

Olajuwon’s brand, DR34M, reflecting his nickname “The Dream” and his jersey number 34, was introduced in 2010. This venture is more than a business for Olajuwon; it represents his passion for fashion, where he is heavily involved in the design process, from selecting fabrics to overseeing the final product.

The DR34M brand includes a diverse range of apparel and footwear, characterized by high-quality materials and design. One of the standout products is the DR34M Shake Shoe, a unique piece of footwear that combines Olajuwon’s vision and the expertise of Vibram, a company known for its hiking and mountaineering boots as well as the FiveFingers footwear. These shoes are made of fine Italian leather and are ergonomically designed. They were launched in various events, including one at the Hyatt on Market Street in The Woodlands, Texas.

The DR34M Shake Shoe, along with other merchandise, showcases Olajuwon’s dedication to quality and integrity in his products. The line has gained attention not just for its association with the basketball star but also for its quality and unique designs. Fans and collectors have shown great interest in the products, particularly the DR34M Shake Shoe, which has become a sought-after item among sports collectibles.

  1. THE DR34M MANSION

Olajuwon’s business venture, THE DR34M MANSION, was a multifaceted project. This luxury property served as a venue for various events, including weddings and celebrations. Additionally, it showcased and sold merchandise from his DR34M brand. The mansion highlighted Olajuwon’s entrepreneurial spirit and his ability to diversify his interests beyond his successful basketball career.

Olajuwon transformed a multi-million dollar estate into a luxury boutique known as the DR34M Mansion. This venture involved turning the historic Jim West Mansion in Clear Lake into a flagship store for his high-end clothing and apparel line, DR34M. The mansion, which Olajuwon purchased for $6 million, was refurbished and now houses his design room and sports memorabilia. Olajuwon was heavily involved in the design of each item, working from the design room in the mansion itself. It offers an exclusive shopping experience, initially by appointment only, with plans for public access. The estate also provides helicopter service for clients and may include future commercial developments like a restaurant and spa​​.

  1. PALLADIO DEVELOPMENT LTD

Through Palladio Development LTD, Olajuwon has made a significant impact in the real estate world with quite a huge number of real estate investments under his name. His approach to investing is unique due to his adherence to Islamic law, which prohibits borrowing money for acquisitions. This strategy has allowed him to make purchases without credit risks, giving him an edge in down markets where others might struggle with interest payments.

By 2006, Olajuwon’s portfolio, which included 25 investments, was valued at over $100 million. He specializes in properties that have potential for development, such as large undeveloped plots of land near transportation lines and highway exits. One notable investment was the purchase of a 41-acre property near NASA’s Johnson Space Center, which he developed into a retirement community. His portfolio also includes parking garages, apartment complexes, commercial buildings, and single-family homes.

One of his more unique investments was purchasing Houston’s former Federal Reserve Bank building and converting it into a mosque. He also owns the former World Trade Center building in Houston.

  1. BASKETBALL CAMPS AND CLINICS

Olajuwon has conducted basketball camps and clinics as a way of giving back to the basketball community and sharing his expertise with aspiring players. As one who is well-known for his post moves and defensive prowess during his NBA career, he has used his knowledge and skills to run specialized basketball camps, particularly the “Hakeem Olajuwon’s Big Man Camp,” which focuses on teaching post players the intricacies of low-post moves, footwork, and defensive techniques.

As Hakeem gracefully retired from professional basketball in 2002, his legacy continued to flourish. His journey from Nigeria to NBA stardom, his achievements in business, and his unwavering commitment to philanthropy make him a true inspiration. Olajuwon’s story is a testament to the power of dreams, dedication, and the enduring impact one individual can have on the world.