Michael Jordan

JEFF HAYNES/AFP/Getty Images

Welcome to the big leagues, Michael Jordan!

The acclaimed athlete is now a billionaire, according to Forbes. The magazine estimated that Jordan's equity as owner of the NBA's Charlotte Hornets is $416 million and his net worth outside of the team is $600 million. According to Forbes, the 51-year-old basketball player now owns 89.5 percent of the team.

Jordan bought an additional stake in the Hornets in January 2013, but the cost has not been revealed. The Olympic gold medalist's rep had no comment regarding Jordan's reported status as a billionaire.

Jordan invested in the Hornets in 2006, and he became the controlling owner in 2010 after buying out Robert Johnson for $175 million. The team is reportedly worth between $600 million and $625 million.

In addition to his stellar career on the court, Jordan has promoted a number of brands over the years. He has been a major spokesman for Coca-Cola, Gatorade, Hanes, McDonald's, Nike, Wheaties and more.

Last year, Jordan married model Yvette Prieto at Bethesda-by-the-Sea Episcopal Church in Palm Beach, Fla. The newlyweds welcomed identical twin daughters, named Victoria and Ysabel, in February 2014. The Space Jam star also has three children with his ex-wife, Juanita Vanoy: Jeffrey, Marcus and Jasmine.

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