Simpson’s parole hearing took place on Thursday, July 20. The former NFLer was granted parole following a unanimous decision by the Nevada State Parole Board. If all goes according to schedule, Simpson could be a free man as early as October 1, 2017. Back in 2008, he was sentenced to a minimum of nine years and a maximum of 33 years in prison after being convicted of kidnapping and armed robbery in Nevada.
Simpson, 70, will earn a fairly decent living thanks to his pensions.
Here is what you need to know about Simpson’s net worth:
1. Simpson Had an Estimated Net Worth of $10.8 Million in 1992
While playing football for the San Francisco 49ers, Simpson was earning less than $1 million per year. He made an estimated $733,300 in 1976 and an estimated $806,600 in 1979, the year he retired from the NFL.
In 1992, Simpson had an estimated net worth of $10.8 million. Following his retirement, he was earning about $55,000 per month, according to court documents made public during his divorce from ex Nicole Brown Simpson. Simpson agreed to pay his ex-wife $10,000 per month in child support to finalize the divorce. He also had to pay over $700,000 in a lump sum to his ex, according to Celebrity Net Worth.
While Simpson still had a very recognizable face and was wanted for various gigs, the majority of this money came in the form of assets.
“Around half of his net worth came from the value of his Brentwood estate. He bought that estate in 1977 for $650,000 (roughly $2.5 million in 2016 dollars),” Celebrity Net Worth reports.
Simpson also had a deal with Hertz rental car company that earned him quite a bit of money. While the company chose to stick by its spokesperson following claims that Simpson had physically beaten his then-wife, Nicole Brown Simpson, the two parted ways after he was charged with first degree murder.
“Regrettably, O.J. Simpson is as highly identified with Hertz as he is with football,” Hertz vice president of public affairs Joseph Russo said at the time.
You can watch one of Simpson’s Hertz commercials in the video below.
2. Simpson Has a Pension From the NFL & From the Screen Actors Guild
Simpson has not been able to touch his pension, though there are conflicting reports about this. Some outlets claim that Simpson has been earning money whilst in prison while others claim that he won’t be receiving any of his pension money until he is out of jail.
Either way, the NFL will be paying Simpson around $1,700 per month as a free man, according to Celebrity Net Worth. Simpson will also receive a pension from the Screen Actor’s Guild, totaling around the same. This means that Simpson will take in about $3,400 per month until both of his pensions run out. In stark contradiction, Sports Illustrated reports that Simpson will be receiving “as much as” $25,000 per month from the NFL.
Simpson’s pension money cannot be touched by the Goldman family due to the Employee Retirement Income Security Act (ERISA). In addition, Simpson’s move to the state of Florida was one that will protect his assets, according to the Daily Mail.
“Simpson has avoided paying through a variety of means including his move to Florida – where a law can block the forced sale of residences. Creditors cannot attach his NFL pension,” the site reported back in February.
3. Simpson Paid $25 Million to the Families of Nicole Brown Simpson & Ron Goldman
Simpson was acquitted in the murders of his ex-wife, Nicole Brown-Simpson, and her friend, Ron Goldman. However, Simpson was sued by both families in civil court and was found guilty. He was ordered to pay out $25 million in punitive damages to the families.
According to the New York Times, this is money that Simpson didn’t have in 1997 — and it’s money that he certainly doesn’t have in 2017.
“The jury decision of last Tuesday was the only decision important to us, to find the killer of my son and Nicole responsible. The money is not an issue. It never has been. It’s holding the man who killed my son and Nicole responsible,” said Ron Goldman’s dad, Fred, at the time of the jury’s verdict.
According to CNBC, Simpson, who claimed the be broke at the time of the ruling, has paid very little money to the Brown and Goldman families to date.
“The killer worked really hard to hide all of his assets, and so we were always coming up against some kind of a wall. We’ve collected less than one percent of [the money we’re owed],” said Goldman’s sister, Kim, in 2014. When asked about Simpson’s possible upcoming parole, Kim said that she and her family had every intention of being persistent.
“We’ll be there waiting and watching. I’m not letting up. If I did, then I’m telling him it’s okay for what he did,” she said.
4. Simpson Owes an Additional $8.5 Million to the Goldman Family
Back in 1997, the Goldman family was awarded an additional $8.5 million in compensatory damages. Below is a description of compensatory damages vs. punitive damages courtesy of Davis Law Firm.
“Compensatory damages is what the injured person is granted (compensated) for the incurred injuries. Sometimes compensatory damages are referred to as “actual damages”. Legal instructions always call for reasonable compensation in case the compensatory damages is what the plaintiff is looking for. Punitive damages is what may be recovered only in certain circumstances. Punitive damages exist for punishment and deterrence if the misconduct was intentional or when the wrongdoer has acted in a reckless manner disregarding the rights of others. The payment of punitive damages is quite rare, and appellate courts even cut punitive damage down or even dismiss them. However, the threat of existence of punitive damages in the case can cause defense to offer an increased settlement. Do not hesitate to call our office today, as we will work with your specific case to resolve the best compensation possible.”
5. Simpson’s Florida-Area Home Went Into Foreclosure in 2014
Simpson bought a 4,334-square foot home in Florida in September 2000. He purchased the property for $555,000 after losing a civil suit to Fred Goldman, in which he was found liable for the death of Ron Goldman. While Simpson was ordered to pay Goldman $33.5 million, his Florida residence was secure, as homestead property cannot be seized in Florida for the repayment of civil debts.
With Simpson in jail for robbery and his finances in disarray, he fell behind on his payments. Without having remitted in more than two years, Simpson owed his lender nearly $900,000 in “back payments, principal fees, court costs and penalties,” according to the Daily Mail. The property sold in June 2014 for $513,200 to Global Rental E&P, according to the Miami Herald; a previous deal for $655,000 fell through.
Once Simpson is paroled, he is free to live wherever he pleases, with a small caveat.
“Simpson is free to live where he wants – provided his post-prison plans are approved by Nevada’s Division of Parole and Probation and the state where he wants to move,” USA Today reports.
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