Andre Agassi continues to invest his earnings from a glittering career after his retirement. Among his many projects is the Turner-Agassi Charter School Facilities, a company that develops campuses for charter schools. He once made over $60 million from a single sale in 2020.
Charter schools are semi-autonomous educational institutions that function on public funding but are independent of government rules and regulations in operations. They are a crossover between public and private schools.
Andre Agassi dived into this market and started his own charter school but was unsuccessful. He then joined hands with Turner Impact Capital to start the Turner-Agassi Charter School Facilities.
As per The Real Deal, this company acts as a ‘bridge developer’ for charter schools. They construct and develop a school building, bearing all expenses, before leasing/selling it to charter school operators.
In early 2020, Turner-Agassi sold a 162,672-square-foot developed precinct in Pembroke Pines for $60.5 million. They had purchased the plot in the Miami suburb for just a shade over $10 million in 2015. The construction, fit for a school supporting Kindergarten to Grade 12, was completed a year later.
This was not the first profit for Agassi and his associates from their endeavors. They sold two properties to charter school operators for over $20 million each in 2016. Overall, Turner-Agassi has developed 125 schools so far enrolling over 60,000 students of all ages, as per their official website.
Not only have they made education accessible but they have also created more jobs. Turner-Agassi claims to have created 4,300 construction jobs and over 4,000 permanent teaching and administration jobs with their charter school projects. They have many projects in the pipeline as well.
The sale played a huge role in propelling the Andre Agassi net worth figure, which is said to be on estimate above $175 million as of 2024. From prize money in tennis, Agassi earned above $31 million, another impressive figure, considering that he played professional tennis mainly in the 90s and early 2000s.
Andre Agassi revealed why he focuses on education for his philanthropy
Agassi has put in a lot of money in philanthropic efforts towards educating and uplifting children. Speaking at a summit in 2017, he told why he chose to be altruistic in this domain. He said he did not want other children to compromise on education like he had to.
In his autobiography Open, the 8-time Grand Slam champion revealed that he dropped out of school in eighth grade. He claimed intense pressure from his father to succeed in tennis was the reason behind this.
Andre Agassi said he did not have a choice but had to give up his education. Hence, he wanted to improve the situation for needy children and provide them with the choice of education (Forbes).
“My story is this lack of choice in life and a lack of education. I saw a direct correlation between a lack of education and a lack of choice, and that was the impetus for me focusing on education.”
Agassi said partnering with Turner Impact Capital was a great way to give needy kids access to quality education.
