Rafael Palmeiro Net Worth

What is Rafael Palmeiro's Net Worth and Salary?

Rafael Palmeiro is a former professional baseball player who has a net worth of $5 million. Rafael Palmeiro played 20 seasons in MLB from 1986 to 2005. During his career, he played for the Chicago Cubs, Texas Rangers, and Baltimore Orioles, and earned three Gold Glove Awards and two Silver Slugger Awards. Palmeiro is one of only seven MLB players to be a member of both the 500 home run club and the 3,000 hit club. He played 2,831 games during his career, the most of any player without ever playing in a World Series.

Rafael's career ended somewhat controversially and suddenly. He was swept up in a steroid investigation, which ultimately led to him testifying in front of Congress and denying he had ever used illegal substances. He later tested positive for a substance that MLB determined was illicit, and he was banned for 10 games. The suspension came shortly after he joined the 500 home run and 3,000 hit club. He claimed that the steroid test was a false positive from a tainted vitamin b12 shot he received from teammate Miguel Tejada. After serving his 10-game suspension, he played just seven more games in his career, and he was booed by his hometown fans. A three-month Congressional investigation would later reveal that no evidence was found that Rafael ever used banned substances.

As we detail in the next sections, unfortunately – despite earning nearly $90 million during his career – Rafael was forced to file for Chapter 11 bankruptcy in 2011 after a failed Texas real estate investment.

Salary & Career Earnings

During his professional career, Rafael Palmeiro earned a little under $90 million in salary. His largest contract was a five-year, $45 million contract signed with the Texas Rangers in 1999. He actually turned down a five-year $50 million contract from the Orioles to return to the Rangers because he wanted to be closer to his family. His highest-paid seasons were 2001 and 2003, when he earned $9 million. In the years around those seasons, he earned a bit under $9 million. Earning $9 million in 2001 is the same as earning $16 million in today's dollars. He earned tens of millions more from endorsements.

2011 Bankruptcy & Failed Texas Real Estate Investment

In 2007, two years into retirement from baseball, Rafael pivoted towards a career in real estate investment. In partnership with an investment firm, Rafael began buying residential properties in Dallas. At one point, he was pitched on investing in a 92-acre residential development. The development eventually expanded to 185 acres. Perhaps foolishly in hindsight, Rafael decided not to just be a minority investor but to put down $53 million of his own money, a substantial amount of his entire net worth at the time, to be the lead investor in what would be called "The Gardens of Grapevine Development."

Unfortunately, the real estate market and the global economy at large collapsed just one year later, in 2008. The residential community was scrapped and Rafael was forced to file for Chapter 11 bankruptcy in 2011. According to bankruptcy filings, creditors were owed more than $40 million, of which $10 million was owed by Rafael personally. The land was acquired by the city of Grapevine for $29.5 million in 2013. A 454-unit development originally known as Grapevine Bluffs was developed. Today, the development is called Bexley Grapevine.

Pebble Beach Home

In 2005, Rafael and his wife paid $8.5 million for a 7,000-square-foot mansion in Pebble Beach, California. At the worst part of his bankruptcy situation, late 2011, Rafael and his wife requested that foreclosures on his various assets be held off until they this home, which could have been worth $10-12 million. According to his filing, they would use $2.5 million from the sale as a down payment on his debts and then pay off the remainder in installments. The Palmeiros sold the home in March 2012 for a tad under $10 million.

Texas Home

In February 1993 Rafael paid an undisclosed amount of money for a two-acre property in Colleyville, Texas. He proceeded to build a 13,000-square-foot mansion on the property. He still owns this home today and it is worth around $3 million.

Early Life and Education

Rafael Palmeiro Corrales was born on September 24, 1964 in Havana, Cuba. At the age of seven, he moved with his family to the United States, settling in Florida. In Miami, Palmeiro attended Miami Jackson High School, where he played baseball. Although he was drafted by the New York Mets out of high school, he decided not to sign. Instead, Palmeiro attended Mississippi State University, where he played for the Bulldogs baseball team alongside future MLB star Will Clark. An All-American at the school, he also became the first player ever to win the SEC triple crown.

Chicago Cubs

In the 1985 MLB draft, Palmeiro was chosen by the Chicago Cubs in the first round with the 22nd overall pick. Beginning his professional career in the minors, he played for the Midwest League's Peoria Chiefs in 1985. The following year, he played for the Eastern League's Pittsfield Cubs. After batting .306 with 12 home runs and 95 RBI with Pittsfield, Palmeiro was called up to the majors toward the end of the 1986 season. With the Chicago Cubs that season, he played 22 games, batting .247 with three home runs and 12 RBI.

Palmeiro began the 1987 season back in the minors with the American Association's Iowa Cubs, hitting .299 with 11 home runs and 41 RBI. He was then called back up to the majors, where he hit .276 with 14 home runs and 30 RBI in 84 games with the Chicago Cubs. Palmeiro had his breakout year in 1988, batting .307 with eight home runs and 53 RBI in 152 games. However, he was also the subject of a scandal that year when rumors began swirling that he was having an affair with the wife of his teammate Ryne Sandberg.

Texas Rangers, 1989-1993

Following the 1988 season, Palmeiro was traded to the Texas Rangers. With the team, he was mostly used as a first baseman or designated hitter. In his first season in 1989, Palmeiro batted .275 with eight home runs and 64 RBI. He went on to flourish as a hitter in 1990, batting .319 with 14 home runs and 89 RBI and leading the league in hits, with 191. The next season, Palmeiro led the league in doubles, with 49, while batting .322 with 26 home runs and 88 RBI. After a slightly less productive 1992, he came back strong in 1993 by batting .295 with 37 home runs and 105 RBI, and leading the league with 124 runs.

Baltimore Orioles, 1994-1998

Palmeiro left the Rangers after the 1993 season and signed a five-year contract with the Baltimore Orioles. In his first season with the team, which was cut short due to the MLB strike, he batted .319 with 23 home runs and 76 RBI. The next season, in 1995, Palmeiro began a nine-year streak of seasons with at least 38 home runs in each. In 1996, he made his postseason debut as the Orioles qualified for the AL Wild Card. The team went on to defeat the Cleveland Indians in the ALDS before losing to the New York Yankees in the ALCS. In 1997, Palmeiro helped the Orioles win their first division title since 1983. Back in the ALDS, the team defeated the Seattle Mariners; the team then lost to the Indians in the ALCS. For his 1997 season, Palmeiro received his first of three consecutive Gold Glove Awards. In 1998, after batting .296 with 43 home runs and 121 RBI, he earned his first of two consecutive Silver Slugger Awards.

Texas Rangers, 1999-2003

In 1999, Palmeiro returned to the Rangers on a five-year contract. His first season back was a success, as he batted .324 with 47 home runs and 148 RBI, earning him Gold Glove and Silver Slugger Awards. That season, the Rangers won their division and advanced to the ALDS, where they were swept by the Yankees. Palmeiro performed well with the team over his remaining four seasons, recording over 100 RBI in each and hitting 214 home runs in total. In May of 2003, in his final season with the Rangers, he hit his 500th career home run.

Baltimore Orioles, 2004-2005

Palmeiro returned to the Orioles in 2004. In his first season back, he batted .258 with 23 home runs and 88 RBI. Palmeiro went on to record a major milestone in 2005 when he got his 3,000th career hit, making him among just a handful of MLB players in history with 3,000 career hits and 500 career home runs. However, not long after that, he was suspended for 10 days for testing positive for anabolic steroids. Palmeiro claimed that his teammate Miguel Tejada had given him a tainted vitamin b12 shot. After returning to the field, Palmeiro played just seven more games. Several years into his retirement, a three-month Congressional investigation found no evidence that Rafael ever used steroids.

Post-MLB Playing

In September of 2015, Palmeiro played alongside his son Patrick in a single game for the Atlantic League of Professional Baseball's Sugar Land Skeeters. Later, in 2018, he and his son signed with the American Association of Independent Professional Baseball's Cleburne Railroaders. Due to injuries in 2018, Palmeiro batted .301 with six home runs and 22 RBI in just 31 games with the Railroaders. He and his son were released by the team in 2019.

Personal Life

With his wife, Palmeiro has two sons named Patrick and Preston, both of whom play minor-league baseball.