Karl Malone’s $5 Million Dream Team Auction: Untold Story of How He Secured 24 Rare Memorabilia Pieces

For basketball history, few teams command the same reverence as the 1992 Dream Team. Packed with NBA legends like Michael Jordan, Larry Bird, and Magic Johnson, this squad didn’t just win gold in Barcelona—they redefined global basketball. Their perfect 8-0 record at the Olympics wasn’t just dominance; it was a masterclass. And with such greatness on display, it’s no surprise their game-worn jerseys have skyrocketed in value, turning them into treasures of basketball lore. Just last year, Karl Malone raked in a jaw-dropping $5 million from an auction of 24 memorabilia pieces tied to the Dream Team.

But it wasn’t just about owning history—Malone had a knack for collecting it. During the 1992 Olympics, he didn’t let these iconic jerseys slip away. He managed to gather the game-worn jerseys of his teammates, each signed by all 12 Dream Team members. But how did he get all this memorabilia?

Interestingly, Malone himself admits that the credit isn’t all his. On Netflix’s King of Collectibles, the NBA legend revealed a behind-the-scenes story about how the jerseys came together. “Well, as much as I would like to take the credit after we opened it up for the families, jerseys were just kind of laying on the floor,” Malone shared. “My wife just started going up, picking up the jerseys, and that’s how it happened. So, I can’t take all the credit.” But the story doesn’t end there.

Among the items he collected were the exact jerseys worn during the Dream Team’s semifinal win over Lithuania, a pivotal game in their run to gold. As if that wasn’t enough, he also added a pair of game-worn sneakers signed by every single Dream Team member, making the collection even more iconic.

Of course, the centerpiece of the auction was none other than Michael Jordan’s jersey. Worn during the semifinal against Lithuania, the number nine jersey fetched a staggering $3 million. And in Karl Malone’s $5 million auction haul, Jordan’s other items also sold for huge money.

Karl Malone sold 1992 Dream Team memorabilia for $5 million

A signed number nine jersey from the 1992 Olympics, inscribed with a personal message: “To Karl, good luck.” This jersey alone smashed records, becoming the most expensive game-used Jordan Olympic item ever sold. But Malone didn’t stop there. He also parted with a pair of Jordan sneakers from the 1992 Tournament of the Americas, which fetched a cool $420,000.

Of course, Jordan wasn’t the only Dream Team legend represented in Malone’s collection. Jerseys from Larry Bird, Magic Johnson, Charles Barkley, and David Robinson brought in impressive sums. Larry Bird’s jersey sold for $360,000, while Magic Johnson’s went for $336,000. Charles Barkley’s jersey brought $230,400, and David Robinson’s sold for $116,400.

Even the remaining jerseys commanded serious cash: Clyde Drexler’s ($91,200), Scottie Pippen’s ($80,400), and Malone’s own jersey at $58,800. The list continued with John Stockton ($55,200), Patrick Ewing ($39,600), Christian Laettner ($39,600), and Chris Mullin ($37,200).

When the USA basketball team for the 1992 Barcelona Olympics was announced, for the first time, active NBA superstars like Michael Jordan, Magic Johnson, and Charles Barkley were allowed to represent the United States in the Olympics. They crushed every opponent, winning by an average of 44 points and taking home the gold medal with ease.

What made this team truly legendary was its roster. Out of the 12 players, 10 were later named among the 50 Greatest Players in NBA History. Even their coach, Chuck Daly, never called a timeout throughout the tournament, showcasing their utter dominance. Jordan and Scottie Pippen, meanwhile, made history as the first players to win an NBA championship and Olympic gold in the same year.

They also scored over 100 points in every game, averaging a staggering 117.3 points per game. Despite facing only 13 NBA players across eight games, they maintained an average victory margin of 44 points. It wasn’t just basketball.

A smart decision

Interestingly, Malone didn’t stash these treasures away in some secret vault. Instead, he displayed them proudly at one of his car dealerships in Utah for years. But when the time came to sell, Malone turned to none other than Ken Goldin, the executive chairman of Goldin Auctions.

“It was truly remarkable to have been able to work with Karl Malone himself to offer this iconic collection to fans everywhere,” said Ken Goldin. Buyers understood the once-in-a-lifetime opportunity. After all, how often do you get to own jerseys worn by the greatest players in basketball history, let alone from the legendary Dream Team?

Looking back, Malone’s foresight in gathering every single Dream Team member’s jersey was pure genius. What started as a casual effort—largely thanks to his wife—turned into one of the most iconic sports collections ever assembled. And three decades later, it paid off in a big way, cementing Malone’s legacy both on and off the court.