Arnold Palmer (Estate)

Arnold Palmer invented the concept of the athlete endorser. Before Palmer, athletes were paid modestly for occasional product appearances. Palmer, with the help of his legendary agent Mark McCormack (who founded IMG to manage Palmer's business), created the model of the athlete as brand -- licensing his name, likeness, and signature to products across categories. McCormack and Palmer effectively invented the sports marketing industry.

The Arnold Palmer drink -- half iced tea, half lemonade -- is one of the most recognizable beverage brands in America. The licensing deal with Arizona Beverage generates tens of millions in annual royalties for his estate. Palmer's golf course design business, equipment licensing deals, and appearance fees made him the highest-earning golfer of his era by a wide margin. At the time of his death in 2016, his annual income from endorsements and licensing exceeded $40 million -- more than most active PGA Tour players.

Palmer's estate continues to grow because of the enduring value of his brand. The Arnold Palmer Invitational at Bay Hill remains one of the best-attended tournaments on the PGA Tour. His image appears on products in grocery stores, pro shops, and restaurants worldwide. With an estimated estate value of $875 million, Palmer's posthumous wealth generation is arguably as impressive as any deal he struck during his lifetime. He proved that a likable personality and a trusted brand can generate income for generations.