I grew up in the East. Magnolias are very fragile. I am surprised this one lasted this long. Probably due to the excellent care it received. If I remember correctly magnolias tend to be lightening magnets also.
Magnolias hold up pretty well in hurricanes due to their roots not being brittle but very strong and rather rubbery.
Only one magnolia’s fallen down here while oaks and pines get toppled all over...and the magnolia that did fall was about the same size as this one, maybe it had rotted out with age, too, after some ancient lightning strike opened a wound for rot to get in, or more likely was crushed by the big dead oak that came down with it. All the mags here look untouched after storms with all limbs - and even big leathery leaves- intact while other species often get stripped. It’s very rare to find a downed limb or even branch from one.
As for its grain, it has a pretty grain though the color of the wood is rather gray.
Sure looks nice in the second picture here:
https://www.woodturningpens.com/magnolia-bowl/