Price

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David Price

Age: 65

Net Worth: $570 million

Source of Wealth: Golf courses

Residence: Santa Monica

David Price is among the world’s best players of golf the business of golf, that is.

Price founded American Golf Corp., which manages more than 260 public golf courses nationwide. Speculation swirled last year that American Golf was up for sale, but those discussions between the company and a real estate investment trust were brought to a close last November.

In 1993, Price took another company public, National Golf Properties. This combination of businesses that own and manage golf courses means that Price serves as landlord to many of the courses he manages.

A native Angeleno, Price was an attorney at O’Melveny & Myers before he met wealthy real estate developer Joe Drown. Price became Drown’s lawyer, managing several of his high-profile properties, such as the Hotel Bel-Air.

In 1969, Price and his sister purchased three golf courses, including the Westchester Golf Course near the Los Angeles International Airport.

They didn’t turn a profit for five years. More profitable was getting into the golf-course management business, through American Golf, and offering cities and other golf-course owners a chance to run their courses at a lower cost. A golf boom and a growing interest by municipalities in contracting out their golf-course management spelled big profits for the brother-and-sister team.

When he’s not on the golf course, Price races planes. The former Navy fighter pilot also provided funding in 1989 to build what was then called the Donald Douglas Museum and Library and is now the Museum of Flying in Santa Monica.

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