FREDERICK W. “TED” FIELD
Net Worth:
$1.4 billion, up 16.7%
Last Year:
$1.2 billion
Age:
52
Residence:
Beverly Hills
Source of Wealth:
Inheritance, entertainment
Background:
Made his money the old-fashioned way: wrestling with half-brother in court over inheritance of dad’s Marshall Field & Co. department store fortune. Founded Interscope Records; sold it to Universal for $330 million. Was brought on to head ArtistDirect Inc. and turn dot-com into traditional music company, but it lost $45 million and continues to lose amid competition from major labels. Resigned, but remains head of ArtistDirect Records and Radar Pictures and Radar Records. Executive producer of films for Radar Pictures, including “The Last Samurai” and “Chronicles of Riddick.” Recent films, including “Son of the Mask,” a sequel to hugely successful “The Mask,” have flopped, but “Amityville Horror” remake appears successful in box office and reviews. Member of President’s Committee of American Civil Liberties Union; donated $25,000 to Democratic National Committee in 2004 election cycle. Divorced three times, has nurtured a playboy-type image around town.
GEORGE RANDOLPH HEARST JR.
Net Worth:
$1.4 billion, up 16.7%
Last Year:
$1.2 billion
Age:
78
Residence:
Los Angeles
Source of Wealth:
Inheritance, media
DAVID HEARST JR.
Net Worth:
$1.4 billion, up 16.7%
Last Year:
$1.2 billion
Age:
60
Residence:
Beverly Hills
Source of Wealth:
Inheritance, media
Background:
Iconic media family did well last year, despite stake in lagging newspaper industry. Hearst Corp.’s 20 percent interest in growing ESPN is paying off, and it owns a variety of strongly performing media titles. Hearst Magazines includes Cosmopolitan, Good Housekeeping, Harpers Bazaar and O, Oprah Winfrey’s monthly. Also has SmartMoney, which is jointly owned with Dow Jones & Co. Television and cable holdings include Lifetime Television, which it owns jointly with Walt Disney Co. Cousins are heirs to the fortune built by their grandfather, media tycoon William Randolph Hearst, and great-grandfather, gold and silver mine owner George Hearst. Family reached resolution last year on future of 82,000-acre San Simeon estate. Some limited development will be allowed, but most of the property will be preserved. Hearst cousins William Randolph II and Patty filed suit in April to unseal the will of the family trust, citing suspicions of how the 13-member board of trustees has been administering the funds. Board is made up of five family members and eight company executives. Details of trust have been kept secret since Patty’s 1974 kidnapping and ransom, in interest of family safety.
GEORGE JOSEPH
Net Worth:
$1.2 billion, up 9.1%
Last Year:
$1.1 billion*
Age:
83
Residence:
Los Angeles
Source of Wealth:
Insurance
Background:
Shares of Mercury General are up 9 percent since last May. Joseph, who is chairman and chief executive, founded the company as Mercury Casualty Corp. in 1961 and took it public in 1985. Holds 35 percent of outstanding shares. Company increased annual dividend by 16 percent this year, despite first quarter hit from losses linked to record rainfall. Became third-largest auto insurer in California in 2003, with total assets of over $3 billion. Company is embroiled in lawsuit alleging that Mercury defrauded customers through deceptive ads that misrepresented premiums by omitting broker fees. Harvard-educated numbers man, he completed degrees in math and physics in less than three years. Started career as actuarial trainee at Occidental Life, grew jealous of paychecks in sales department and subsequently became an entrepreneur.
*Revised
ALAN CASDEN
Net Worth:
$1.2 billion, up 9.1%
Last Year:
$1.1 billion*
Age:
58
Residence:
Beverly Hills
Source of Wealth:
Real estate
Background:
Mixed year for the real estate developer. Continues to be involved in six-year law suit with brother Henry, who sued to recover severance and unpaid dividends after leaving Alan’s real estate company. Los Angeles City Ethics Commission fined Casden’s associates after they pleaded no contest to laundering contributions to local politicians, including Jack Weiss. But Los Angeles City Council approved Casden’s $300 million Westwood Village mixed-use project last August despite local opposition. Project should be completed by the end of 2006. Sold portfolio to Apartment Investment & Management Co. (Aimco) in 2001 for $1.5 billion. Settled legal battle with Aimco for $83 million, including $28 million out of Casden’s pocket. Failed bid to buy Dodgers from News Corp. in 2003. Former accountant got into real estate in 1975. Helped start Simon Wiesenthal Center and its Museum of Tolerance. Served as co-chairman for 25 years and still sits on museum’s board. Avid collector of ancient Jewish coins.
* Revised
LOUIS GONDA
Net Worth:
$1.2 billion, down 25%
Last Year:
$1.6 billion
Age:
56
Residence:
Beverly Hills
Source of Wealth:
Aircraft leasing
Background:
Wealth dipped this year due to 25 percent dive in share price of embattled insurance giant AIG. Co-founded International Lease Finance Corp. with partners Steven Udvar-Hazy and father Leslie Gonda in 1973; sold to AIG in 1990. Founded Lexington Commercial Holdings real estate firm (a partner on two mixed-use projects in Beverly Hills involving luxury hotel and condominiums, office space and a public plaza). Entered entertainment business with Lexington Entertainment Group; established partnership with Miramax in 2003 to launch state-of-the-art facility providing high-end digital graphics and image editing. Owns Outpost Digital and Post Logic Studios. Started venture capital fund Lexington Ventures LLC, with $150 million in 2000. Also owns stakes in technology company Advanced Remote Communications Solutions and StorAmerica, a national chain of self-storage units. Born in Venezuela.
LESLIE GONDA
Net Worth:
$1.1 billion, down 21.4%
Last Year:
$1.4 billion
Age:
85
Residence:
Beverly Hills
Source of Wealth:
Aircraft leasing
Background:
Sitting on American International Group stock has been costly for Gonda. He owns more than 19 million shares of the embattled insurance giant, which has taken a beating due to accounting questions centered on its former chairman, Hank Greenberg. Founded International Lease Finance Corp. with son Louis and friend Steven Udvar-Hazy in 1973 with $1.7 million bank loan and $150,000. Sold it to AIG for stock in 1990. Retired as AIG director in 2003 and gives heavily to philanthropic causes through the Leslie and Susan Gonda (Goldschmied) Foundation, formed in 1988. Supports Ben-Gurion University and Bar-Ilan University in Israel, UCLA, Mayo Clinic and City of Hope, for research in diabetes, neuroscience and genetics. Born in Hungary, survived the Holocaust, went to Venezuela after World War II. Later came to United States.
ROY E. DISNEY
Net Worth:
$1.1 billion, up 10%
Last Year:
$1 billion
Age:
75
Residence:
Toluca Lake
Source of Wealth:
Inheritance, entertainment
Background:
Nephew of Walt Disney has become dissident shareholder over past two years. After resigning as director in 2004 he claimed he was ousted for opposing then-Chairman and Chief Executive Michael Eisner he led the shareholder rebellion that stripped Eisner of his chairman’s title. “Save Disney” campaign succeeded in garnering 40 percent vote of no-confidence against Eisner at the last annual meeting, which likely led to Eisner’s decision to step down later this year. Sued company, Eisner and six current board members for misleading shareholders about search process for new CEO. Eisner’s handpicked successor, President and Chief Operating Officer Robert Iger, got board’s nod. Disney’s suit seeks to void the appointment, claiming company was obligated to conduct a more rigorous outside search. Disney stock has appreciated modestly this year; he inherited large chunk of Disney shares currently valued at more than $450 million. Chairman of investment company Shamrock Holdings Inc., with estimated $2 billion under management. Avid sailor, he spends a lot of time in New Zealand racing his 77-foot yacht. Owns 747 aircraft and castle in Ireland.
ALEC GORES
Net Worth:
$1.1 billion, down 8.3%
Last Year:
$1.2 billion
Age:
52
Residence:
Beverly Hills
Source of Wealth:
Leveraged buyouts
Background:
Primary vehicle Gores Technology Group maintains pace by acquiring two to three tech and telecommunications companies a year; typically assumes full ownership of companies with $10 million to $1 billion revenues and then either sells them or takes them public. Withdrew initial public offering of Gores Investment Group filed a year ago, but made more than $100 million on public offering of Verifone credit card processing company. Highly competitive brothers Alec and Tom worked together until Tom formed Platinum Equity in 1995; unsuccessfully bid together for assets of Global Crossing Ltd. in 2002. Alec made it big with 2002 acquisition of educational software developer Learning Co. from Mattel Inc. for no cash and a share of future profits. Sold business a year later to Riverdeep Group Plc for $40 million in stock and $20 million in debt. Founded company in the late 1980s after selling off computer systems business he had started in his father’s basement.
DONALD STERLING
Net Worth:
$1.1 billion, up 15.9%
Last Year:
$949 million
Age:
71
Residence:
Beverly Hills
Source of Wealth:
Real estate
Background:
Owns Los Angeles Clippers and nearly 100 apartment buildings in Southern California. Owns 116-room Beverly Hills Plaza Hotel and Art Deco building on Wilshire Boulevard that is largely empty, except for office of his Donald Sterling Corp. Lost suit last year over alleged discrimination against blacks and Latinos under the Fair Housing Act by using “Korean” in property names. (Wife Rochelle was caught on tape impersonating health official to gain access to tenant apartments to determine ethnicity, according to court documents.) Was separately ordered to pay $30,000 for refusing to disclose his net worth in the lawsuit. In an unrelated lawsuit, testified in graphic detail about repeatedly paying to have sex with a woman, whom he sued. (“It was purely sex for money, money for sex, sex for money, money for sex,” he said in a deposition.) Bought Clippers in 1981 for $12.5 million, now worth about $224 million according to Forbes; despite the team’s tendency to lose, it is one of most profitable in the NBA because of low payroll. Has helped Sterling earn cheapskate reputation.
MICHAEL MILKEN
Net Worth:
$1 billion, up 17.6%
Last Year:
$850 million
Age:
58
Residence:
Los Angeles
Source of Wealth:
Investments
Background:
Involved in philanthropy since the early 1970s, Milken has donated $750 million personally and through foundations to medical and education programs. Diagnosed with prostate cancer in 1993, now in full remission. (He has lost 10 family members to cancer). Founded think tank FasterCures/The Center for Accelerating Medical Solutions in 2003 to shorten time to find cures and improve treatment for diseases through economic incentives and regulatory efficiencies. Passive investor. Holding company Krest LLC (formerly Knowledge Universe), has taken a hit on LeapFrog Enterprises stock, which is down 50 percent from last year, but other investments have grown. Graduated from UC Berkeley as an undergraduate and Wharton with an M.B.A. Started at Drexel Burnham Lambert in 1969, became head of junk bond trading, popularizing the notion that risky debt securities would be less volatile if investors purchased them from many issuers. After junk bond market collapsed in the late 1980s, Milken was indicted on securities fraud. Pleaded guilty to six felony counts, served 22 months in prison and paid $200 million in fines. Presents 100 outstanding teachers a year with a $25,000 check to recognize their work.
WILLIAM BARRON HILTON
Net Worth:
$1 billion, up 38.9%
Last Year:
$720 million
Age:
77
Residence:
Holmby Hills
Source of Wealth:
Hotels
Background:
Revival in business travel and pending purchase of Caesars Entertainment by Harrah’s Entertainment has pushed up the wealth of the Hilton Hotel chairman. Joined family business in 1954 as vice president. Won court battle for inheritance of controlling shares. Took Hilton into Nevada gaming with 1970 purchase of Las Vegas Hilton and Flamingo Hilton, making it first Fortune 500 company in casinos. Owns big personal stake in Caesars. Texas native was Navy photographer in World War II. Started pro football Los Angeles Chargers in 1960, later moved them to San Diego. First acquisition in 1965 was L.A.-based Vita-Pakt Citrus Products. Aviation enthusiast has half-million acre Flying M Ranch, one of world’s premiere competition glider spots. Hilton’s personal fleet includes helicopters, stunt planes, a private jet, sailplanes and hot air balloons. Owns duck hunting lodge in California delta. Has donated $1.5 million to found Conrad Hilton College of Hotel & Restaurant Management at University of Houston.
STEPHEN L. BING & FAMILY
Net Worth:
$1 billion
Last Year:
Not on list
Age:
40
Residence:
Beverly Hills
Source of Wealth:
Inheritance, real estate
Background:
Heir to more than $600 million real estate fortune built by grandfather Leo Bing, a developer of high-end apartments in the 1920s in New York. Father, Dr. Peter Bing, worked on public health policy in the Johnson White House before heading back to real estate in L.A. Bing’s production company, Shangri-La Entertainment LLC, co-produced the 2004 Tom Hanks movie “Polar Express.” Despite efforts at keeping private, Bing has earned a reputation as an international playboy. Fathered a child with supermodel Elizabeth Hurley in 2002. Chrysler baron Kirk Kerkorian in 2001 accused Bing of fathering a child with ex-wife; dispute was settled. Family has always been prolific givers: Leo S. Bing Theater at the Los Angeles County Museum of Art, endowment for Bing Research Fellowship at the Hoover Institution, Stanford University’s Bing Nursery School and the Bing wing of Stanford’s library, where Bing’s father served as chairman of the board of trustees. Stephen Bing dropped out of Stanford after selling a screenplay his junior year. Typically donates anonymously; gave $16 million to Democratic candidates and causes in 2004. Also donated at least $4 million to Republicans in California. Pledged $10 million to the National Resources Defense Council’s study of global warming.
JEFFREY KATZENBERG
Net Worth:
$942 million, up 17.8%
Last Year:
$800 million
Age:
54
Residence:
Beverly Hills
Source of Wealth:
Entertainment
Background:
DreamWorks Animation SKG Inc.’s chief executive saw his net worth increase with company’s initial public offering. DreamWorks scored with second installment of the “Shrek” franchise, which helped contribute to $1 billion in revenue in 2004, more than triple 2003. Plans to release two computer-animated films a year, including “Shrek 3” in 2007. Grew up on Park Avenue; lame-duck Disney Chief Executive Michael Eisner was a childhood friend. Started entertainment career in 1975 as an assistant to Barry Diller at Paramount Pictures and moved up through the ranks. Head of feature production at Disney from 1984-1994. Left after falling-out with Eisner and battled in court for unpaid compensation, winning $250 million. Co-founded DreamWorks SKG with Geffen and Spielberg in 1994. The publicly held animation unit took a hit after reporting disappointing “Shrek” home video sales. Katzenberg co-produced reality boxing show “The Contender” on NBC. Democratic supporter, gave to Edwards, Clark, Gephardt and Kerry.
STEWART RESNICK
Net Worth:
$890 million, up 50.8%
Last Year:
$590
Age:
67
Residence:
Beverly Hills
Background:
Pomegranates have been sweet for Resnick and his Roll International Corp. holding company. Began buying up pomegranate groves a few years ago and now Roll is making a splash in the marketplace with it POM Wonderful brand juice. Roll also made big play in the bottled water industry, buying Fiji Water, the sector’s second largest importer. Franklin Mint is Roll’s biggest operation; rebounded after two difficult years in collectible industry that forced mint to reduce staff to fewer than 50 and focus on Internet and wholesale business. Also has floral delivery service Teleflora and pistachio and almond producers. Started out as lawyer who worked his way through law school by running janitorial business. Founded Roll with wife Lynda. Avid art collector of French and Italian works from the 17th and 18th centuries. Active Democrat who donated heavily in last presidential election cycle.
TOM WERNER
Net Worth:
$852 million, up 21.7%
Last year:
$700 million*
Age:
55
Residence:
Pacific Palisades
Source of Wealth:
Entertainment
Background:
Production power duo with partner Marcy Carsey. Their $1.2-billion-firm is once again named Carsey-Werner since partner Caryn Mandabach left late last year. Will remain biggest independent TV production house after the pair decided not to sell out after flirtation with buyers. Duo created sitcom blockbusters “The Cosby Show,” “Roseanne,” and “That ’70s Show.” Have two new shows in production and will soon begin production of first feature film. Outside interest in baseball paying off big: Chairman of Boston Red Sox, which he bought with former Florida Marlins owner John Henry in 1999 for $700 million. Raised team payroll to second-highest level in Major League Baseball, improved Fenway Park, raised ticket prices. Still, the Sox sold out every game last year. Team won World Series, breaking 84-year curse. Franchise valued by Forbes at $563 million, but that was before team won the series. Purchase price included cable television network and other moneymaking ancillary assets. “Today” show anchor Katie Couric is sometimes girlfriend.
*Revised
LOWELL J. MILKEN
Net Worth:
$800 million, up 19.4%
Last Year:
$670 million
Age:
56
Residence:
Los Angeles
Source of Wealth:
Investments
Background:
Chairman of Milken Family Foundation, which focuses on education and medical research. Recently started Teacher Advancement Program Foundation, which aims at revitalizing the teaching profession and increasing the quality of teachers. Active investor. Chairman of London-based Heron International, a property investment and development company. Owns numerous businesses; involved in golf course properties and industrial and commercial real estate. Graduated from UC Berkeley; received law degree from UCLA and joined Los Angeles firm Irell & Manella. Left in 1978 when older brother Michael came to Los Angeles. Worked as brother’s tax consultant and main adviser at junk-bond house Drexel Burnham Lambert. Was indicted for securities fraud; charges were dropped when Michael pleaded guilty.
JOHN TU
Net Worth:
$800 million, up 33.3%
Last Year:
$600 million
Age:
64
Residence:
Rolling Hills
Source of Wealth:
Computers
Background:
Strong year for the co-founder of Orange County computer memory maker Kingston Technology Co. Revenues were up by about a third, topping $2.4 billion. Founded the company with friend David Sun. Partners made fortune by selling 80 percent of Kingston to Japan’s Softbank Corp. for $1.5 billion in 1996. Tu then handed out $100 million in employee bonuses. Three years later, the pair bought Kingston back for a song $450 million. Tu and Sun are still equal partners. Lives in Rolling Hills and commutes to the office in Fountain Valley. Born in China and moved to the U.S. in 1972. Married with two children, Tu is an avid Elvis fan who plays drums in his own band with professional musicians. Has an electrical engineering degree from Technische Hochschule Darmstadt in Germany.
GUILFORD GLAZER
Net Worth:
$733 million, up 21.2%
Last Year:
$605 million
Age:
83
Residence:
Beverly Hills
Source of Wealth:
Real estate
Background:
Real estate portfolio has appreciated, benefiting from hot market. Built large multi-state mall and apartment portfolio, starting in 1950 with apartment building for his mother. Developed nation’s second largest mall, 2.1-million-square-foot Del Amo Fashion Center, in 1961; sold it two years ago for $442 million to Mills Corp. Still active through primary investment vehicle Torrance Co. Son of a welder, native of Tennessee, dropped out of college to serve in World War II following Pearl Harbor (no relation to Malcolm, who just bought the Manchester United soccer team). Proponent of economic development in order to achieve Jewish/Palestinian peace; last year donated $1 million to strengthen Israel’s international information and public relations efforts; initiated and largely funded a $2-million Rand Corp. study this year on rebuilding Palestinian public transportation infrastructure.
ROBERT PETERSEN
Net Worth:
$716 million, up 11.5%
Last Year:
$642 million
Age:
78
Residence:
Beverly Hills
Source of Wealth:
Publishing
Background:
Sold his 19,000-acre La Panza ranch near Paso Robles (said to have been a Jesse James hideout) for $14.5 million. Has amassed major holdings in gold, whose price has increased 13 percent over the past 12 months. Collector of old-West outlaw memorabilia and car buff, started Petersen Publishing with “Hot Rod” magazine at age 21 in 1948. Sold copies by hand out of back of his 1931 Ford pickup; started “Motor Trend” one year later. Went on to launch 60 specialty magazines, including “Guns & Ammo.” Made fortune selling publishing empire for $463 million in 1994, but kept 3.6 million shares, which he later sold for $122 million when company was bought by a British publisher. Used $5 million of proceeds to help start Petersen Automotive Museum and later paid off its $24.8 million in bond debt. Also owns $20 million Bismuth Cartridge, environmentally friendly shotgun ammo maker, and Petersen Aviation, with five private jets at Van Nuys airport.
AUBREY CHERNICK
Net Worth:
$705 million, up 10%
Last Year:
$641 million
Age:
56
Residence:
Los Angeles
Source of Wealth:
Software
Background:
Chernick and International Business Machines Corp. were made for each other. Founded closely held Candle Corp. in 1976, developing software to monitor IBM mainframe systems; grew to 2,000 employees. Completed sale of closely held Candle to IBM Corp. a year ago for $641 million. Candle’s products are in place at 75 percent of Fortune 500 companies, including Coca-Cola, Ford and McDonald’s, although the company lost money for years because of the declining mainframe market. Hundreds of employees laid off by Chernick in 2001 have started receiving checks for $1,000 for every year worked at Candle; remaining 800 employees work for IBM but Chernick is expected to exit Big Blue soon. L.A. native grew up in Canada, got chemistry degree from University of Manitoba. As student, he developed software for Manitoba government. Started Candle after being inspired by a fortune cookie. Began Candle Foundation in 1982 to aid medical research, hunger and homelessness.
NEIL KADISHA
Net Worth:
$702 million, up 18%
Last Year:
$595 million
Age:
49
Residence:
Beverly Hills
Source of Wealth:
Telecommunications, investments
Background:
Merged satellite-communications company Omninet with Qualcomm in 1988. Primary source of wealth is in Qualcomm shares, which split in August 2004; now owns about 14 million. Stock has risen over the year, but remains significantly off January 2000 peak. Retired from Qualcomm board in 2000. Chief executive of investment firm Omninet Capital LLC in Beverly Hills. Involved in real estate, private equity and venture capital, focusing on wireless communications. Majority shareholder in Sky Las Vegas, $325 condominium project on Las Vegas Strip that broke ground this year. Active in Jewish community; on board of Jewish Federation of Greater Los Angeles. Donates locally and to Israeli causes ranging from homeless teenagers and abused children to school systems.
PETER LOWY
Net Worth:
$700 million
Last Year:
Not on list
Age:
46
Residence:
Los Angeles
Source of Wealth:
Real estate
Background:
Son of Frank Lowy, whose Australian real estate firm, Westfield Group, has interests in 127 shopping centers in Australia, New Zealand, the U.K and the United States, (including several in Southern California). Serves as managing director of Westfield’s U.S. operations. Actual share of family’s estimated $2.8 billion fortune is unclear because most of it is jointly owned with father and two brothers. Westfield America Inc. paid $420 million in April 2001 as part of developer Larry Silverstein’s $3.2 billion bid for a 99-year lease on the World Trade Center. Westfield gained the rights to manage the center beneath the complex, but it was destroyed five months later in the 2001 terrorist attacks. (Insurance reimbursed the Silverstein group for its losses and it kept development rights.) Westfield sold its interest in the World Trade Center to the New York Port Authority in 2003 to simplify the rebuilding process, but retains right of first offer should the Port Authority seek to bring in a third party. Family removed $375 million of equity from the company in 1998 to establish a private nest egg. Serves as chairman of the University of Judaism.
MARCY CARSEY
Net Worth:
$660 million, up 10.6%
Last Year:
$597 million
Age:
60
Residence:
Brentwood
Source of Wealth:
Entertainment
Background:
Caryn Mandabach left Carsey’s production company last year and it’s now just her and partner Tom Werner again; name changed back to Carsey-Werner. Flirted with selling out but decided against it. New reality show “The Scholar” has nation’s best high school students competing in “sudden death” oral exams for $250,000 scholarship donated by Eli Broad. Past hits include “Cosby Show,” “Roseanne,” and “That ’70s Show.” Started female-focused Oxygen cable channel with Mandabach and Oprah Winfrey. Made waves with $1 million donation to campaign to defeat President Bush. Has turned attention to education, donating $2.5 million last year to UC Santa Barbara for new Center for Film, Television and New Media; also gives to alma mater University of New Hampshire. Scaled corporate ladder from NBC studio tour guide to senior vice president at ABC. Started Carsey-Werner studio in 1981 with Werner. Was ranked 34th on Hollywood Reporter’s 100 most powerful women in Hollywood last year.
MICHAEL EISNER
Net Worth:
$621 million, up 8.9%
Last Year:
$570 million
Age:
63
Residence:
Hollywood Hills
Source of Wealth:
Entertainment
Background:
Eisner had tough year, losing Disney’s chief executive post amid a shareholder revolt. Plans to step down in September, earlier than expected. Hand-picked Robert Iger as successor. But he’s not leaving poor, given 14 million shares of Disney stock that rose more than 20 percent over past year. Credited with turning around company during 20-year tenure. Built theme parks overseas and developed incredibly profitable relationship with Pixar, producing “Finding Nemo” and other computer-animated hits. Roundly criticized after Pixar exec Steve Jobs broke off contract talks with Disney on renewing partnership. Developed lucrative partnership with Miramax film founders Harvey and Bob Weinstein (“Shakespeare in Love,” etc.) that also broke off. Bought and then sold championship Anaheim Angels to Phoenix businessman Arturo Moreno for $180 million in 2003. Stumbles started with $20 billion acquisition of Capital Cities/ABC in 1996, though network has lately picked up steam with “Desperate Housewives.” Cal State Northridge renamed College of Education for Eisner after a $7 million donation by the Eisner Foundation. Grew up in New York, started career as clerk at NBC, went to CBS, then got a job in programming at ABC. After eight years as president of Paramount Pictures, was named chairman and CEO of Disney. Future plans unclear.
*Reported by Eric Berkowitz, Matt Myerhoff, David Nusbaum and Hilary Potkewitz.
——————–
Preparing the List
How does the Business Journal figure out how much money L.A.’s wealthiest residents have? We start by asking them.
Each candidate those who made it last year, almost made it or who float into our field of vision is sent a questionnaire asking them to detail their holdings, net of debt.
Business Journal reporters go over any information returned, ask questions and make adjustments, if necessary. There also is heavy use of Securities and Exchange Commission filings, other public documents and estimates from experts and other media reports.
For those who derive most of their wealth from holdings in publicly held companies, it’s relatively easy to document net worth. It’s harder for those with holdings in private companies, especially if the subject is not talking. That’s where interviews and, sometimes, best estimates come in. If a person’s wealth can’t be confidently determined to be above the threshold this year more than $600 million they are not included on the list.
