#19 – Alfred Mann
Net Worth: $1.55 billion -11%
Last Year: $1.75 billion
Age: 83
Residence: Beverly Hills
Source of Wealth: Aerospace, medical devices, biotech
The Money:
Mann lost $100 million investment in general aviation jet maker Eclipse Aviation when it went bankrupt. But L.A.? best-known entrepreneur may hit the jackpot once again with latest company, MannKind Corp. Its inhaled insulin device expected to receive government approval, boosting value of his 48 percent stake.
Buzz:
Mann and fourth wife Claude split time between Mulholland Drive mansion and Las Vegas home where wired office keeps him in touch with businesses, and philanthropies targeting diabetes, hearing/vision loss and other disorders. Octogenarian still puts in 80-hour weeks as U.S. regulators review latest medical device, high-tech insulin inhaler called Afresa. Hopes to prove naysayers wrong if inhaler becomes success after competitors abandoned their efforts. Has pumped more than half-billion dollars into project. Founded 16 companies and still controls or has significant stakes in multiple startups. Biggest past success, diabetes treatment company Minimed, acquired by Medtronic for $4.2 billion. Oregon native moved to L.A. after World War II. Caught entrepreneurial bug after founding two aerospace companies in 1950s. Has endowed three university-affiliated incubators, including one at USC, to promote bioengineering.
