#22 – Donald Sterling
Net Worth: $1.45 billion -28%
Last Year: $2 billion
Age: 72
Residence: Beverly Hills
Source of Wealth: Real estate
The Money:
Sterling has seen far better years. Vast majority of wealth derives from portfolio of 135 apartment properties, a real estate segment that suffered less but still hit. Also owns trophy Los Angeles Clippers, valued at $400 million, but that? way down from $550 million before economic bust.
Buzz:
Seeking to lift team from status as perennial cellar dweller, earmarked $65 million in guaranteed money for star point guard Baron Davis. Also added high-profile player Marcus Camby ?both to no avail. Clippers missed playoffs for third consecutive year, compiling awful 19-63 record. Got into unpleasant tussle with longtime Clippers general manager Elgin Baylor, who left the team last fall and in February sued Sterling, Clippers and National Basketball Association for employment discrimination. Baylor, a 74-year-old African-American, alleges he was released because of age and race. In 2006, Sterling purchased 65,000-square-foot parcel near Skid Row to house homeless center, but nothing much has come of plan. Other trophy holdings include Beverly Hills Plaza Hotel and company? headquarters building, Sterling World Plaza, in Beverly Hills.
