#23 – Gary Michelson
Net Worth: $1.44 billion -20%
Last Year: $1.8 billion
Age: 60
Residence: Los Angeles
Source of Wealth: Surgical devices
The Money:
Spinal surgeon and inventor? wealth largely drawn from $1.3 billion-plus patent settlement from Medtronic in 2005 for his surgical devices. Earlier investments in oil futures and energy-related partnerships likely took hit, but value of Central American hardwood forest farms has held up.
Buzz:
Divorced genius inventor and philanthropist lives simply in sprawling canyon home with growing menagerie of rescue animals. Separate foundations target twin passions for animal welfare and medical research. Last fall decided to prime pump for innovative solutions to animal overpopulation. His Found Animals Foundation offering $25 million award for safe, one-time, nonsurgical means to sterilize male and female cats and dogs, and up to $50 million more to test and commercialize technology. Gary Karlin Michelson Charitable Foundation supports cutting-edge research below radar of government grant-makers. Related medical research trust provides two-year grants as bridge funding to promising graduate medical researchers. For-profit C & M; Investments owns reforested land in Costa Rica and Panama, with goal of sustainable harvesting of scarce, valuable hardwood in 20 years. Philadelphia native inspired to become spinal surgeon after grandmother developed rare spinal condition. Holds 600 U.S. and foreign patents, many developed in garage lab after finishing rounds at Inglewood? Centinela Hospital.
