#36 – Lowell Milken
Net Worth: $750 million -25%
Last Year: $1.02 billion
Age: 60
Residence: Los Angeles
Source of Wealth: Investments
The Money:
Significant investments with private holding company Knowledge Universe, which has stakes in numerous education-oriented companies, business sector that hasn? escaped downturn. Serves as chairman of London-based developer Heron International, concentrated in hard-hit commercial and residential markets.
Buzz:
Celebrating 10th anniversary of Teacher Advancement Program Foundation, which the younger brother of financier Michael Milken founded to reward teachers for outstanding achievements. In 2007, Lowell also founded think tank that focuses on teaching respect and understanding among people regardless of race or religion. Serves as chairman of Milken Family Foundation, which emphasizes education and medical research. Graduated from Berkeley and received law degree from UCLA. Joined Century City law firm Irell & Manella LLP, and in 1978 worked at Drexel Burnham Lambert, defunct Wall Street investment banking firm that under brother? leadership pioneered issuance of high-yield corporate bonds for noninvestment grade companies. Indicted for securities fraud like brother, but charges dropped. Co-founded Knowledge with brother and Oracle founder Larry Ellison. Big Republican Party supporter donated thousands to Arizona Sen. John McCain? 2008 presidential campaign. Being honored this month by UCLA Law School as its person of the year.
