#29 – Robert Maguire
Net Worth: $1.04 billion
Last Year: Not on list
Age: 74
Residence: Bel Air
Source of Wealth: Real estate
The Money:
First time on list for commercial real estate developer and former chief executive of publicly traded Maguire Properties Inc. who disclosed assets to Business Journal. Private Maguire Investments owns 5.5 million square feet of office buildings and has 6.5 million square feet of land entitled. In Texas, Maguire has large natural gas holding that? just begun production. Maguire Aviation largest terminal operator at Van Nuys Airport, nation? busiest general aviation airport.
Buzz:
Mercurial Maguire swallowed pride in May 2008 and stepped down as chief executive of Maguire Properties, commercial developer he founded. Got into trouble in 2007 after purchasing $3 billion office portfolio that was decimated when scores of Orange County tenants in subprime business went under. Hasn? kept quiet on sidelines; wrote attention-getting October letter to shareholders that expressed confidence in company but dwelled on Wall Street downturn. Built L.A.? most iconic office building, 73-story U.S. Bank Tower. Second-generation pilot. Father Robert F. Maguire Jr. was famous for flying Jewish refugees to Israel in late 1940s and early 1950s. Maguire learned to fly as 12-year-old. Son Alec continuing tradition as jet and helicopter pilot, and president of Maguire Aviation. Grows grapes for winemaking on Bel Air property. Wine self-referentially called Rascal Robbie.
