The 50 Wealthiest Angelenos: Ron Burkle #5

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#5 – Ron Burkle

Net Worth: $3.65 billion +4%

Last Year: $3.5 billion

Age: 56

Residence: Beverly Hills

Source of Wealth: Supermarkets, investments



The Money:

Self-made mogul controls L.A. holding company Yucaipa Cos., which specializes in grocery, retailing, logistics and manufacturing. Kept powder dry as recession hit, but this year added stakes in companies whose shares have since appreciated. Made modest profit in sale of Digital on Demand, which provides digital entertainment to stores. Gains more than offset declines in real estate and other investments.


Buzz:

Loyal Democrat held more of his famous celebrity-attended fundraisers at Beverly Hills?Green Acres estate, even as former President Clinton backed away from role as Yucaipa adviser to support wife? political ambitions. Gave to Hillary Clinton? and later Barack Obama? presidential campaigns; even aided comedian Al Franken? Minnesota senatorial bid and protracted recount effort. Yucaipa bought several U.S. Catholic church properties represented by Italian real estate developer Raffaello Follieri, and sold two for a profit. Successfully sued Follieri over expenses, but denies reports was among victims of so-called Vati-Con scandal that sent Follieri to jail.

Meanwhile, Yucaipa has kept most of its estimated $7 billion under management uncommitted, but now scouting opportunities in Asia, Europe and United States. Added significant public company stakes in book seller Barnes & Noble Inc. and natural foods supermarket chain Whole Foods Inc., which a year earlier bought Burkle? stake in Wild Oats Markets. Made fortune turning around underperforming groceries, but has dabbled in media and telecommunications, and even helped bankroll rapper Sean Combs?Sean Jean clothing empire. Owns world? largest cold-storage logistics company, AmeriCold Logistics.

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