The 50 Wealthiest Angelenos: Stephen Bing #46

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46 – Stephen Bing

NET WORTH: $590 million -41%

LAST YEAR: $1 billion

AGE: 44

RESIDENCE: Beverly Hills

SOURCE OF WEALTH: Inheritance


The Money:

Bing inherited New York real estate worth $600 from his grandfather 20 years ago, but plummeting real estate values resulted in a big wealth write-down this year. Bing’s movie studio, Shangri-La Productions, didn’t help out, releasing three low-budget flops.


Buzz:

The eco-conscious scion returned to his real estate roots this year with founding of Shangri-La Construction. It debuted with an environmentally efficient hangar at Bob Hope Airport in Burbank. Company also created a $100 million investment fund to buy and retrofit buildings to higher energy-efficiency standards. The part-time producer testified before Congress in support of pal Brad Pitt’s plan for an eco-friendly rebuild of New Orleans. In Hollywood, his Shangri-La Productions released two rock documentaries, including one about the Rolling Stones. Shangri-La Music produced an album for the Pretenders. The perennial bachelor dropped last year’s flame, singer Sheryl Crow, but has a new squeeze in actress Liv Tyler. A seven-figure spender in past election cycles, Bing spent relatively little this time around, except for a $500,000 donation to fight Propostion 8, the same-sex marriage ban that passed.

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