The 50 Wealthiest Angelenos: Alfred Mann – #23

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The 50 Wealthiest Angelenos: Alfred Mann – #23
Alfred Mann

The money and the buzz on each of L.A.’s wealthiest.

THE MONEY: L.A.’s best-known entrepreneur benefited from small rise in stock of his MannKind Corp., which seeks to revolutionize diabetes care with inhalable insulin. Product still awaiting FDA approval. Sold Valencia hearing implant maker, Advanced Bionics, to large Swiss company, pocketing $300 million. But deal net worth neutral.

BUZZ: Insists Afrezza insulin inhaler can launch in 2011, but regulators delayed decision to look at more safety data. Mann and fourth wife Claude split time between Mulholland Drive mansion and Las Vegas home, where wired home offices and private jets enable octogenarian to put in 80-hour work week as needed. Founded 16 companies, and still controls or has significant stakes in multiple startups. Largest payday was for $3.7 billion from selling insulin pump developer MiniMed to Medtronic in 2001. Oregon native moved to Los Angeles after World War II. Caught entrepreneurial bug after founding two aerospace companies in 1950s. Has endowed three university-affiliated incubators to promote bioengineering, including one at USC.

NET WORTH: $1.78 billion +15%

LAST YEAR: $1.55 billion

AGE: 84

RESIDENCE: Beverly Hills

SOURCE OF WEALTH: Aerospace, medical devices, biotech

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