The 50 Wealthiest Angelenos: Rick Caruso – #16

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The 50 Wealthiest Angelenos: Rick Caruso – #16
Rick Caruso

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

THE MONEY: After taking big hit on last year’s list, developer of Grove has made comeback alongside other billionaires with real estate holdings. Said to have very little debt on portfolio, which is nearly 100 percent leased. Two years ago sold off sizable investment portfolio; believed to have reinvested about 60 percent of proceeds, taking advantage of depressed market.

BUZZ: Fastidiously dressed mall tycoon mulled run for mayor last year but stayed on sidelines. Then high-profile Republican made waves endorsing Democrat Jerry Brown for governor. News on business front, too, with launch of $750 million investment fund with partner TPG Capital that will buy retail centers and mixed-use properties in the Western U.S. Plans to develop Grove-like project at Santa Anita Park have been stunted by bankruptcy of development partner Magna Entertainment Corp., owner of historic track. Plans to redevelop Miramar Hotel in Montecito also going slow. Caruso got in retail game nearly 20 years ago. Son of Dollar Rent-a-Car founder Henry. Business Journal’s 2008 Businessperson of the Year. Trustee at and big contributor to alma mater USC.

NET WORTH: $1.91 billion +25%

LAST YEAR: $1.53 billion

AGE: 51

RESIDENCE: Los Angeles

SOURCE OF WEALTH: Retail development

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