Wealthiest Angelenos: David Geffen – #4

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Wealthiest Angelenos: David Geffen – #4
Wealthiest Angelenos: David Geffen

The skinny on the fat wallets of L.A.’s 50 wealthiest.

David Geffen

NET WORTH: $4.5 billion +5% LAST YEAR: $4.3 billion

AGE: 68 RESIDENCE: Malibu

SOURCE OF WEALTH: Music business, movie production

THE MONEY: Fortune grew thanks to increased value of extensive art collection, and presumed solid returns from capital market and real estate investments. Gains more than offset slumping 3.4 million shares of DreamWorks Animation.

BUZZ: Democratic power player organized star-studded fundraiser for President Obama with DreamWorks co-founder Jeffrey Katzenberg, bringing out the likes of George Clooney, Will Ferrell and Tom Hanks. Donated $100,000 to war chest of former Obama Chief of Staff Rahm Emanuel, and $98,400 to congressional and state Democrats. Honored by Clive Davis at music titan’s legendary pre-Grammy gala saluting industry icons. Big year included induction into Rock and Roll Hall of Fame. Reportedly bought Oracle billionaire Larry Ellison out of Rising Sun superyacht; now giving $250 million craft a facelift. University of Texas dropout sorted mail at William Morris Agency. Amassed fortune in music industry; founded Geffen Records in 1980 and sold to MCA for estimated $750 million.

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