The 50 Wealthiest Angelenos: 34. Michael Milken

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THE MONEY: Former Wall Street financier benefited from financial rebound of closely held education company Knowledge Universe and presumed gains in large investment portfolio. Reported to have had at least $800 million invested through Los Angeles Dodgers owner Guggenheim Partners.

BUZZ: Biggest media splash this year for purchase he denied making. Reports connected him with $102 million purchase of Westside mansion, largest home buy ever in Los Angeles (his representative denied Milken was buyer). In any case, has houses on his mind: that same month, published Wall Street Journal piece arguing against housing programs subsidizing poor and middle class. Donated $80 million with Sumner Redstone to George Washington University, which is renaming school of public health Milken Institute School of Public Health. Milken Family Foundation bought office building steps from White House. Made headlines last year when Fortune magazine reported Securities and Exchange Commission investigating whether he violated his lifetime ban from securities industry by managing investments for Guggenheim. No charges have been filed. Began career at Drexel Burnham Lambert in 1969, engineering issuance of high-yield bonds, better known as “junk bonds” – slang he hates – for noninvestment grade companies. Indicted for securities fraud in 1989; pled guilty to six felony counts, served 22 months in prison and paid $200 million in fines.

NET WORTH:

$1.5 billion s6.8%

LAST YEAR: $1.4 billion

AGE: 67

RESIDENCE: Los Angeles

SOURCE OF WEALTH: Investments

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