Los Angeles Business Journal

PAGE 3: Berggruen Repictures L.A.

By Jonathan Diamond Friday, December 30, 2016

He might still be nicknamed the “homeless billionaire,” but Nicolas Berggruen certainly has an eye for Los Angeles.

The 55-year-old founder of the Berggruen Institute, to be housed in the Brentwood hills near the Getty Center, has an Instagram feed filled with images of Los Angeles, along with photos of art and artists. The latest shot, posted right before Christmas, is a carefully composed image of the white Beverly Hilton Hotel framed by a blue pool and a deep blue L.A. sky.

“I look at Instagram as a window into the world,” said Berggruen, who has been using the platform for about a year. “I’m interested in things that relate to what I am personally interested in, politics and culture at a deep level. How to convey that through images is not always easy.”

Berggruen, whose Instagram images are shot on his phone, said he finds Los Angeles “visually stunning.” And while the shot of the Beverly Hilton is his most recent post, the picture itself is not so new.

“That picture was frankly taken a while ago,” he said. “But I felt it had a certain very L.A. feel – it’s urban but at the same time it’s not. It’s a strange combination, which is what makes L.A. L.A.”

Gores Doubles Down on Detroit

Tom Gores, chairman and chief executive of Beverly Hills’ Platinum Equity, might be one of the wealthiest people in Los Angeles, but his heart is still in his home state of Michigan.

The private equity titan grew up in Flint, about an hour north of Detroit, and still maintains business – and emotional – ties to the region. Owner of the Detroit Pistons basketball team, Gores is now making a play for a Major League Soccer team for the city. He has partnered with Dan Gilbert, owner of the Cleveland Cavaliers, to come up with a plan for a $1 billion mixed-use stadium project for the ailing Rust Belt city.

Gores couldn’t be reached for comment on the plan, but MLS Commissioner Don Garber told the Detroit Free Press that “Tom is really smart, really experienced in professional sports and would make a great (MLS) owner.”

The league plans four expansion teams and seven cities are competing for the right to call one home.

Gores’ contributions have not been limited to sports – through the Pistons and his family, he continued his relationship with Marine Toys for Tots Foundation in Detroit this holiday season.

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