13. RICK CARUSO
THE MONEY: Developer of the Grove and Americana at Brand retail centers saw robust growth of ultra-Class A retail portfolio. Record 2016 revenue at his shopping centers boosted Caruso’s net worth, with the Grove and Americana jumping 10 percent and 20 percent, respectively. He maintains high occupancy across his residential and retail properties, with store lease rates continuing to climb. His portfolio carries little debt.
THE BUZZ: Los Angeles City Council in January signed off on Caruso’s plan to build a 145-unit luxury apartment building at 333 La Cienega Blvd. near the Beverly Center, after he agreed to cut the project’s height to 16 stories from 20. Rosewood Miramar Beach Hotel in Montecito is scheduled to open next year after a $200 million redo of the 16-acre historic seaside resort. His three-acre Palisades Village, with shops, restaurants, movie theater, and park, is set to open next year. He owns three parcels of land along San Vicente Boulevard in Brentwood purchased in 2013. Caruso opened a block of eateries across from his Masonic Temple office building in Glendale. A USC alumnus, the school gave him its highest alumni honor, the Asa V. Call Alumni Achievement Award, in April. Pope Francis granted him the title of Knight Commander under the Order of the Knights of St. Gregory the Great in January. He was named an LA 2024 board member in March.
NET WORTH: $4.37 billion (+15%)
LAST YEAR: $3.8 billion
RESIDENCE: West Los Angeles
SOURCE OF WEALTH: Real estate