Rick Caruso

Rick Caruso

THE MONEY

The real estate developer best known for his Los Angeles County retail centers, The Grove and Americana at Brand, saw an uptick in his net worth thanks to a robust real estate market and the pending opening of his latest project, Palisades Village, a 125,000-square-foot retail center in Pacific Palisades, which is set to bow in September.

THE BUZZ

The 3-acre Palisades Village reimagines “Main Street” with shops, restaurants, an upscale movie theater and a park. Tenants include retailers A.L.C., Towne by Elyse Walker, Carbon 38, Zimmerman, Jennifer Meyer and the Little Market, Lauren Conrad and Hannah Skvarla’s nonprofit fair trade shop; restaurants by chefs Edoardo Baldi and Renee Erickson; and an outpost of Amazon Books. Caruso recently opened his Brentwood home – one of three he owns in Southern California – to an A-list crowd to celebrate the pending mall opening. Also in April, Caruso signed on as a backer of Imaginary Ventures, a new venture capital firm launched by Net-a-Porter founder Natalie Massenet.

NET WORTH

$4.8 billion

+9%

Last year: $4.4 billion

AGE: 59

RESIDENCE: West Los Angeles

SOURCE OF WEALTH:

Retail development

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