LABJ FORUM: If You Were a Rich Man…

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LABJ FORUM: If You Were a Rich Man…

This year’s tally of the 50 richest Angelenos shows an overall decline in net worth, largely the result of stock market losses. Even so, the floor on the 2003 list is $427 million, which of course is hardly chump change. How the very richest spend their money racehorses, philanthropy, airplanes is a source of fascination for many. So the Business Journal asks:

If you had $400 million, what would you do with it?

Bob Franco

Community Liaison Officer

Los Angeles Fire Department

I would probably just take a nice long vacation with my family and buy myself a nice beach house with a hammock and retire. It would be simple like that.

Steve Siebold

Manager

Three Dog Bakery

I’d save more than half of it but I wouldn’t stop working. I wouldn’t need extra money so I’d just work for fun. I’d invest in real estate, maybe somewhere in Miami.

Chris Barrett

Owner

Chris Barrett Design Inc.

I’d probably take the first $5 million and splurge on my friends and family. I’d take the rest and create a foundation and do some good. I’m on the board of directors of the Madison Foundation, a support service for parents with children with rare diseases, so they’d get some. I’d keep on working, I love my work. I’d travel to Italy, Paris and I’ve always wanted to go to Greece. I’d buy myself an incredible piece of property in Pacific Palisades or Montecito and build a small house.

Jorge Araya

Salesperson

Toyota Central, Los Angeles

What wouldn’t I do with it? I’d pay my debts. I’d buy my mom a house. And the rest would go to my two children, their college, their houses, their childrens’ houses. I’d like to start my own business, maybe like a sports bar in Fontana, that’s where I’m from. I’d donate to cancer treatment because my brother in-law is recovering from cancer right now. I think I’d get myself my fantasy car, a Ferrari 360 Spyder.

Douglas Mirell

Partner

Loeb & Loeb LLP

I would probably establish a charitable foundation to support civil rights and civil liberties causes as well as work within the Jewish community in L.A. and support the cause of peace in the Middle East. I’d continue working, because I wouldn’t know what to do with my time if I weren’t working. I’d ensure my children have the highest quality education.

Paul Martin

President

Craic Technologies

I wouldn’t fly United anymore. I’d get my own plane. I’d invest a lot in various companies and try to build on the $400 million.

Richard Berger

Vice President of Relations

ASTRALcom

There are so many ways to use that amount of money that it becomes difficult to decide on a single, or even a few causes. Without clean water, clean air and adequate food supplies, all else seems rather moot. I would use these funds to ensure that these basic resources were continued and that sustainable alternatives were created throughout the world.

Valencia Roner

President

VXR Enterprises

I’d give 10 percent to charitable causes, the rest I would use to make investments. I’d look at building my business and seek viable investment opportunities. I’d contribute to programs that take of seniors in their later years. It’s amazing the number of seniors that don’t have anyone to take care of them.

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