$1.4 billion +7%Last Year:
Beverly HillsSource of Wealth:
The Money: Sterling owns a vast portfolio of about 100 apartment buildings in Southern California, including property Beverly Hills and elsewhere along Wilshire Boulevard. Sterling saw appreciation of his holdings last year but rent controls on many units limited the gains. Also owns the Los Angeles Clippers, valued at $285 million. Team has increased in value by $35 million over 2006, according to a reliable estimate.
Buzz: Despite his portfolio, still on the prowl for more, with his ubiquitous newspaper ads promising owners of Class A income properties: "He has a check for you today." Sterling owns numerous marquee properties around town, including the Beverly Hills Plaza Hotel, the Malibu Beach Club and Sterling World Plaza, an Art Deco building on Wilshire where he keeps the offices of Donald Sterling Corp. But also devoting time, money and energy these days to building a $50 million facility to serve the homeless in downtown Los Angeles. It will be located at recently purchased 65,000 square-foot lot near Skid Row. Received lukewarm initial response by political establishment. Meanwhile, Clippers are one of the most profitable teams in the NBA despite many losing seasons. The basketball team made it to the second round of the playoffs in 2006, but is back to the draft lottery this year. Sterling hopes practice will help: He is building a $200 million training facility in Playa Vista; it should be completed by fall. Bought team in 1981 for $12.5 million.
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