The 50 Wealthiest Angelenos: Barbara Davis & Family #40

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#40 – Barbara Davis

Net Worth: $725 million -50%

Last Year: $1.45 billion

Age: 79

Residence: West Los Angeles

Source of Wealth: Oil, real estate, entertainment


The Money:

Widow of legendary oil and entertainment tycoon Martin Davis lives quietly in West L.A. area off remains of late husband? estate. Lawsuits by their children alleging mishandling of assets before and after his 2004 death indicate family fortune has fallen well below $1 billion mark.


Buzz:

Davis still active on social scene, holding court over her Carousel of Hope gala. Biannual red-carpet fundraiser netted just $3 million in October, but still draws the likes of Quincy Jones and Josh Groban as headliners. Philanthropic work for diabetes and multiple sclerosis research inspired by her children? battles with the diseases. Meanwhile, the children continue to squabble over father? now-diminished legacy. A 2005 lawsuit by Patricia Davis Raynes that alleged father pilfered her trust fund has been settled for undisclosed terms. Now Nancy Davis, an MS survivor and philanthropist who disapproved of sale price that family accepted for father? remaining oil company, is trying to sue brother Greg Davis over the matter. Davis Petroleum Corp. went bankrupt and was sold for $150 million in 2006, with the family netting only $35 million. Greg Davis remains chief executive for the new private equity owners, who claimed Hurricane Katrina damage drastically lowered company? value.

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