#20 – Rick Caruso
Net Worth: $1.53 billion -10%
Last Year: $1.7 billion
Age: 50
Residence: Los Angeles
Source of Wealth: Commercial real estate
The Money: Real estate developers have been crushed, but Caruso has done better than most. Grove outdoor mall has rewritten rules of retail game and still a leading tourist attraction. Received hard-fought entitlements to redevelop Miramar hotel site in Montecito. Still, retail and condo sales have been slow at Americana at Brand megamall in Glendale forcing rent reductions. Has seven other local malls.
Buzz: Considered taking on Antonio Villaraigosa in May election, but Republican developer thought better of it. Hasn? ruled out future run, though still immersed in business. Hands-on developer will be busy redeveloping Miramar site and fighting lawsuit over another proposed luxury mall next to Santa Anita race track. Caruso hit it big with opening of Grove in 2002 but has been in retail game for a decade. Other malls include Encino Marketplace and Lakes at Thousand Oaks. Son of Dollar Rent-a-Car founder Henry Caruso. Grew up in Hollywood Hills and Beverly Hills. Attended USC, got Pepperdine law degree and practiced real estate law before becoming developer. Committed Catholic, pledged $6 million toward construction of the USC Catholic Community Center. Lives on Brentwood estate with wife and four children. Was Business Journal? 2008 Businessperson of the Year. Known for expensive, bespoke suits. Big Sinatra fan pipes Ol?Blue Eyes?music into Grove.
