The skinny on the fat wallets of L.A.’s 50 wealthiest.
Kirk Kerkorian
NET WORTH: $5.5 billion -2% LAST YEAR: $5.6 billion*
AGE: 93 RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Investments
THE MONEY: Declining shares at debt-laden MGM Resorts International and Delta Petroleum hit nonagenarian’s fortune. Kerkorian, casino company’s largest shareholder, has been selling off stock and is down to 27 percent stake. Pocketed $400 million selling about 32 million shares last year.
BUZZ: Definitely winding down. Beverly Hills mogul announced last month that he will resign from MGM board in June, saying he no longer wanted to make the trip to Las Vegas for meetings. Move comes as MGM struggles to overcome recession-fueled losses and big debt. CityCenter Las Vegas, $8 billion collection of casinos, hotels, residences, restaurants and shops that opened with star-studded gala in 2009, hasn’t been able to give needed boost to MGM. Meanwhile, Kerkorian continued to cut stake in company he majority owned in 2009. Former World War II pilot and boxer who quit school in eighth grade recently disbanded Lincy Foundation, charitable arm named for two daughters. UCLA announced in February that Lincy would transfer its $200 million in assets to school for a new Dream Fund. Lincy has spread around more than $1.1 billion since founding in 1989. Earlier in the year, Lincy gave $5 million to Children’s Hospital in Central California near Fresno-born Armenian’s hometown. Personally, Kerkorian has had some of his laundry hung out to dry during past year. In 2009, longtime attorney Terry Christensen and private eye Anthony Pellicano convicted of conspiring to tap phone of Kerkorian’s ex-wife during child support dispute. In October, Kerkorian ordered to pay more than $10 million in back child support and additional $100,000 per month to 12-year-old girl. Ex-wife admitted mogul not father, but Kerkorian has had joint custody.
*recalculated
