The skinny on the fat wallets of L.A.’s 50 wealthiest.
NET WORTH: $950 million +7% LAST YEAR: $890 million
AGE: 66 RESIDENCE: Holmby Hills
SOURCE OF WEALTH: Communications, real estate, private equity
THE MONEY: Saw modest gains in diversified investment portfolio, including holdings in stocks, energy and commodities. Owns industrial properties, hotels and mixed-use apartment complexes. Told Business Journal non-real estate holdings up about 9 percent in 2010. Said investments intentionally conservative: “We’re not looking to make a killing; we’re looking to preserve our existing capital.”
BUZZ: Cable TV entrepreneur made fortune by selling Falcon Communications to billionaire Paul Allen in 1999 for $3.7 billion. Now mostly out of media space, though son David works in industry as Fox executive. Active in local art scene with his wife, Jane, who sits on boards of MOCA and LACMA. Couple has donated $10 million to LACMA. Philanthropist on numerous boards, including Skirball Cultural Center, UCLA Anderson School of Management and Los Angeles Philharmonic. Vice chairman of National Democratic Institute of International Affairs. Served in Clinton administration; considered for Obama post but declined due to divestiture policies. Onetime door-to-door cable TV salesman started Falcon in 1975 and built it into cable giant. Now chairman of waterless urinal maker Falcon Waterfree Technologies. Runs investments through family office.
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