The skinny on the fat wallets of L.A.’s 50 wealthiest.
NET WORTH: $1 billion =16%
LAST YEAR: $860 million
AGE: 56 RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Telecommunications, investments
THE MONEY: Wealth of former Qualcomm Inc. board member soared with return of San Diego telecom company’s stocks; his 14 million shares shot up by more than $250 million. Investment firm Omninet Capital also gains from $200 million allocated to snag distressed real estate last year.
BUZZ: Press-shy billionaire hit hard in lawsuit over whether he misappropriated money from trust of widow to buy his stake in Qualcomm. Appealed 2006 ruling last year, but court ordered him to pay $94 million in October. Amount lowered to $45 million after rehearing. Omninet has done away with private equity side of business, selling packaging company PWP Industries last year and aerospace manufacturer STADCO in July; now focusing heavily on distressed property. Recently bought Rancho Serra Mesa Shopping Center in San Diego for $6.7 million. Last month, court threw out lawsuit toy company Mattel Inc. brought against Kadisha’s Omni 808 Investing LLC and Bratz doll maker MGA Entertainment. Mattel claimed Omni 808 bought some of MGA’s debt to keep company’s assets out of Mattel’s hands. Kadisha remains involved in Citizens’ Empowerment Center in Israel, charity he founded in 2002 with business partner Izak Parviz Nazarian. Daughter Leora has followed in entrepreneurial footsteps, founding New York fashion website StyledOn; Omninet an investor in the company. Cousin of L.A. nightlife king Sam Nazarian.
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