Wealthiest Angelenos: Robert Maguire – #42

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Wealthiest Angelenos: Robert Maguire – #42
Wealthiest Angelenos: Robert Maguire

The skinny on the fat wallets of L.A.’s 50 wealthiest.

Robert Maguire

NET WORTH: $925 million -15%

LAST YEAR: $1.09 billion

AGE: 76 RESIDENCE: Bel Air

SOURCE OF WEALTH: Real estate

THE MONEY: Former chief executive of Maguire Properties owns more than 5 million square feet of real estate, as well as sizable natural gas holdings, but it’s been tough year. Spending time fighting off foreclosure on his most valuable property, 900-acre Solana business park in Westlake, Texas.

BUZZ: For second time, German bank Eurohypo AG has threatened to foreclose on Solana as Maguire seeks to renegotiate terms of $360 million loan received from New York branch of bank in 2006. Also has been dealing with another lender, Five Mile Capital, which owns mortgage on downtown L.A. parking garage, according to trade magazine. Publication reported he offered to turn over 270,000-square foot Pasadena office building in exchange for debt relief on garage. Also weighing sale of Santa Monica building that houses his office. Still has plans to convert 14-story downtown parking structure into 430 apartments, but that could depend on whether AEG’s proposed football stadium gets built nearby. After being ousted from Maguire Properties three years ago, that company changed name to MPG Office Trust Inc. to sever link with Maguire. He still has large stake in MPG and is largest property owner at Van Nuys Airport, where Maguire Aviation leases hangar space, services planes and provides other services. Built city’s most iconic office building, 73-story U.S. Bank Tower. Second-generation pilot. Father was famous for flying Jewish refugees to Israel after war.

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