The skinny on the fat wallets of L.A.’s 50 wealthiest.
Thomas Barrack Jr.
NET WORTH: $1.38 billion +25%
LAST YEAR: $1.1 billion
AGE: 64 RESIDENCE: Los Angeles
SOURCE OF WEALTH: Real estate, private equity
THE MONEY: Investor wasn’t afraid to spend some cash during downturn buying bad loans, real estate and other distressed assets. Now reaping rewards. Saw portfolio company First Republic Bank go public in December.
BUZZ: Nonstop deal-making for Colony Capital, private equity firm he founded. Went headlong into Hollywood, teaming with construction magnate Ron Tutor to acquire Miramax Films from Disney. Also took stake in Sam Nazarian’s SBE hospitality group and continued distressed asset plays, buying mortgages from FDIC. Barrack earned reputation in S&L crisis, buying assets on the cheap and seeing huge returns. Now looking to invest in Middle East, where firm already owns hotel chains. Other holdings include Paris Saint-Germain soccer team, Neverland Ranch, Napa vineyards and Swiss hospitals. Firm suffered setback in August after lenders took back stalled New Jersey mall development Meadowlands Xanadu. Barrack was a principal at Robert M. Bass Group. USC alum founded Colony in 1991. Firm has $36 billion under management.
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