50 Wealthiest: Alan Casden #32

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NET WORTH: $1.3 billion -50%

LAST YEAR: $2.63 billion

AGE: 66

RESIDENCE: Beverly Hills

SOURCE OF WEALTH: Real estate

THE MONEY: Bitter, high-profile breakup with former partner Cerberus Capital Management has both shaken and shed harsh light on Casden’s finances. Apartment builder is suffering after putting money into ambitious development plans sunk by real estate bust.

BUZZ: Casden’s bad year was topped off by rejection by Major League Baseball of his bid to buy L.A. Dodgers. Ongoing struggle with New York private-equity firm Cerberus, which resulted in loss of six local development propertiey. Things are so tough for Casden that lenders filed foreclosure papers last month on three Beverly Hills office buildings that fell into default, including headquarters. What’s more, put up beloved Jewish coin collection, valued at more than $40 million, and Beverly Hills home. as collateral for personal and business loans, records show. However, not all bad for developer who in 2001 made $800 million from sale of apartment portfolio to Apartment Investment & Management Co. Plans to restructure debt on Beverly Hills buildings to keep them and is pursuing 587-unit mixed-use project on Expo line extension at Sepulveda Boulevard. Recently released draft environmental impact report but does not have financing. Also owns recently opened Palazzo mixed-use complex in Westwood and upscale apartment complex in Burbank. USC alum contributes to Jewish causes, and sits on council of the United States Holocaust Memorial Museum.

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