NET WORTH: $760 million +1%
LAST YEAR: $750 million
RESIDENCE: Los Angeles
SOURCE OF WEALTH: Retail development
THE MONEY: Value of mall magnate’s shares in family-founded Westfield Group and Westfield Retail Trust spinoff were up slightly. Other holdings include a stake in growing family nest egg that now may top $1 billion.
BUZZ: Since being named co-chief executive of Westfield Group with brother Steven last year, Lowy has been remaking the company into a leaner operation. Westfield has agreed to sell part or all of 20 U.S. shopping centers, including one in West Covina, for some $2 billion. The capital will be used to fund debt payments, buy back shares and develop New York’s new World Trade Center. Family, which hails from Australia, still involved in long-running legal battle with U.S. authorities over alleged tax avoidance. Father and co-founder, Frank, continues in a nonexecutive chairman role, while oldest brother, David, manages family’s private holdings. Lowy reportedly paid $10 million for a new waterfront home in Sydney last year. Long been involved in L.A.-area Jewish causes, including American Jewish University. Lowy and wife, Janine, donated more than $100,000 to national Democratic candidates in the last year.
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