NET WORTH: $850 million -8%
LAST YEAR: $925 million
RESIDENCE: Bel Air
SOURCE OF WEALTH: Real estate
THE MONEY: Veteran developer took some hits. Maguire is underwater on his most valuable property, 900-acre Solana business park in Texas, and has yet to benefit from natural gas partnership in state’s Barnett Shale field. Maguire provided the valuation, which may be generous.
BUZZ: Not all bad news for man who developed L.A.’s tallest high-rise, now called U.S. Bank Tower. Announced he is talking with L.A. Live developer AEG to build downtown’s first high-rise in two decades. In January, sold his 901 Airole Way home to actress Jennifer Aniston for $21 million. Also has put his two largest L.A. properties, including his Santa Monica headquarters, on the market. Main problem is $340 million loan in special servicing on Solana. Is still trying to work out deal to avoid foreclosure. Four years ago, he was ousted from his Maguire Properties, now known as MPG Office Trust Inc., after ill-advised expansion just prior to real estate bust. Still retains stake in company, which has downtown trophy buildings in its portfolio. His Maguire Aviation remains the largest lease holder at Van Nuys Airport. A pilot himself, Maguire had a father who flew Jewish refugees to Israel after WWII.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Wealthiest Angelenos: Robert Maguire - #42
- Natural Gas Prices Fuel Company's Move Into Market
- Vortex Resources to Gain Texas Natural Gas Assets
- BNK Shares Rocket on Oil Field Sale
- Oxy Anticipates Added Activity on U.S. Terrain
- Shale Field Sale Fuels Investor Interest in Oil Firm
- Wall Street Digs Pickups By Gas and Oil Company
- Firm Still Pumped About Its Polish Gas Prospects