$3 billion 9.1%
LAST YEAR: $2.75 billion
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Private equity
THE MONEY: Buyout firm Platinum Equity active this year even as it continued raising new fund. Firm often buys and sells quickly, churning out more than a dozen transactions last year. Value of his Detroit Pistons grew as well.
BUZZ: Platinum Equity continued to do well, but most of Gores’ ink this year was in the sports pages as the Israeli-born, Michigan-raised billionaire took an active role with the Detroit Pistons of the National Basketball Association. He bought the struggling team in 2011. Asked friend and fellow L.A. resident Phil Jackson earlier this month to advise Pistons on hiring a new head coach. He and wife, Holly, this spring sold mansion in tony gated community Mulholland Estates to singer Christina Aguilera for $10 million, twice what they paid in 1999. Despite home sale and more time spent in Michigan, Gores still calls Beverly Hills home. Los Angeles County Museum of Art trustee and father of three maintains personal website with personal information and photos. Got start working for brother Alec’s private equity firm before starting Platinum in 1995. Other brother, Sam, chief executive of Beverly Hills talent agency Paradigm.
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