NET WORTH: $3.3 billion, up 10 percent
LAST YEAR: $3 billion
RESIDENCE: West Los Angeles
SOURCE OF WEALTH: Retail development
THE MONEY: Developer of Grove and Americana at Brand saw robust growth of ultra-Class A retail portfolio. Beverly Hills luxury apartment project and all completed retail projects now entirely occupied. Portfolio carries little debt.
BUZZ: Work to grow Caruso Affiliated’s high-end retail empire in Southern California continues, as does work to expand residential, hotel and office portfolio, with five projects in stages of development. In April, acquired former Masonic Temple in Glendale with plans to convert to mixed-use venue with creative office, retail and restaurant space. Received approval in February for 170-room hotel in Montecito, scaled back from originally proposed 186 rooms; expects to break ground Jan. 1. Applied for permission to erect $155 million luxury apartment building with 162 units at La Cienega and San Vicente boulevards, across from Beverly Center. Closed escrow on 10 retail parcels in Pacific Palisades and has plans to build shopping center.
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