Wealthiest Angelenos: 25, Don Hankey

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NET WORTH: $2.56 billion, up 11 percent

LAST YEAR: $2.3 billion

AGE: 71

RESIDENCE: Malibu

SOURCE OF WEALTH: Auto financing

THE MONEY: Car-focused financial conglomerate Hankey Group had solid year, with especially strong performance by largest subsidiary, subprime auto loan maker Westlake Financial Services. Westlake profits up more than 10 percent, helped by strong auto sales nationwide, continued expansion into new-car dealerships and acquisition of Nevada competitor. Hankey’s real estate investment firm, hard-money lender, car dealership, rental car agency and finance company aren’t well known, but represent huge, and hugely profitable, enterprise. If Hankey Group were public company, it would rank among the dozen largest by net income in Los Angeles County.

BUZZ: Hankey opens his books to Business Journal each year, saying being on list has been good for business. Native Angeleno and USC alumnus started career as stock broker and investment banker, then took over struggling car dealership co-owned by family. From there slowly built multibillion-dollar conglomerate that sells, rents and finances cars; owns land underneath other car dealerships; and has other real estate dealings around town. Hankey Investment Co. partnering with David Lee’s Jamison Properties to convert some Koreatown buildings into apartment complexes, and to build a pair of apartment towers near Staples Center. Sold another slice of Westlake Financial to Japanese conglomerate Marubeni Corp., which upped its stake to 25 percent of company over the last year. Hankey says he’ll remain majority shareholder. Lives in Malibu with wife, Debbie, president of Hankey Foundation, charity couple established last year. Don Hankey didn’t grow up riding horses but has taken to it as hobby, recently buying two Tennessee walking horses for rides around Malibu hills.

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