NET WORTH: $1.2 billion, up 5.3 percent
LAST YEAR: $1.14 billion*
RESIDENCE: Los Angeles
SOURCE OF WEALTH: Investments
THE MONEY: Chairman of Heron International, bought controlling interest in London real estate development and investment firm in early 1990s. Strong gains from property investments and education company Knowledge Universe.
BUZZ: Representative of closely held Knowledge Universe said education company performed exceptionally well last year, selling two major assets in Asia for hefty returns; specific price not disclosed. Milken’s wife, Leah Hoffmitz Milken, died in October from brain cancer. Lowell Milken donated $5 million to Cedars-Sinai Medical Center for brain cancer vaccine research. Chairman of Milken Family Foundation, which also gave $2 million to Pasadena’s Art Center College of Design, where his wife taught for two decades. Donation established the Hoffmitz Milken Center for Typography. Graduated from UCLA school of law. Last year gifted $5.5 million to the Lowell Milken Institute for Business Law and Policy at his alma mater to fund entrepreneurship program for law students. Co-founder and chairman of National Institute for Excellence in Teaching and remains active in education reform. Worked at Drexel Burnham Lambert, defunct Wall Street investment banking firm that under brother’s leadership pioneered issuance of high-yield corporate bonds.
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