Net Worth: $1.73 billion, up 29 percent
LAST YEAR: $1.34 billion (recalculated)
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, co-founded with brother Michael Milken. Had not previously calculated land holdings underneath Knowledge Schools sites, value of which became known this year, resulting in adjusted 2015 net worth.
THE BUZZ: Knowledge Universe sold off subsidiary Knowledge Schools in August to Swiss private equity firm for an estimated $1.34 billion. It retained 800 properties housing the schools, with an estimated value of $930 million. Lowell Milken is in process of buying several hundred acres of land in undisclosed locations with plans to build residences, according to company. Heron had outstanding year and its 46-story Salesforce Tower in London is now fully leased. Milken is co-founder and chairman of National Institute for Excellence in Teaching, and remains active in education reform. This year created Lowell Milken Institute-Sandler Prize for New Entrepreneurs at alma mater UCLA School of Law. Prize offers $100,000 and is biggest to be offered to UCLA students. Part of last year’s $5.5 million gift to Lowell Milken Institute for Business Law and Policy. Recently donated $3 million toward creation of Hall of Unsung Heroes museum in Fort Scott, Kan., slated to open in May as part of Lowell Milken Center for Unsung Heroes. Worked at Drexel Burnham Lambert in 1980s, defunct Wall Street investment banking firm that under brother’s leadership pioneered issuance of high-yield corporate bonds. Milken’s wife, Leah Hoffmitz Milken, died in October from brain cancer.
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