Net Worth: $1.51 billion, up 17 percent
LAST YEAR: $1.29 billion
RESIDENCE: Bel Air
SOURCE OF WEALTH: Occidental Petroleum Corp., investments
THE MONEY: Net worth rose substantially as personal investments in real estate and venture capital paid off handsomely, offsetting 10 percent drop in Occidental Petroleum share price. During past year, sold off significant number of Occidental shares, pouring proceeds into personal investment portfolio; for first time, Occidental holdings and compensation less than half of total net worth.
THE BUZZ: Focused past year on diversifying holdings amid sustained oil price collapse. Working out of Westwood family office, has ramped up investments in venture capital, private equity, and real estate deals in United States and Europe. Came to Occidental in 1983 and succeeded legendary Armand Hammer as chief executive in 1990. Occidental’s market capitalization increased 15-fold to more than $80 billion. Forced to retire as chief executive in late 2011. In 2012, named to chemistry faculty at USC, where he donated heavily and is also trustee. In 2014, donated $20 million to university to endow residential college at USC Village now under construction. Born in Lebanon. In April, three former household employees at Iranis’ Bel Air estate sued, alleging they worked in slavelike conditions; Iranis through attorney vigorously denied allegations, saying employees targeting them because of wealth.
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