11) Frederick (Ted) Woodruff Field (up arrow)
Residence: Beverly Hills
Source of Wealth: Entertainment, inheritance
Net Worth: $1.4 billion
Last Year’s Rank: 15
Background: Heir to Chicago’s Marshall Field & Co. department store dynasty, and one of the L.A.’s younger billionaires. Parlayed family money into even bigger fortune in entertainment industry. Co-founded Interscope Records label of big-ticket bands Nine Inch Nails, Marilyn Manson and No Doubt and production company Interscope Communications, behind “What Dreams May Come” and “Very Bad Things.” Been married three times. Had a falling out with his brother, Marshall Field V, over the family inheritance. Routinely avoids the press.
Money Track: In 1995, sold 50 percent of Interscope to Time Warner Inc., which was trying to unload it because of controversy over rap lyrics, for $125 million. Bought it back at discount, then sold it again for $200 million to Seagram Co.’s. Universal Music Group.
Buzz: There are perpetual rumors that Seagram Co. CEO Edgar Bronfman Jr. wants to buy out rest of Interscope Records. If deal goes through, Field’s net worth is likely to skyrocket. Was once a major contributor to the Democratic Party, but fell out of favor as Interscope distributed “gangsta’ rap” albums from Beverly Hills-based Death Row Records artists like Dr. Dre, Tupac Shakur and Snoop Doggy Dogg. Last year, Interscope severed ties with Death Row. Look for Field to be welcomed back into fold as the 2000 Democratic Convention nears.