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Thursday, May 26, 2022

Going Down for the Count

Going Down for the Count

Most of L.A.’s Richest Have Seen Wealth Erode

Eli broad

Net Worth: $5.9 billion t 6%

Last year: $6.3 billion

Age: 69

Residence: Brentwood

Source of Wealth: Homebuilding,

insurance

Background: Has been called L.A.’s most influential citizen. Bankrolled campaign defeating San Fernando Valley secession. Contributed $20 million to revamp UCLA’s fine arts complex; was lead donor to $100 million Broad Center for Biological Sciences at Caltech. Along with former mayor Richard Riordan, his longtime friend, has been influential in pushing certain candidates for the board of the L.A. Unified School District. Helped create MOCA downtown. Rescued Frank Gehry’s Disney Hall by leading fundraising effort. At 23, started Kaufman & Broad with Donald Kaufman; now KB Home is sixth largest U.S. homebuilder with $5 billion in revenue. Started insurance conglomerate SunAmerica, sold it to American International Group in 1998 for $18 billion. AIG stock, which accounts for much of Broad’s wealth, is down from last year.

Marvin davis

Net Worth: $5.5 billion t 14%

Last year: $6.4 billion

Age: 77

Residence: Beverly Hills

Source of Wealth: Oil, real estate,

entertainment

Background: Unable to pull the trigger on a series of recent deals, Davis says he remains serious about buying Vivendi’s entertainment assets. But competing bidders have deeper pockets, including John Malone’s Liberty Media. Has lost lots of weight. Can be proud of son John, who has made it big as a producer of “Dr. Doolittle” and “Daddy Day Care.” Son of a wildcatter, made it big first in oil and Denver real estate. Bought Twentieth Century Fox with Marc Rich; bought him out and later sold out to Rupert Murdoch. Bought and flipped Beverly Hills Hotel, Pebble Beach and Fox Plaza.

Kirk kerkorian

Net Worth: $3.4 billion t 38.2%

Last year: $5.5 billion*

Age: 85

Residence: Beverly Hills

Source of Wealth: Investments

Background: Hit hard by stock losses. Sold 25 million shares of MGM stock in January, reportedly to gain tax benefits for the year ended Jan. 31. MGM stock has dropped more than 45 percent since January 2002. Lawsuit against DaimlerChrysler continues, with court hearing delayed until December due to large volume of filings. Kerkorian filed suit in 2000 alleging DaimlerChrysler lied to investors to gain support for $35 billion Chrysler acquisition in 1998. Ordered to pay $50,000 a month to ex-wife Lisa Bonder for her 4-year-old daughter Kira only a fraction of $320,00 she requested. Both agree Kerkorian is not the biological father. Fresno-born son of Armenian immigrants, started peddling newspapers in Los Angeles at age nine, became amateur boxer, flew in Royal Air Force during WW II. Started amassing fortune in 1947 with purchase of charter airline in Los Angeles. Owns majority stake in both MGM and MGM Mirage through private investment company Tracinda Corp.

*Business Journal recalculated Kerkorian’s 2002 net worth to include debt.

david geffen

Net Worth: $3.4 billion t 5.6%

Last year: $3.6 billion

Age: 60

Residence: Beverly Hills

Source of Wealth: Entertainment

Background: Revenues at DreamWorks SKG, which he co-founded with Steven Spielberg and Jeffrey Katzenberg nine years ago, fell 18 percent last year, to $1.8 billion. Brief speculation in November that Barry Diller considered buying the film studio in a deal involving Vivendi-Universal Entertainment; DreamWorks has denied talking to Vivendi-Universal and there are no indications of a change in ownership. Geffen has shown interest in buying Warner/Chappell, the music publishing segment of AOL Time Warner. Value of his 11.2 million McKesson Corp. shares took a hit, losing over $100 million in value. A Brooklyn College dropout, Geffen began his career in the William Morris mailroom. Started Geffen Records in 1980; sold to MCA in 1990 and netted $710 million when MCA sold it to Matsushita. Produced “Beetlejuice,” “Risky Business” and “Interview with a Vampire.” Was accused by Michael Ovitz in Vanity Fair of being head of Hollywood “gay mafia” that ruined Ovitz’s career a charge that was roundly derided.

a. jerrold

perenchio

Net Worth: $2.6 billion s 8%

Last year: $2.4 billion

Age: 72

Residence: Beverly Hills

Source of Wealth: Entertainment

Background: The press-shy chairman of Univision attracted unwanted attention with his Malibu Bay Co.’s controversial office-and-retail projects. Said to have gotten one of his own telenovelas onto the Spanish-language network’s schedule that will air this fall. Vintner’s son and former boxer became a talent agent in the 1960s and represented Liz Taylor and Marlon Brando. Teamed up with late Lakers owner Jack Kent Cooke to broadcast boxing matches. Formed Embassy Communications with producer Norman Lear; sold to Coca-Cola for $485 million in cash and stock in 1986. Teamed up with partners to buy Univision in 1992. Stock has fallen 25 percent in the past year. State’s biggest political donor plays both sides of the political fence.

Steven Spielberg

Net Worth: $2.2 billion t 4.3%

Last year: $2.3 billion

Age: 56

Residence: Pacific Palisades

Source of Wealth: Entertainment

Background: Director’s latest hit, “Catch Me If You Can” starring Leonardo DiCaprio, grossed $164 million domestically and over $300 million worldwide. Got star on the Hollywood Walk of Fame in January. Bought part ownership in racehorse Atswhatimtalknbout, which placed fourth in the Kentucky Derby. Committed $1 million for victims of terror in Israel through the Righteous Persons Foundation, a fund established initially with profits from “Schindler’s List,” which earned him an Oscar for best director in 1993. Started DreamWorks SKG with David Geffen and Jeffrey Katzenberg in 1994. Company got $1.5 billion worth of new financing in August 2002, which it is using to increase its live-action film production and expand animation production facilities.

Steven ferencz udvar-hazy

Net Worth: $1.8 billion t 20%

Last year: $2.3 billion

Age: 57

Residence: Beverly Hills

Source of Wealth: Aircraft leasing

Background: Became billionaire by selling International Finance Lease Corp. to insurance giant American International Group Inc. for stock. AIG shares still primary source of wealth. President and chief executive of the AIG unit, which he co-founded with friends and father-son team Leslie and Louis Gonda in 1973. Company went public in 1983, became nation’s leading lessor and financier of commercial jet aircraft. Also director of Skywest Inc., parent of Skywest Airlines. Certified jet pilot. Has endowed flight schools, business school and a $65 million research center in aviation hangar for the Smithsonian’s National Air & Space Museum in Washington. Born in Budapest in 1946, migrated to U.S. in 1958.

Ronald burkle

Net Worth: $1.7 billion t 19%

Last year: $2.1 billion

Age: 50

Residence: Beverly Hills

Source of Wealth: Supermarkets,

investments

Background: After faltering with Internet venture and investment in former Beanie Baby distributor Cyrk, Burkle reportedly wants to buy back Dominick’s chain; he picked up over $200 million in profits when he sold it to Safeway in 1998. Attempt to buy debt of bankrupt Kmart chain backfired. (It has recently emerged from bankruptcy.) Son of a Stater Bros. executive, he teamed up with father and Berkshire Hathaway for failed bid for firm. Through 90 percent-owned Yucaipa Cos., he bought up Fred Meyer, Food 4 Less and Ralphs supermarket chains. Sold the bunch to Kroger in 1999. Now controls McDonald’s supplier Golden State Foods and music distributor Alliance Entertainment. Working with former President Bill Clinton on Yucaipa Corporate Initiatives Fund; received $200 million from Calpers to invest in poor communities.

Bradley wayne hughes & family

Net Worth: $1.7 billion s 6.3%

Last year: $1.6 billion

Age: 69

Residence: Malibu

Source of Wealth: Storage facilities

Background: Chairman and chief executive of Glendale-based Public Storage Inc. Owns several race horses, sold 10 percent interest in Kentucky Derby fourth place finisher Atswhatimtalknbout to Steven Spielberg and other Hollywood execs. Owns two adjacent beachfront properties of two acres each. Started Public Storage with one property in 1972; merged 18 affiliated REITs into Public Storage from 1994 to 1998. Today, real estate investment trust has interests in nearly 1,400 storage facilities in 37 states. Had $60,000 salary as chief executive until his retirement in March.

tom gores

Net Worth: $1.7 billion

Last year: Not applicable*

Age: 38

Residence: Beverly Hills

Source of Wealth: Leveraged buyouts

Background: First his Platinum Equity picked up new digs, buying Global Crossing’s old headquarters in Beverly Hills for $50 million. Then he began raising $750 million for his first buyout fund open to investors. Struck out on Global Crossing bid, but bought up five other firms last year including two medical imaging supply distributors last November (one a castoff from Dutch electronics firm Royal Philips Electronics). An Israeli & #233;migr & #233; and younger brother of Alec Gores, the two worked together before he set off on his own to form Platinum in 1995. Says his 19 companies employ 15,000 people and generated revenue of $4 billion last year. Operations are spread out nationwide with executives in Atlanta and Boston. Says he owns all of company. Unlike Alec, doesn’t offer employees traditional profit sharing.

* Last year’s net worth found to be overstated as result of revaluation by Business Journal.

haim saban

Net Worth: $1.6 billion

Last year: $1.6 billion

Age: 58

Residence: Los Angeles

Source of Wealth: Entertainment

Background: Known for Mighty Morphin Power Rangers and Teenage Mutant Ninja Turtles. Personal take was $1.5 billion in 2001Disney/Fox Family deal. Trying to secure financing for purchase of German TV giant ProSiebenSat1 Media AG, which slipped into the red in the first quarter, from bankrupt KirchMedia GmbH. Deal valued at $2.2 billion; Saban denies rumors that he can’t find financial backers. Also bidding $23 million for German sports broadcaster DSF, which has the rights to the 2006 soccer World Cup to be held in Germany. Born in Egypt, moved to Israel at 12. Funded Saban Center for Middle East Policy at Brookings Institution and Saban Institute for the Study of the American Political System at Tel Aviv University. Staunch Democratic supporter; gave over $9 million in 2002. Has already given to presidential hopefuls Kerry, Edwards, Dean and Gephardt.

David murdock

Net Worth: $1.6 billion s 14.3%

Last year: $1.4 billion*

Age: 79

Residence: Bel-Air

Source of Wealth: Real estate, agriculture

Background: Just as he did with real estate firm Castle & Cooke Inc. in 2000, took Dole Foods Co. private on March 28. Paid $33.50 per share in cash for the 70 percent of company he and his family didn’t already own, paying roughly $1.4 billion. Murdock has completed 11 such going-private deals of public companies to date. Bonds carry “junk” credit rating due to large debt load from buyout; Dole has sold $875 million of senior notes so far this year. High school dropout who made fortune, lost it, made it again in California real estate market. Staunch supporter of Republican Party.

* Business Journal recalculated Murdock’s net worth in 2002 to include debt.

louis gonda

Net Worth: $1.4 billion t 32%

Last year: $2.1 billion

Age: 54

Residence: Beverly Hills

Source of Wealth: Aircraft leasing

Background: Born in Venezuela, Louis and his father, business partner and co-billionaire Leslie Gonda, co-founded International Lease Finance Corp. with Steven Udvar-Hazy. Primary source of wealth is AIG stock, trading at $55, down from $69 a year ago. Started Lexington Commercial Holdings Inc. in 1990s to cash in on real estate. Entered other markets through Lexington Entertainment Group (owner of East of Doheny Productions and others) and Lexington Funding LLC. Lexington is partner on two mixed-use projects in Beverly Hills involving luxury hotel and condominiums, office space and a public plaza. Owns satellite manufacturing company Advanced Remote Communications Solutions and StorAmerica, a national chain of self-storage units.

Franklin Otis booth jr.

Net Worth: $1.4 billion t 6.7%

Last year: $1.5 billion

Age: 80

Residence: Bel-Air

Source of Wealth: Investments

Background: The remaining 17,000 shares he holds from a $1 million investment in Warren Buffett’s Berkshire Hathaway in 1963 now worth $1.2 billion. Even so, those holdings took a 6.1 percent haircut in the past year. Great-grandson of Times Mirror founder Harrison Gray Otis. Entered college at age 16, received engineering degree from Caltech and M.B.A. from Stanford. Stint as vice president of Los Angeles Times; left to start printing business that failed. Real estate holdings include 2,500-acre orange grove and 4,000 acre cattle ranch. Recently purchased packinghouse and more ranch property. Married Lynn Hirsch, widow of Newport businessman Clement Hirsch.

charles t. munger

Net Worth: $1.3 billion t 7.1%

Last year: $1.4 billion

Age: 79

Residence: Los Angeles

Source of Wealth: Investments

Background: Came to Los Angeles as lawyer in 1950s. Still has name on door of firm Munger Tolles & Olson. Met famed investor Warren Buffett in 1959. Vice chairman at Berkshire Hathaway; owns more than 16,000 shares. Chairman and chief executive at Wesco Financial Corp. (80 percent Berkshire owned), and chairman of Daily Journal Corp., which has seen its stock continue to fall. Owns less than $3 million of the Journal’s stock through Munger Marshall & Co. Known for demanding analysis of investments. Gave $21 million to Huntington Library in Pasadena for 90,000 square foot addition.

Leslie Gonda

Net Worth: $1.2 billion t 21%

Last year: $1.5 billion

Age: 83

Residence: Beverly Hills

Source of Wealth: Aircraft leasing

Background: Born in Hungary. Holocaust survivor, escaped Nazi labor camp, fled to Venezuela after World War II and later came to U.S. In 1973, co-founded International Finance Lease Corp. with son Louis Gonda and friend Steven Udvar-Hazy. Still a director of the AIG unit, has most of his wealth in AIG stock. Gives heavily to philanthropic causes through Leslie and Susan Gonda (Goldschmied) Foundation, formed in 1988. Beneficiaries include Ben-Gurion University, Bar-Ilan University in Israel, UCLA, Mayo Clinic and City of Hope, for research into diabetes, neuroscience, genetics and other medical research.

frederick “ted” field

Net Worth: $1.2 billion

Last year: $1.2 billion

Age: 50

Residence: Beverly Hills

Source of Wealth: Inheritance,

entertainment

Background: Heir to part of Marshall Field & Co. fortune, came to Los Angeles in 1974. After brief stint as racecar driver, began building entertainment fortune. Bought and sold movie-camera company Panavision. Founded Interscope Communications, which sold to Universal for $330 million. Makes movies through Radar Pictures; executive producer of Tom Cruise’s next film, “The Last Samurai.” Has hands full with troubled Internet music portal ArtistDirect Inc. With only $2 million of cash on hand at the end of 2002, company is struggling to survive. Field, who was named chairman and chief executive in 2001, suspended his salary in December. Thrice divorced, six children, currently single.

john e. anderson

Net Worth: $1.2 billion s 9.1%

Last year: $1.1 billion

Age: 85

Residence: Bel-Air

Source of Wealth: Investments

Background: Owner of Topa Equities, holding company for Anderson’s 42 companies; investments include real estate, car dealerships, beverage distributors and insurance. Topa revenues were close to $1 billion in 2002. Said he has lightened up in stocks and has significant amounts into real estate. Went on a Westwood Village buying spree late last year, purchasing three buildings valued together at $70 million. In 1998, sold what is now Mellon 1st Business Bank for $180 million. Namesake for UCLA’s Anderson School of Business, the result of a $15 million donation in 1987. Son of Minneapolis barber, came to UCLA on hockey scholarship. Went to Harvard for MBA; enlisted in Navy and passed C.P.A. exam on shore leave. Got law degree at night while working for Arthur Andersen. Started Ace Beverage Co. in 1956, an early distributor of Budweiser.

alfred e. mann

Net Worth: $1.1 billion

Last year: $1.1 billion

Age: 77

Residence: Mulholland Estates

Source of Wealth: Biomedical devices

Background: Founder and chairman of Medical Research Group Inc. and founder and CEO of MiniMed, both involved in developing diabetes care technology. Sale of pair to Medtronic Inc. in 2001 yielded $3.7 billion in cash and stock. Owned 27 percent of MiniMed and 34 percent of Medical Research Group. Donated $530 million to endow biomedical research institutes at USC, UCLA and Johns Hopkins, but some are tied up in intellectual property rights squabble. Chairman of MannKind Corp. and chairman and co-chief executive, Advanced Bionics. Majority shareholder of both private bio-pharmaceutical firms. MannKind, valued at $470 million, was slated to go public in 2003 but plans were shelved. FDA investigating whether Advanced Bionics’ hearing implants cause meningitis. Portland native raised during Depression, sold lemonade and magazine subscriptions during World War II.

george randolph hearst jr.

Net Worth: $1.1 billion s 22%

Last year: $900 million

Age: 75

Residence: Los Angeles

Source of Wealth: Inheritance

david hearst jr.

Net Worth: $1.1 billion s 22%

Last year: $900 million

Age: 57

Residence: Los Angeles

Source of Wealth: Inheritance

Background: David lost his sister (and former richest list member) Millicent Boudjakdji. Cousin George Jr. now chairman of Hearst Corp., founded by yellow journalism tycoon William Randolph Hearst. Great-grandfather George Hearst developed gold and silver mines in the West; controlled huge California land holdings and money-losing San Francisco Examiner. William Randolph took over paper after getting kicked out of Harvard; turned it around and then built empire that included now-defunct newspapers in New York and Los Angeles, radio station, newsreels and San Simeon estate.

john shea & family

Net Worth: $1.1 billion

Last year: Not on list

Age: 76

Residence: Pasadena

Source of Wealth: Homebuilding

Background: Beat out 50 other firms last year to form partnership with Worldwide Church of God on 48-acre Ambassador College redevelopment. John Shea’s grandfather started J.F. Shea Co. in 1881 as manufacturer of plumbing fixtures. Migrated through dam, tunnel and subway construction; helped build Hoover and Grand Coulee dams in the 1930s and San Francisco’s Bay Area Rapid Transit system in the 1960s. John and cousins Peter and Edmund worked on tunnel projects while growing up; saw little future in construction. Began developing tract homes and mobile home parks in 1968; first big score came 11 years later with development of 900-acre project in Laguna Niguel. Today, nation’s largest private homebuilder has also become fully integrated real estate developer with the 22,000-acre Highlands Ranch in Denver, California’s Mission Viejo and Vistancia in Arizona.

David gold & family

Net Worth: $950 million t 2.6%

Last year: $975 million*

Age: 70

Residence: Mid-Wilshire

Source of Wealth: Discount retail

Background: Son of Russian immigrant, started out running liquor store in downtown Los Angeles. Noticed items priced 99 cents sold well. Opened first 99 Cents Only store in Inglewood in 1982. Took company public in 1996 and now operates 154 stores in California, Las Vegas and Phoenix. David is CEO, sons Howard and Jeff are senior vice presidents and son-in-law Eric Schiffer is president. Company has been averaging over 17 percent revenue growth over past five years. Plans to open 38 more stores in 2003. Known for work ethic and lack of attitude; refuses to pay PR firm.

* Business Journal recalculated Gold family’s net worth for 2002 to fully account for shareholdings and past stock sales.

donald sterling

Net Worth: $943 million s 12%

Last year: $843 million*

Age: 66

Residence: Beverly Hills

Source of Wealth: Real estate

Background: Clippers owner likely won’t bring back all eight free-agent players, including forward Elton Brand. But he is spending money on apartments in Koreatown and Mid-Wilshire. The former Robert Tokowitz made his first real estate deal in the 1960s, then began buying up Beverly Hills apartments. Added the former San Diego Clippers in 1981 for $12.5 million; moved to L.A. in 1984. Among bevy of properties: the Beverly Hills Plaza Hotel, nearly-empty Sterling Plaza office building and former site of the Malibu Yacht Club.

* Sterling’s 2002 net worth was adjusted due to Business Journal recalculation.

edward roski jr.

Net Worth: $942 million t 6%

Last year: $1 billion

Age: 64

Residence: Toluca Lake

Source of Wealth: Real estate

Background: Roski’s Majestic Realty added 1.1 million square feet to an empire of industrial properties. Settled lawsuit with Hilton Hotels over aborted $365 million bid for aging Las Vegas Hilton property. Marine veteran, Roski joined father’s real estate brokerage in the 1960s. Got close with leadership in City of Industry; became a developer with city land seized through eminent domain. City founder James Stafford later got caught up in local bank scandal. Quietly built Majestic into L.A.’s largest real estate developer with 41 million square feet of industrial, office and retail space. Returned to spotlight in partnership with billionaire Philip Anschutz to buy L.A. Kings and build Staples Center. Also owns small piece of the Lakers.

george joseph

Net Worth: $925 million t 7.5%

Last year: $1 billion

Age: 81

Residence: Los Angeles

Source of Wealth: Insurance

Background: Owns 35 percent of Mercury General Corp. shares, which are down 8 percent since last year. Founded Mercury in 1961 and built it into sixth largest auto insurer in California. Pursuing expansion plans outside state. Small but growing presence in Florida and Texas. Known for paying close attention to personal information and aggressively going after suspicious claims to cut down on fraud. Consistently strong underwriting results and low insurance rates. Harvard educated numbers man, completed degrees in math and physics in less than three years. Started off as actuarial trainee at Occidental Life, grew jealous of paychecks in sales department and subsequently became entrepreneur. Mercury gave $25,000 to Hahn’s anti-secession movement.

michael milken

Net Worth: $890 million s 9.9%

Last year: $810 million

Age: 56

Residence: Los Angeles

Source of Wealth: Investments

Background: Co-founded Knowledge Universe with brother Lowell and Oracle Corp. Chairman Larry Ellison. Benefited from run up in shares in its LeapFrog Enterprises Inc. following July initial public offering. Stock up over 85 percent. Started at Drexel Burnham Lambert in 1969, became head of junk bond trading. Relocated from New York to Beverly Hills office in 1978. Indicted on securities fraud, pleaded guilty to six felony counts, served 22 months in prison. Diagnosed with prostate cancer in 1993, now in full remission. Supporter of education and cancer research through Milken Family Foundation and Capcure. Also head of Santa Monica think tank Milken Institute.

roy e. disney

Net Worth: $850 million t 5.6%

Last year: $900 million

Age: 73

Residence: Los Angeles

Source of Wealth: Inheritance,

entertainment

Background: Nephew of Walt Disney, inherited large portion of Disney shares currently valued at $350 million. In past year, stock has lost roughly a quarter of its value. Balance held in investments. Still heads animation department and is chairman of investment company Shamrock Holdings Inc., with an estimated $2 billion under management. Graduated from Pomona College in 1951 with English degree. Assistant editor on “Dragnet” before joining the family business in 1954, first as editor then as writer. Avid yacht racer. Recently in Australia having 86-foot yacht built; sold record-holding 77-foot Pyewacket to an undisclosed Asian buyer.

jeffery katzenberg

Net Worth: $850 million t 5.6%

Last year: $900 million

Age: 52

Residence: Beverly Hills

Source of Wealth: Entertainment

Background: Started as assistant to Barry Diller at Paramount Pictures. Head of feature production at Disney from 1984-1994. Left after falling out with Michael Eisner and battled in court for unpaid compensation, which came in at $250 million. Co-founded DreamWorks SKG with Geffen and Spielberg in 1994. Frequently associated with Democratic candidates. DreamWorks revenues were down 18 percent to $1.8 billion last year. Just announced plans to produce first-ever TV show using only computer-generated images like those in smash hit “Shrek.”

alec gores

Net Worth: $775 million

Last year: Not applicable*

Age: 50

Residence: Beverly Hills

Source of Wealth: Leveraged buyouts

Background: Picked up voice communications unit of Philips in February and traffic management systems firm Resonate in April. But the big one, Global Crossing, got away; brother Tom didn’t have any better luck. Cashed out most of his stake in Verifone by selling to another buyout firm; reaped $130.5 million for his trouble, according to a source. Former systems programmer at General Motors, he started his first business from his father’s basement. Founded Gores Technology Group in 1992; made 40 acquisitions since founding. Big score: acquisition of Learning Co. from Mattel for no money down and promise of 50 percent of future profits; turned company around and sold off the pieces. Known for quickly flipping deals. Says he finances own deals with occasional help from hard-money lender Foothill Capital.

* Last year’s net worth found to be overstated as result of recalculation by Business Journal.

stewart resnick

Net Worth: $730 million s 4.3%

Last year: $700 million*

Age: 65

Residence: Beverly Hills

Source of Wealth: Mail-order

merchandise

Background: Through Roll International Corp. holding company, owns Franklin Mint, Teleflora (floral delivery service), Paramount Farms (pistachios and almonds) and Paramount Citrus. Franklin Mint is largest segment of Roll, with operations in 15 countries and collectibles peddled by mail order, the Internet and retail stores. Estimated revenue of $800 million in 2001, most recent year available. Worked way through law school by running janitorial business. Founded Roll with wife Lynda. Avid collector of French and Italian art from the 17th and 18th centuries. In November, Resnicks filed a $25 million malicious prosecution claim against estate of Princess Diana and a memorial fund in her name, the latest chapter in a battle between sellers of Diana collectibles.

* Last year’s net worth was adjusted due to a Business Journal revised valuation.

alan casden

Net Worth: $700 million s 2%

Last year: $686 million*

Age: 56

Residence: Beverly Hills

Source of Wealth: Real estate

Background: Sold portfolio to Apartment Investment & Management Co. (Aimco) in 2001 for $1.5 billion; now tied up in legal disputes with former limited partners and Aimco arising from those ventures. Ordered to pay $120 million to former investors in 98 of those buildings. Former Leventhal accountant got into real estate in 1975; has since developed or sponsored 90,000 units. Among bidders for Dodgers. Brother Henry suing him to recover severance and unpaid dividends after quitting Alan’s real estate company. Won $1.6 million countersuit against Henry, later overturned. Donated $100,000 to 2000 Democratic National Convention. Helped start Simon Wiesenthal Center and its Museum of Tolerance.

* Casden’s net worth for 2002 was adjusted based on new ownership information.

tom werner

Net Worth: $700 million

Last year: $700 million

Age: 54

Residence: Pacific Palisades

Source of Wealth: Entertainment

Background: Full plate these days, even if the Carsey-Werner-Mandabach machine is no longer the hot production team of the moment. Co-producing show starring “Saturday Night Live” alum Tracy Morgan; still dating “Today” show host Katie Couric; joined former Florida Marlins owner John Henry to buy Boston Red Sox for a reported $700 million. Harvard graduate ditched documentary filmmaking for gig at ABC where he met future partner Marcy Carsey. Took over her job after she left to start her own production house, then joined her a year later. Big hits include “The Cosby Show” and “Grace Under Fire.” Bought and sold Padres. With Carsey and billionaire talk show host Oprah Winfrey, helped start Oxygen cable network.

lowell j. milken

Net Worth: $700 million s 6.1% Last year: $660 million

Age: 54

Residence: Los Angeles

Source of Wealth: Investments

Background: Younger brother of Michael, also attended Berkeley. Received law degree from UCLA and joined L.A. firm Irell & Manella. Left firm in 1978 when Michael moved to L.A., worked as brother’s tax consultant and main adviser at Drexel Burnham Lambert. Also indicted for securities fraud; charges were dropped when Michael pleaded guilty. Vice chairman at Knowledge Universe and head of Milken Family Foundation, which focuses on education and medical research. Recently unveiled Milken Archive of American Jewish Music, an archive of Jewish music from around the world.

robert addison day jr.

Net Worth: $650 million t 15.6%

Last year: $770 million

Age: 59

Residence: Los Angeles

Source of Wealth: Financial management

Background: Founder and large stakeholder in TCW Group sold 51 percent interest in 2001 to bank Groupe Societe Generale SA of France for $880 million in stock. SG plans to spend another $425 over next few years to boost stake to 70 percent, depending on performance of TCW Group. SG stock takes hit over past year, shedding a third of its value. Started Trust Co. of the West in 1971 with $1.5 million from investors; assets under management dropped to $79 billion as of Dec. 31, 2002 from $88 billion in 2001. Chairman of W.M. Keck Foundation, oversees $1.3 billion in assets. Maternal grandfather, William M. Keck, founded Superior Oil Co. Foundation makes grants in medical research, science and engineering. Best known for funding the largest telescope in the world atop Mauna Kea in Hawaii. Republican party supporter.

gary winnick

Net Worth: $600 million Last year: $600 million*

Age: 54

Residence: Bel-Air

Source of Wealth: Telecommunications

Background: Resigned as head of bankrupt telecommunications company Global Crossing in December. Sold more than $500 million worth of stock before company filed Chapter 11 in January 2002. Federal government decided not to pursue criminal charges against Winnick and other company executives. Sold U.S. headquarters location in Beverly Hills to Tom Gores for estimated $45 million. Long Island, N.Y. native worked with Michael Milken at Drexel Burnham Lambert in 1980s. Founded and invests through Pacific Capital Group Inc. Established Winnick Family Foundation with wife in the late 1980s, which focuses on children’s education and literacy programs. Other philanthropic efforts include $40 million to Simon Wiesenthal Center to support museum of tolerance in Israel.

* Due to a Business Journal recalculation of stock sales, net worth in 2002 was adjusted.

marcy carsey

Net Worth: $600 million t 12% Last year: $680 million

Age: 58

Residence: Brentwood

Source of Wealth: Entertainment

Background: Fallen from heyday of the ’80s; only two new shows for upcoming season, including Whoopie Goldberg project on NBC. One big hit in last three years: “That ’70s Show,” whose reruns are now in syndication. Former NBC tour guide got break when she became production assistant on the “Tonight Show.” Eventually became senior vice president at ABC. Left alphabet network to form her own production house; longtime partner Tom Werner, who succeeded her at ABC, joined a year later. Enjoyed string of hits in ’80s and ’90s with “The Cosby Show,” “Roseanne,” Cosby spin-off “A Different World” and “Grace Under Fire.”

philip evans kamins

Net Worth: $600 million s 4.3% Last year: $575 million*

Age: 66

Residence: Beverly Hills

Source of Wealth: Chemicals, plastics

Background: Owner of Sun Valley-based PMC Global Inc., a producer of memory chips, connectors, film, plastics, plastic-molding equipment, chemicals and foam. Cosrich Group division in New Jersey manufactures and markets children’s bath products and play cosmetics under Barbie, Pokemon and major Disney labels. Revenues estimated at $570 million in 2002 versus $600 million in 2001. PMC sold plastic containers company that brought in $70 million. Focusing more on pharmaceuticals. Chicago native. After graduating from Northwestern University, got a job with plastics scrap dealer. Keeps low profile.

* Kamins’ 2002 net worth was re-calculated by the Business Journal based on new revenue data supplied by PMC Global.

robert petersen

Net Worth: $567 million Last year: Not applicable*

Age: 76

Residence: Beverly Hills

Source of Wealth: Publishing

Background: Sold Sports Afield in August to Long Beach publishing firm after outdoors magazine got hit by advertising recession. His Bismuth Cartridge company that makes lead-free, environmentally safe ammunition developed bullet that fragments when it hits plane fuselage; recently approved for use by Department of Homeland Security. Started Hot Rod Magazine in 1948 with $500; peddled outside car shows for two bits. Added Car Craft, Rod and Custom, Teen and Sassy. Sold 90 percent of Petersen Publishing in 1996 for $462.5 million; got second bite of the apple two years later when Britain’s EMAP purchased company for $1.2 billion. Owns Mid-Wilshire office building, 19,500-acre ranch and Zinfandel vineyard in Paso Robles as well as ranch in Palmdale. Petersen Aviation operates seven planes including four Gulfstreams from Van Nuys airport. An assistant said the former publisher of Guns & Ammo is “semi-retired.”

* Last year’s net worth found to be overstated as result of recalculation by Business Journal.

guilford Glazer

Net Worth: $566 million t 35% Last year: $870 million

Age: 81

Residence: Beverly Hills

Source of Wealth: Real estate

Background: Attracting attention with pending sale of Del Amo Fashion Center to Mills Corp. for $440 million, less than many had previously valued the mall. Son of a welder, he built his first apartment building in 1950 for his mother, then expanded to Atlanta, Boston, Pittsburgh and West Virginia. Built Del Amo, nation’s second largest shopping mall; added hotels to the mix. Said to be retired, he still attends meetings at the offices of Torrance Co., his primary investment vehicle. Has always claimed to carry little debt; heavily involved in Jewish charities.

michael eisner

Net Worth: $520 million t 5.5% Last year: $550 million

Age: 61

Residence: Hollywood Hills

Source of Wealth: Entertainment

Background: Net worth takes another hit, down $65 million in last two years, as Disney shares languish. Theme park attendance down, net income off 30 percent for six months ended March 31. Responding to critics, Disney takes steps to make board more independent. Disney sold World Series champion Anaheim Angels to Arizona businessman Arturo Moreno for $180 million. Former head of Paramount Pictures, Eisner went to Disney as chairman and chief executive, oversaw $20 billion purchase of Capital Cities/ABC in 1996. Founded Eisner Foundation in 1996; Cal State Northridge recently renamed College of Education after Eisner for $7 million donation made by foundation.

william barron hilton

Net Worth: $514 million t 21%

Last year: $650 million

Age: 75

Residence: Holmby Hills

Source of Wealth: Hotels

Background: Born in Texas, son of Hilton Hotels founder Conrad Hilton. Owns 23 million shares of Hilton and 23 million shares of its publicly traded casino operation, Park Place Entertainment. Owns 450,000-acre Flying M Ranch straddling California-Nevada border, valued at between $3,000 and $4,000 an acre, and Venice Island, a private duck hunting island near Stockton. Started in father’s business in 1951; rose to president and chief executive in 10 years. Shares of Park Place are off 39 percent from year-ago levels. Despite jittery travel industry, shares in Hilton are down less than 10 percent during the same period.

peter morton

Net Worth: $510 million t 24% Last year: $670 million

Age: 55

Residence: Beverly Hills

Source of Wealth: Restaurants, hotels, gaming

Background: Son of steakhouse restaurateur Arnie Morton. Combined burger joint with rock n’ roll to come up with Hard Rock Caf & #233; in 1976. Sold Hard Rock chain 1996 to Rank Group Plc for $460 million but kept perpetual royalties-free licensing rights to Hard Rock name. Owner of 93 percent of Hard Rock Hotel Inc., which runs Hard Rock Hotel & Casino in Las Vegas. Commutes via private jet from L.A. to Vegas. Hard Rock reported losses for three consecutive years, but came back with net income of $2.8 million in 2001 and $2.5 million in 2002. Lower net last year blamed on marketing expenses of booking high-profile bands like Rolling Stones, the Who and Aerosmith.

gloria joseph

Net Worth: $460 million t 8% Last year: $500 million

Age: 79

Residence: Los Angeles

Source of Wealth: Insurance

Background: Served as vice president of Mercury General Corp. with husband George Joseph from 1961 until their 1985 divorce, same year Mercury went public. Received half of the shares she and her ex-husband held jointly. Owns 9.2 million shares, 16.8 percent of company’s outstanding stock, and holds seat on board.

merv griffin

Net Worth: $460 million Last year: Not applicable*

Age: 77

Residence: Beverly Hills

Source of Wealth: Entertainment

Background: Producing new version of kitschy “Dance Fever”; wrote autobiography. Honored in May by songwriters’ organization BMI. Radio singer in the 1940s, became known to couch potatoes as host of “The Merv Griffin Show” in the 1960s. Parlayed fame into empire with television staples “Wheel of Fortune” and “Jeopardy”; sold business to Columbia Pictures for $250 million in 1986. Battled with Donald Trump in the 1980s over control of now-defunct Resorts International casino business; sold Paradise Island casino and gambling boats for undisclosed amount in 1984. Donated Arizona dude ranch to children’s charity in 2000. Still owns Beverly Hilton Hotel, 240-acre La Quinta property near famed PGA West golf course. Still singing, he last released an album in 2001.

* Last year’s net worth was found to be overstated based on a recalculation by the Business Journal.

david i. saperstein

Net Worth: $455 million s 1.1% Last year: $450 million

Age: 62

Residence: Holmby Hills

Source of Wealth: Broadcasting

Background: Born in Baltimore, the former used car salesman came up with firm that sold traffic reports to radio stations. Metro Networks later added sports, weather and news. Sold company to Westwood One in 1999, which is in turn majority owned by Viacom Inc. Retained 5.5 million shares. Owns Beverly Hills Equestrian Park, race horses, 45,000-square-foot home dubbed “Fleur de Lys” and tree farms in Texas and Florida. Saperstein and wife Suzanne big GOP supporters; gave $510,000 to Republican candidates in 2002. Westwood One net income in 2002 was $109.1 million, up from $43.2 million.

lloyd cotsen

Net Worth: $450 million Last year: Not applicable*

Age: 74

Residence: Beverly Hills

Source of Wealth: Cosmetics

Background: Donated 675 Japanese baskets to recently re-opened Asian Art Museum in San Francisco; joined board of Eagle-Pitcher Industries in November. Harvard Business School graduate joined father’s cosmetics firm. Became president in 1967 and changed name to Neutrogena; marketed soap to dermatologists. Built into brand name in hypoallergenic products before selling company to Johnson & Johnson in 1994; took home $348 million from sale. Collector of folk art; donates to UCLA and Skirball.

* Last year’s net worth was found to be overstated as a result of a Business Journal recalculation.

Neil kadisha

Net Worth: $430 million t 4.4% Last year: $450 million*

Age: 47

Residence: Beverly Hills

Source of Wealth: Telecommunications, investments

Background: Merged satellite-communications company Omninet with Qualcomm in 1988 and took seat on board. Retired from board last year. Still owns more than 6 million Qualcomm shares, which have declined in price by more than 80 percent from January 2000 peak. Shares have leveled off over past year. Became chairman at broadband provider Switchpoint Networks after stepping down as chief executive in 2001. Heads venture capital firm Omninet Capital LLC in Beverly Hills, focused on investments in wireless communications and broadband infrastructures. Active in Jewish community.

* Due to Business Journal recalculation, Kadisha’s net worth was adjusted for 2002.

ronald tutor

Net Worth: $427 million Last year: Not on list

Age: 62

Residence: Hidden Hills

Source of Wealth: Construction

Background: Head of Tutor-Saliba sometimes finds himself in conflicts with customers most recently involving cities of L.A. and San Francisco. Suit filed against him over his role as trustee of Carpenters Union was dropped after lead plaintiff died. Got into movie business with another partner by buying 50 percent of Franchise Pictures. Father A.G. Tutor founded company in 1949; Ron joined in 1963 after getting finance degree from USC. Built Tom Bradley Terminal at LAX, projects in New York and other cities. Took control of Perini Corp., which builds Las Vegas casinos. Politically connected, he helped finance Insurance Commissioner John Garamendi’s successful return to office last year.

aubrey chernick

Net Worth: $427 million Last year: Not on list

Age: 54

Residence: Los Angeles

Source of Wealth: Software

Background: These days, Chernick has to boost sales; his Candle Corp. has seen 15 percent decline in revenues, to $271 million, the third straight year of revenue decline. L.A.-born son of a grocer who attended college in Toronto, he stumbled into computer programming while working for the Canadian government. Formed Candle in 1976 after reading a note in a fortune cookie. Found niche in supplying mainframe management software. After slowing growth in early ’90s, engineered turnaround. Now sole owner of company; also has a foundation dedicated to among other things, HIV education.

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