Net Worth:
$1.3 billion -13%
Last Year:
$1.5 billion*
Age:
80
Residence:
Pasadena
Source of Wealth:
Homebuilding, real estate
The Money:
Shea manages a portfolio of companies involved in homebuilding, commercial real estate and the mortgage businesses through privately held parent J.F. Shea Co. Net worth has taken a hit as the residential real estate market has declined, sending the stock prices of competing public home builders down about a quarter. Helping lift fortunes is Shea’s $1.3 billion commercial real estate portfolio, a sector that’s still going strong.
Buzz:
John Shea runs and has a half interest in the company founded by family patriarch J.F. Shea in 1881. Eight subsidiaries include Shea Homes, the nation’s largest privately held homebuilder. It was named 2007 Builder of the Year by Professional Builder magazine. The fastest growing segment of the company is Shea Properties, which owns the commercial real estate portfolio. It has 10 million square feet of office space and 1,200 apartment units in development. Other units include J.F. Shea Construction, which built the Golden Gate Bridge, Hoover Dam and Bay Area Rapid Transit system. Also in the portfolio are concrete gun and pump maker Reed Manufacturing and BlueStar Resort & Golf, acquired last year to support the company’s master planned communities with golf amenities.
*Value halved from last year when Shea was listed with family
