L.A.’s Top 50: Earning It, Inheriting It, Buying Into It
Kirk Kerkorian
Net Worth: $8 billion UP 6.7%
Last year: $7.5 billion
Age: 84
Residence: Beverly Hills
Source of Wealth: Investments
Background: Fiercely private octogenarian failed in a not-so-quiet attempt to sell MGM early this year; potential suitors balked at reported $7.2 billion sale price. Still entrenched in $8 billion lawsuit against Daimler Chrysler; is selling shares of the German-owned automaker. Suing former wife, Lisa Bonder Kerkorian, for going public over a financial arrangement following the couple’s one-month-long marriage. Bonder has gone to court to get $320,000 a month to support daughter, Kira, but Kerkorian wants the amount lowered to $50,000. Claims he is not the father of the child. Fresno-born son of Armenian immigrants, started peddling newspapers in Los Angeles at age nine, became amateur boxer (“Rifle Right Kerkorian”), flew “suicide missions” in WWII delivering Mosquito bombers from Montreal to Scotland through tough North Atlantic weather. Started amassing fortune in 1947 with purchase of charter airline in Los Angeles. Owns majority share of MGM; also has large stake in MGM Mirage.
Marvin Davis
Net Worth: $6.4 billion UP 1.6%
Last year: $6.3 billion
Age: 76
Residence: Beverly Hills
Source of Wealth: Oil, real estate,
entertainment
Background: Despite high profile entertainment and real estate deals, much of his personal net worth is from natural gas and oil business. Last year, bought Chicago skyscraper for $239 million after selling Fox Plaza for $350 million in 2000. According to New York Post, recently pulled out of deal to buy a New York office tower for $335 million. Moved to L.A. in 1980s from Denver with purchase of 20th Century Fox, sold property to Rupert Murdoch. Kept Pebble Beach golf course, subsequently sold it to Japanese investors at market peak for $841 million. In 1980s bought and sold Beverly Hills Hotel and Aspen Ski Corp. Was unsuccessful in $6.2 billion bid for United Airlines in 1990.
Eli Broad
Net Worth: $6.3 billion DOWN 3.1%
Last year: $6.5 billion
Age: 67
Residence: Brentwood
Source of Wealth: Homebuilding,
insurance
Background: Made first fortune with Kaufman & Broad (now KB Home) homebuilder, second with insurance giant SunAmerica. Much of his personal net worth is in American International Group stock; insurance giant purchased SunAmerica for $18 billion in 1998. But AIG stock is down 20 percent from last year. Terms his third career “venture philanthropy;” has given to local schools and is pushing for biomed park next to County USC hospital. Will likely contribute to re-building of Los Angeles County Museum of Art and is driving force behind proposed Grand Avenue arts and culture corridor downtown. Instrumental in bringing Andy Warhol exhibit to Museum of Contemporary Art. Art collection worth $500 million. Active in local political scene (sometimes to the annoyance of politicos), most recently in fight against San Fernando Valley secession.
David Geffen
Net Worth: $3.6 billion UP 9.1%
Last year: $3.3 billion
Age: 59
Residence: Beverly Hills
Source of Wealth: Entertainment
Background: Gave $200 million to UCLA medical school, to be renamed David Geffen School of Medicine. Co-founder of DreamWorks SKG, originally touted to be a major studio but turning out to be focused mostly on film production; 2001 revenues estimated at $1.8 billion. Geffen-run DreamWorks Records starting to get traction; artists Nelly Furtado and Alien Ant Farm scored hits. Television unit still troubled. Brooklyn College dropout began his career in William Morris mailroom; started Geffen Records in 1980s. Sold to MCA for $550 million. Produced movies “Risky Business” and “Beetlejuice.” Has branched out of entertainment, amassing $430 million stake in wholesale drug company McKesson Corp. Mellowing a bit from younger days, though those who know him say he doesn’t handle stress well, reportedly getting physcally sick in some instances.
A. Jerrold Perenchio
Net Worth: $2.4 billion DOWN 14.3%
Last year: $2.8 billion
Age: 71
Residence: Beverly Hills
Source of Wealth: Entertainment, media
Background: As a talent agent in the 1960s represented Liz Taylor and Marlon Brando. Formed Embassy Communications with producer Norman Lear, sold to Coca-Cola in 1986 for $485 million. With partners, bought Univision for $550 million in 1992; now chairman and controlling shareholder. Invests in media through Chartwell Partners holding company. Extensive real estate holdings in Malibu. Son of a vintner from Fresno; was a boxer in his youth. Media-shy Republican is known to play both sides of political fence. Big donor to Gov. Gray Davis’ re-election campaign.
Steven Spielberg
Net Worth: $2.3 billion UP 4.5%
Last year: $2.2 billion
Age: 55
Residence: Pacific Palisades
Source of Wealth: Entertainment, media
Background: Has directed “Jaws,” “E.T.,” and “Jurassic Park”; received best director nod for “Schindler’s List.” With David Geffen and Jeffrey Katzenberg, started DreamWorks in 1994. Mircrosoft mogul Paul Allen kicked in $500 million for 25 percent stake in 1995. After rough start, studio has scored hits ranging from “Shrek” to “Saving Private Ryan.” Despite billionaire status, felt inclined to return to California State Long Beach to finish degree. On May 31, plans to attend graduation, in cap and gown.
Steven Ferencz Udvar-Hazy
Net Worth: $2.3 billion DOWN 14.8%
Last year: $2.7 billion
Age: 55
Residence: Beverly Hills
Source of Wealth: Aircraft leasing
Background: At 13, left native Hungary, studied airline industry at UCLA. With Leslie and Louis Gonda, founded International Lease Finance Corp. in 1973. Sold to American International Group in 1990; net worth largely a function of AIG’s stock price, which is down 20 percent from last year. Remains ILFC’s chief executive. Grabbed headlines last fall after ordering repossession of 19 jetliners from Swissair. Always risky aircraft leasing business even tougher after Sept. 11. With wife has given to Harvard-Westlake school, also $65 million to Smithsonian’s National Air and Space Museum.
Ron Burkle
Net Worth: $2.1 billion DOWN 4.5%
Last year: $2.2 billion
Age: 49
Residence: Beverly Hills
Source of Wealth: Supermarket, investments
Background: Retained former President Bill Clinton this year, boosting profile of Yucaipa Cos. investment vehicle. Clinton will consult with Yucaipa Corporate Initiatives Fund. A year ago, fund received $200 million from California Public Employees Retirement System to invest in low-income communities. Built fortune in supermarkets, has since backed off business. Kmart bankruptcy filing soured investment, about 1.1 million shares, but he dodged a big hit through collar arrangement allowing sale of some holdings for close to purchase price. Sold stake in Fleming Cos., $40 million profit. Recently tied to investment group led by Philip Anschutz looking to develop a football stadium just south of downtown (Burkle failed in a similar effort few years back). Claremont native, son of Stater Bros. grocery chain executive. Registered Republican but plays both sides of the fence. Contributed to Gov. Gray Davis’ re-election campaign.
David Murdock
Net Worth: $2.1 billion UP 75%
Last year: $1.2 billion
Age: 78
Residence: Bel-Air
Source of Wealth: Real estate, agriculture
Background: Dole Food Co. Inc. chief executive owns 24 percent of company’s stock; price more than doubled in last year. Took private Castle & Cooke, which owns 98 percent of Hawaii’s island of Lanai and two island resorts. Well diversified, owns hotels in Baltimore and Nebraska, various commercial and undeveloped real estate holdings. Owns Flexi-Van Leasing, largest chassis maker in the U.S. Also invested in manufacturing, aviation and building supplies. Supports Bill Simon for governor, kicked in $100,000 to gubernatorial campaign.
Louis Gonda
Net Worth: $2.1 billion DOWN 4.5%
Last year: $2.2 billion
Age: 53
Residence: Beverly Hills
Source of Wealth: Aircraft leasing
Background: Made fortune in aircraft leasing business, but is no longer active in International Lease Finance Corp. Well-diversified in other investments, focuses on real estate development through Lexington Commercial Holdings and formed Lexington Entertainment Group. Wife, Kelly, runs East of Doheny Productions unit with producer Jeffrey Kramer. Has invested in technology companies with Lexington Ventures. Venezuelan native attended USC. Big holder of American International Group stock, shares down from last year.
Tom Gores
Net Worth: $2 billion
Last year: Not on the list
Age: 37
Residence: Beverly Hills
Source of Wealth: Leverage buyouts
Background: Immigrated to Michigan from Israel in 1968. Invested with brother Alec until going out on his own in 1995 to form Platinum Equity, which acquires and operates technology companies. Portfolio has 24 companies with 15,000 employees, estimated revenues $2.4 billion. Thumbs nose at big business schools, mostly hires people he knows. Close-knit inner circle is spread out nationwide: chief operating officer resides in Boston, head of marketing in New Jersey, Platinum’s corporate data center in Atlanta. Competes with older brother Alec at Gores Technology group. Tom, Alec and third brother, Sam (head of Paradigm talent agency) live in same Beverly Hills community.
Bradley Wayne Hughes & Family
Net Worth: $1.6 billion UP 33%
Last year: $1.2 billion
Age: 68
Residence: Malibu
Source of Wealth: Storage facilities
Background: With family, owns more than 39 million shares of Public Storage. Company also has significant ownership of PS Business Parks Inc., a REIT, owner/operator of commercial space. Endowed Parker Hughes Cancer Center in Minnesota with $200 million. Has funded cancer treatment causes since son died of disease. Began career as real estate executive; started Public Storage in 1972, took public in 1995. Company originally named “Private Storage” (confusing customers who thought facilities were closed to the public). With name change came the customers. Horse racer owns stable of 80 horses.
Haim Saban
Net Worth: $1.6 billion UP 6.7%
Last year: $1.5 billion
Age: 50
Residence: Los Angeles
Source of Wealth: Entertainment
Background: Disney bought Fox Family Worldwide for $5.3 billion (including debt). Saban had a stake of $1.4 billion in the company. First success came with Mighty Morphin Power Rangers, which he purchased in Japan and shopped around Los Angeles. Eight years later found a buyer in Fox. Born in Egypt, moved to Israel at age 12. Big Democratic party contributor, in March gave $7 million for new headquarters. Can’t seem to figure out what to do with his money; told the Washington Post he wants to buy a newspaper. Said to be looking for new opportunities in family programming.
Leslie Gonda
Net Worth: $1.5 billion DOWN 16.7%
Last year: $1.8 billion
Age: 82
Residence: Beverly Hills
Source of Wealth: Aircraft leasing
Background: Holocaust survivor fled native Hungary for Venezuela after WWII. After two decades, left with wife and son, Louis, for United States. Invested in real estate. With son and Steven Ferencz Udvar-Hazy, started aircraft leasing business. Enjoys semi-retirement with family, gives to various charities, including hospitals and holocaust museums.
Franklin Otis Booth Jr.
Net Worth: $1.5 billion UP 15.4%
Last year: $1.3 billion
Age: 78
Residence: Bel-Air
Source of Wealth: Investments
Background: Great-grandson of Times Mirror founder Harrison Gray Otis. Entered college at 16, engineering degree from Caltech, Stanford M.B.A. Began in news business, did stint as vice president at Los Angeles Times. Left to start printing business that failed. Met Charles Munger, invested $1 million in Warren Buffett’s Berkshire Hathaway in 1963. Still holds 18,000 plus shares valued at more than $78,000 each. Plans to leave fortune to six children. Recovering from recent hip surgery.
Alec Gores
Net Worth: $1.5 billion
Last year: Not on the list
Age: 49
Residence: Beverly Hills
Source of Wealth: Leverage buyouts
Background: Both Alec and brother Tom are bidding for scandal-ridden Global Crossing. Since its founding in 1992, Gores Technology Group has acquired 35 companies for more than $2 billion. Was mostly under the radar until acquiring Learning Co. from Mattel for no money down and promise of undisclosed amount of future revenues. When acquired, Learning Co. was losing roughly $1.5 million per day; returned to profitability within six months. Said to have once raised $100 million in four hours. Received computer science degree from Western Michigan University. Worked as systems programmer at General Motors before launching computer distributorship from father’s basement.
Charles T. Munger
Net Worth: $1.4 billion UP 7.7%
Last year: $1.3 billion
Age: 78
Residence: Los Angeles
Source of Wealth: Investments
Background: Harvard educated lawyer has his name on door of Los Angeles firm Munger Tolles & Olson. Luck and fortune came with 1959 introduction to investor Warren Buffett. Today owns more than 17,000 shares of Berkshire Hathaway. Vice-chairman of Berkshire and chairman of Wesco Financial Corp. subsidiary (80 percent Berkshire owned). Also runs Los Angeles-based legal publication house Daily Journal Corp., which has seen revenues shrinking and losses widening (most recently trying to develop a software system for the courts). Little effect on
Net Worth: Munger’s stake valued at less than $20 million. Avid fisherman takes frequent trips with Berkshire buddy Franklin Otis Booth Jr.
Donald Sterling
Net Worth: $1.4 billion UP 7.7%
Last year: $1.3 billion
Age: 65
Residence: Beverly Hills, Malibu
Source of Wealth: Real estate
Background: Extensive real estate holdings including Malibu Beach Club, Beverly Comstock Hotel and scads of apartment buildings in Beverly Hills, Santa Monica and throughout Southern California. Said company has doubled in size since last year; is especially bullish on Koreatown. Owns Los Angeles Clippers, purchased for $13 million in 1981 and now valued at $170 million. Said team turns a profit even as most franchises do not. Settled dispute with City of Santa Monica over allegations he and representatives harassed tenants in rent-controlled apartments.
Frederick “Ted” Field
Net Worth: $1.2 billion UP 9.1%
Last year: $1.1 billion
Age: 49
Residence: Beverly Hills
Source of Wealth: Inheritance, entertainment
Background: Heir to portion of the Marshall Field & Co. retail fortune; has made a killing in the record business. Built Interscope records with acts like Snoop Dogg and Marilyn Manson, sold it to Universal for $330 million. Two months after leaving post as co-chairman of Interscope, took top job at ailing Internet destination ArtistDirect. Slashed company’s Internet operations, dissolved talent business, formed record label, hired record business buddies and signed new acts. Despite billions, has aggressive employment contract. ArtistDirect fronts money for the label and incurs losses. Field gets half ownership in exchange for service as chief executive, which pays $500,000 annually, plus stock options. Thrice divorced, six children, now enjoying single life.
Merv Griffin
Net Worth: $1.2 billion 0%
Last year: $1.2 billion
Age: 75
Residence: Beverly Hills
Source of Wealth: Television, real estate
Background: Parlayed early success into vast empire. Radio singer in the 1940’s, hosted TV talk show. Real fortune came creating games shows like “Wheel of Fortune.” Sold TV production company to Columbia Pictures for $250 million in 1986. Sold gambling boats, casinos and Atlantic City hotels for undisclosed amount in 1994. Owns Arizona dude ranch and Beverly Hills Hotel. While business dealings have made him a billionaire, continues to sing and release recordings.
Alfred E. Mann
Net Worth: $1.1 billion DOWN 8.3%
Last year: $1.2 billion
Age: 76
Residence: Mulholland Estates
Source of Wealth: Biotechnology
Background: Sold MiniMed and Medical Research group last year to Medtronic Inc. for $3.7 billion in cash and stock. Owned more than 25 percent of MiniMed stock and more than half of Medical Research Group. Large share of proceeds will go to philanthropic causes. Will give at least $270 million to USC, UCLA (though he continues to squabble with the school over details) and Johns Hopkins. Portland native started selling lemonade and magazine subscriptions during World War II. Received M.S. in physics from UCLA; in 1956 started optical technology company, later sold. In 1969 moved to biotech with founding of a pacemaker company, called Pacesetter. Sold in 1985 for $75 million. Started MiniMed the same year with technology developed at Pacesetter. Has ongoing interest in multiple biotech startups.
John E. Anderson
Net Worth: $1.1 billion UP 27.2%
Last year: $865 million
Age: 84
Residence: Bel-Air
Source of Wealth: Investments
Background: Started as a lawyer but through Topa Equities holding company has invested in insurance, beverage distribution, real estate, agriculture and auto dealerships. Topa generated $865 million in 2001. In 1998 sold what is now Mellon 1st Business Bank for $180 million. With wife, Marion, supports education and health care causes. Namesake for UCLA’s Anderson School of business, the result of a $15 million donation in 1987. Son of Minneapolis barber came to Los Angeles for undergraduate degree. After graduation went to Harvard for M.B.A.; enlisted in Navy (passed C.P.A. exam on shore leave). While working for Arthur Andersen studied for law degree at night. Started law firm Kindel & Anderson; many clients were beverage distributors. In 1956 started Ace Beverage Co.; early distributor of Budweiser.
Ed Roski Jr.
Net Worth: $1 billion UP .5%
Last year: $995 million
Age: 63
Residence: Toluca Lake
Source of Wealth: Real estate
Background: With fellow billionaires Ron Burkle and Philip Anschutz is backing newly revealed plan to build a 64,000-seat football stadium near Staples Center. Failed in earlier effort to overhaul Coliseum for NFL expansion team. Los Angeles native and former USC football player has stakes in Staples, along with Kings and Lakers (Lakers said to be most valuable franchise in NBA). Vietnam veteran joined father’s company, Majestic Realty, in 1966. Worked to phase out brokerage business; focus now on construction and management. Company owns at least 40 million square feet commercial real estate. Past attempts to buy in Las Vegas have been unsuccessful. Loves the outdoors; known to take treks all over the world. Also, sports car fan.
Alan Casden
Net Worth: $1 billion DOWN 9.1%
Last year: $1.1 billion
Age: 55
Residence: Beverly Hills
Source of Wealth: Real estate
Background: Casden Properties agreed to be acquired late last year by Denver REIT Apartment Investment & Management Co. Deal valued at $1.5 billion, including debt. Aimco also agreed to invest up to $50 million for a 20 percent stake in Casden Development, his new company. Deal with public company sheds brighter light on net worth. Endowed Casden Institute at USC. Has extensive ancient coin collection, the oldest dating back 2,500 years. USC accounting major wanted to be a history professor; after graduation ended up at accounting firm specializing in real estate. In early 1980s began developing apartments; has since developed or sponsored over 90,000 units. Grew up in Los Angeles.
George Joseph
Net Worth: $1 billion UP 53.8%
Last year: $650 million
Age: 80
Residence: Hancock Park
Source of Wealth: Insurance
Background: Owns 35 percent of Mercury General Corp., shares up about 50 percent since last year. But net worth has lagged in recent years (in 1997 was estimated at $1.3 billion). Founded Mercury Casualty Company in Los Angeles in 1961 when most insurers were wary of the automobile market. Cut down on claims and fraud by concentrating on personal information (rather than commercial and vehicle information) and aggressively investigating suspicious claims. Harvard-educated numbers man completed degrees in math and physics in less than three years. Started career as actuarial trainee at Occidental Life, grew jealous of the paychecks in the sales department and subsequently became an entrepreneur.
Norman Lear
Net Worth: $992 million
s 10.7%
Last year: $896 million
Age: 72
Residence: Brentwood
Source of Wealth: Entertainment
Background: With partner Bud Yorkin produced 1970s TV hits “All in the Family,” “Sanford and Son,” “The Jeffersons” and “One Day at a Time.” Left entertainment in 1981, returned in 1990s, investing in TV stations and movie theaters instead of programming. In 1994 sold ABRY Broadcast Partners for $500 million in 1994 and Act III Theatres for $660 million. Wife received $112 million in divorce settlement; she died in 1996. Still invests in media companies through Act III Communications holding company and has seen franchises increase in value. Decades long liberal political activist.
Roy E. Disney
Net Worth: $900 million DOWN 9.1%
Last year: $990 million
Age: 72
Residence: Los Angeles
Source of Wealth: Inheritance, entertainment
Background: Nephew of Walt Disney has $440 million stake in Walt Disney Co. Vice-chairman. Balance of net worth tied up in Shamrock Holdings investment vehicle, estimated $2 billion under management. Decline in value of Disney stock kept net worth from climbing further. Still heads Disney’s animation department. Son of Roy O. Disney; attended Pomona College in 1951, assistant editor on TV’s “Dragnet” before joining family business in 1954 as editor and then writer. Yacht racer said to be driving force behind Jeffrey Katzenberg’s departure from Disney and $250 million severance.
George Randolph Hearst Jr.
Net Worth: $900 million UP 3.4%
Last year: $870 million
Age: 74
Residence: Los Angeles
Source of Wealth: Inheritance
Background: One of the grandchildren of William Randolph Hearst. Today there are approximately 50 grandchildren and great-grandchildren benefiting from Hearst’s will, which states that professional managers not family members control the empire. Trusts are to last until all grandchildren die. Hearst Corp. is still privately held (as William Randolph Hearst wanted) and operates 12 dailies 16 magazines. Company has a 40 percent stake in publicly traded Hearst-Argyle, which owns 27 TV stations and 2 radio stations.
David Hearst Jr.
Net Worth: $900 million UP 3.4%
Last year: $870 million
Age: 56
Residence: Los Angeles
Source of Wealth: Inheritance
Background: Grandchild of William Randolph Hearst.
Millicent Boudjakdji
Net Worth: $900 million UP 3.4%
Last year: $870 million
Age: 61
Residence: Los Angeles
Source of Wealth: Inheritance
Background: Grandchild of William Randolph Hearst.
Jeffrey
Katzenberg
Net Worth: $900 million UP 1.1%
Last year: $890 million
Age: 51
Residence: Beverly Hills
Source of Wealth: Entertainment
Background: Heads film division at DreamWorks, which after a slow start has built momentum. Last year’s revenues up more than 30 percent, to $1.8 billion. After 10 years as well-paid Disney executive big score came upon departure, made reported $250 million after suing for unpaid compensation. Left childhood buddy Michael Eisner at Disney in 1994 to start DreamWorks SKG with Steven Spielberg and David Geffen. Started career as assistant to USA Networks mogul Barry Diller; ended up as president of Paramount at age 31. Later joined Disney as head of studio division.
Gary Winnick
Net Worth: $900 million DOWN 57.1%
Last year: $2.1 billion
Age: 53
Residence: Bel-Air
Source of Wealth: Investments,
telecommunications
Background: Chairman of troubled telecommunications company Global Crossing, Winnick sold $750 million worth of stock before Chapter 11 bankruptcy filing. Also invests with Pacific Capital Group, has 70 percent interest in real estate investment company Colony Capital Inc. Subject of blistering press in recent months New Times recently pictured him on cover, engulfed in flames, behind headline “Master of Disaster.” Already press shy, Global Crossing news has kept him practically underground. Long Island, N.Y. native worked with Michael Milken at Drexel Burnham Lambert in the 1980s. Philanthropic efforts include $40 million to Simon Wiesenthal Center to support a museum of tolerance in Israel, contributions to L.A. Zoo and Cedars-Sinai Health System.
Stewart Resnick
Net Worth: $900 million UP 7.1%
Last year: $840 million
Age: 64
Residence: Beverly Hills
Source of Wealth: Mail-order merchandise
Background: Through Roll International Corp. holding company owns Franklin Mint mail order, Teleflora and Paramount Agribusiness, grower of almonds, olives, oranges and pistachios. Franklin Mint, based outside Philadelphia, is largest part of Resnick empire. Stock in Warnaco Group worthless, but Roll revenues up 19 percent in 2001; operating profit estimated $87 million. Worked way through law school by running janitorial service, founded Roll with wife. Collects art from 17th and 18th centuries.
Guilford Glazer
Net Worth: $870 million UP 2.4%
Last year: $850 million
Age: 80
Residence: Beverly Hills
Source of Wealth: Real estate
Background: Son of welder from Knoxville, Tenn., graduate of University of Tennessee. Built apartment building for mother in 1950, expanded to Atlanta, Boston, Pittsburgh and West Virginia. Moved to Los Angeles in 1960. Developed Del Amo Fashion Center. Retired. Owns at least 40 million square feet of industrial space in 16 states. Unlike industry brethren, does not like to carry heavy debt load. Involved in numerous Jewish causes. Booming California real estate market has boosted worth.
Michael Milken
Net Worth: $810 million UP 1.3%
Last year: $800 million
Age: 55
Residence: Encino
Source of Wealth: Investments
Background: Berkeley graduate went to Wharton School for M.B.A., first person to graduate with perfect 4.0 grade point average. Started at Drexel Burnham Lambert in Philadelphia in 1969, moved to New York office in 1970. Joined firm’s Beverly Hills office in 1978. Indicted for securities fraud, pleaded guilty to six felony counts and served 22 months in prison. With brother, Lowell and Larry Ellison, chairman of Oracle Corp., is partner in education company Knowledge Universe. In 1997 purchased LeapFrog toy maker, merged with Knowledge Universe. Said to be indirectly lobbying Clinton for pardon, failed. Diagnosed with prostate cancer in 1993, now in full remission. Major supporter of cancer research through Milken Family Foundation, Cap CURE. Also heads National Prostate Cancer Coalition and Milken Institute, the Santa Monica think tank. Fiercely protected from the past (told Business Week in 1999 that it “would be so time-consuming to deal with”).
Robert Addison Day Jr.
Net Worth: $770 million UP 1.3%
Last year: $760 million
Age: 58
Residence: Los Angeles
Source of Wealth: Financial management
Background: Founder and large shareholder in TCW Group last year sold 51 percent interest in firm to Societe Generale, one of France’s largest banks, for $880 million. More to come: Societe Generale plans to boost ownership stake to 70 percent between 2003 and 2006. Large parent likely will help TCW growth. Company recently purchased 24-story building in Beijing for $95 million. Started Trust Company of the West with $1.5 million from investors in 1971; assets under management have grown to $90 billion. Republican political player was big donor to President Bush’s election campaign. Maternal grandfather, William M. Keck, founded Superior Oil. Chairman of Keck Foundation, directs portfolio with assets of $1.2 billion.
Robert E. Peterson
Net Worth: $760 million UP 1.3%
Last year: $750 million
Age: 75
Residence: Beverly Hills
Source of Wealth: Publishing
Background: Started Hot Rod Magazine in 1948 with $500, selling copies outside car shows for 25 cents. Added Car Craft, Rod and Custom, Chevy High Performance, Motorcyclist, Guns & Ammo, Teen and Sassy. In 1996, sold 90 percent of publishing empire for $450 million. Two years later company was sold to Great Britain’s Emap for $1.2 billion, Petersen received $120 million more for remaining 10 percent. Empire now includes Petersen Aviations charter airline service, 18,500-acre ranch near Paso Robles and 9,000-acre ranch near Palmdale. Continues to invest in media: two years ago bought Sports Afield magazine from Hearst Corp., has grown to include television, radio and other branded media properties. Benefactor of Petersen Automotive Museum.
Tom Werner
Net Worth: $700 million UP 6.1%
Last year: $660 million
Age: 53
Residence: Brentwood
Source of Wealth: Entertainment
Background: Purchased Boston Red Sox early this year for $700 million as part of investment group. Was part owner of San Diego Padres from 1990 to 1995 (slammed for running team into the ground). Harvard graduate, set out to be a documentary film producer; left documentary to join ABC, where he met future business partner Marcy Carsey. Recent romance with “Today” show host Katie Couric has put behind-the-scenes man onto the gossip pages.
Neil Kadisha
Net Worth: $700 million
Last year: Not on the list
Age: 46
Residence: Beverly Hills
Source of Wealth: Telecommunications, investments
Background: Merged satellite-communications company Omninet with Qualcomm in 1988; still holds large stake but retired from board early this month. In last few months has sold tens of millions dollars in Qualcomm shares. Also chairman of Switchpoint Networks, broadband provider. Presides over Beverly Hills-based Omninet Capital venture capital firm, owns stakes in multiple technology outfits.
Philip Evans Kamins
Net Worth: $700 million UP 3.7%
Last year: $675 million
Age: 65
Residence: Beverly Hills
Source of Wealth: Chemicals, plastics
Background: Owner and chief executive of Sun Valley-based PMC Global Inc., a diversified conglomerate with more than 20 distinct companies. Makes everything from children’s toys to semiconductors for the aerospace industry. Revenues for 2001 were $784 million, down from 1990 when sales exceeded $1 billion; still one of the largest private companies in Los Angeles. PMC has focused recently on buying small- to mid-size businesses, many in the defense industry. Rebound in defense spending likely will boost revenues. Has also sold lagging assets in past years. Chicago native got a job at plastics scrap dealer after graduating from Northwestern. Started scrap yard, Kamco Plastics, in Los Angeles, 1964. Founded PMC Global, acronym for Plastic Management Corp., in 1971.
Marcy Carsey
Net Worth: $680 million UP 3%
Last year: $660 million
Age: 57
Residence: Brentwood
Source of Wealth: Entertainment
Background: Independent production house Carsey-Werner-Mandabach has been churning out fewer hits as of late a contrast to its heyday in the late 1980s when it had “The Cosby Show,” “Roseanne” and “A Different World.” Laid off 35 of 130 employees earlier this month. Carsey started showbiz career as NBC tour guide, then production assistant for the “Tonight Show” in New York. Moved to Los Angeles with writer husband, John Carsey; eventually became senior vice president at ABC. Left when network rejected pitch for series starring Bill Cosby. Started her own production house and was joined one year later by partner Tom Werner.
Peter Morton
Net Worth: $670 million UP 1.5%
Last year: $660 million
Age: 54
Residence: Beverly Hills
Source of Wealth: Restaurants, hotels, gaming
Background: Son of steakhouse legend Arnie Morton. Started restaurant empire three decades ago in London with hamburger joint, “Great American Disaster.” Added music to the hamburger-in-London concept and opened first Hard Rock Caf & #233; a year later. With financing from Hollywood types Steven Spielberg and Barry Diller among others, branched out in the U.S. and worldwide. Sold Hard Rock chain in 1996, walked away with $460 million. Today owns more than 90 percent of Hard Rock Hotel Inc. in Las Vegas; jets between L.A. and Vegas on private jet. After consecutive years of losses, Hard Rock Hotel returned to profitability last year.
Lowell J. Milken
Net Worth: $660 million UP 1.5%
Last year: $650 million
Age: 53
Residence: Los Angeles
Source of Wealth: Investments
Background: Younger brother of Michael, also attended Berkeley. After UCLA law degree joined L.A. law firm Irell & Manella. Left 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. Chairman of the Milken Family Foundation, with $271 million in assets; dispenses funds to teachers, educational programs and medical research. Even more private than Michael.
David Gold & family
Net Worth: $650 million UP 62.5%
Last year: $400 million
Age: 69
Residence: Los Angeles
Source of Wealth: Discount retail
Background: With family, owns more than 17 percent of 99 Cents Only Stores. Company shares, trading near 52-week high, are up nearly 50 percent from year-ago prices. Began retailing career with downtown liquor store, noticed 99-cent priced items sold better than other discount items. Opened first location in Inglewood in 1982, has never stopped growing despite numerous copycats. Unsuccessful with other concepts; two years ago purchased Minneapolis-based retailer in attempt to expand, but concept created earnings drag and was sold off late last year. Son of Russian immigrants still lives in Mid-Wilshire neighborhood he grew up in; known for work ethic and lack of attitude, isn’t averse to manual labor.
Lloyd Cotsen
Net Worth: $650 million UP 4.8%
Last year: $620 million
Age: 73
Residence: Beverly Hills
Source of Wealth: Cosmetics
Background: Harvard Business Grad came West in 1957 to work at father-in-law’s cosmetics company, Natone. Became president in 1967, changed name to Neutrogena and began marketing soap to dermatologists. Neutrogena sold to Johnson & Johnson in 1994, took home $348 million from sale. Has invested in real estate through Cotsen Management Group. Besides investments, mostly retired. Collector of folk art; has donated to UCLA and Santa Fe Museum of International Folk Art.
William Barron Hilton
Net Worth: $650 million UP 28.5%
Last year: $506 million
Age: 74
Residence: Holmby Hills
Source of Wealth: Discount retail
Background: Texas-born son of Hilton Hotels founder, Conrad, moved to Los Angeles in 1935. Joined family business in 1951 as elevator operator. Became president and chief executive in 1961, remains chairman. Owns more than 23 million shares in Hilton Hotels Corp., about 23 million shares Park Place Entertainment, Hilton’s casino spin off. Despite 38 percent drop in first quarter profit, shares of Hilton up almost 50 percent this year. Avid outdoorsman, owns private duck hunting island in Northern California.
Michael Eisner
Net Worth: $550 million DOWN 6%
Last year: $585 million
Age: 59
Residence: Burbank, Malibu
Source of Wealth: Entertainment
Background: Disney stock lagging, net worth has taken a hit. Company subject to sporadic takeover rumors, though nothing serious yet. No. 2 man Robert Iger is likely successor; Eisner isn’t talking. Trying to brighten Disney’s corporate governance image; recently hired consultant to evaluate what critics say has been a rubber stamp board. Ardent stance on digital piracy supposedly created conflict with Pixar (and Apple) Chief Executive Steve Jobs. Pixar is partner in Disney animated features, but Eisner has hit Apple with negative comments on new technologies. New York native, Eisner began as clerk for NBC. Joined Disney in 1984 after stint as chief executive of Paramount Pictures.
Selim Zilkha
Net Worth: $550 million DOWN 45%
Last year: $1 billion
Age: 75
Residence: Bel-Air
Source of Wealth: Natural gas, oil
Background: Owns 12.3 million shares of El Paso Corp., down almost 50 percent from last year, when net worth was at $1 billion. With son, Michael, owns wind power company Zilkha Renewable Energy. Born in Baghdad, family fled to London in WWII. From 1960 to 1982 was chairman of Mothercare PLC, retail chain catering to mothers-to-be and children in Great Britain, Europe and United States. Moved to Bel-Air in 1982. Began investing in oil. In 1998 sold Zilkha Energy company to Sonat for $1 billion; year later Sonat bought by El Paso Corp. Close friends with former L.A. Mayor Richard Riordan.
Gloria Joseph
Net Worth: $500 million
Last year: Not on the list
Age: 78
Residence: Los Angeles
Source of Wealth: Insurance
Background: Worked with ex-husband, Mercury General Corp. founder George Joseph, from 1961 to 1985, serving as a vice president at Mercury. Still owns 17 percent of Mercury’s outstanding stock, continues to hold seat on board.
David I. Saperstein
Net Worth: $450 million
Last year: Not on the list
Age: 61
Residence: Holmby Hills
Source of Wealth: Broadcasting
Background: Former Metro Networks chief moved to Los Angeles from Houston last year; building 45,000 square foot mansion. Car dealer in the 1970s; sitting in traffic, came up with an idea for a firm that sold traffic reports to radio stations in exchange for free advertising for his dealerships. Metro Networks started charging fees, moved into sports, weather and news. Purchased by Westwood One in 1999, Saperstein owns more than $300 million in Westwood One stock. Shares have rebounded strongly following Sept. 11 decline, trading near 52-week high $40.50. Has been selling shares recently. With wife Suzanne, big supporter of GOP.
