Net Worth:
$1.2 billion
Last Year:
Not on list
Age:
48
Residence:
Los Angeles
Source of Wealth:
Commercial development
The Money:
Caruso has seen his wealth zoom past the $1 billion mark because of a series of successful Southern California developments. The crown jewel is the popular Grove next to Farmer’s Market in Los Angeles where some per square foot rents are in double-digit range. The property is the highlight of a portfolio that has an estimated value of $1.1 billion and includes the Commons at Calabasas and the Waterside Marina del Rey. The developer also has a significant investment portfolio.
Buzz:
Caruso’s wealth is on the upswing. The Grove has turned into one of the busiest places in town, with its restaurants, shops and movie theaters consistently packed. Up next is Americana at Brand, a mixed-use development under construction in Glendale. And a similar, 60-acre project next to Santa Anita Race Track in Arcadia just received approval, though faces litigation. The Glendale project will have 475,000 square feet of retail/commercial space, 100 condos and 238 residential units. Caruso fought a vigorous public relations and legal battle against the owners of the Glendale Galleria, spending more than $2 million to receive approvals for the project. He has faced similar opposition in Arcadia from the Westfield Group, owners of the Westfield Santa Anita mall near the race track. Caruso started developing his multimillion square foot commercial portfolio more than 10 years ago. The son of Dollar Rent-a-Car founder Henry Caruso, he attended USC and received a J.D. from Pepperdine University.
