Edward P. Roski Sr.
Age: 84 (estimate)
Net Worth: $320 million
Source of Wealth: Real estate
Resident of: Diamond Bar
Edward P. Roski Jr.
Source of Wealth: Real estate, sports
Resident of: Toluca Lake
This father-and-son real estate team has been responsible for 30 million square feet worth of commercial developments.
But that won’t likely be their lasting achievement in the world of Los Angeles real estate. Their firm Majestic Realty Co. is linked to what could be one of L.A.’s biggest developments: the proposed downtown sports arena.
Ed Roski Jr. purchased the Los Angeles Kings NHL hockey franchise in partnership with Denver oil magnate Philip Anschutz in 1996. Both men hope their team, along with the Lakers, will be competing in the proposed 20,000-seat arena by 2000.
The proposal is currently before the L.A. City Council, which gave the $250 million deal tentative approval in January. Those that work at Majestic Realty say the arena which will later include retail and hotel space would be the biggest accomplishment yet for the Roskis.
In addition, Ed Roski Jr. and Anschutz are considering taking a leadership role in financing the reconstruction of the Los Angeles Memorial Coliseum into a modern pro football venue. L.A. city officials hope the duo will add credibility to the project and lure pro football back to L.A.
Roski is expected to attend the National Football League team owners meeting this week in San Diego.
The Roski family patriarch, Ed Roski Sr., moved the family from Oklahoma to L.A. shortly after World War II. The family patriarch still works every day, but has relinquished control of day-to-day operations to his son.
Majestic is known primarily for its high-quality business parks in and around the San Gabriel Valley. The company also has developments in the Inland Empire, Las Vegas, Denver and Atlanta.
Joe Bel Bruno