18) Donald T. Sterling
Age: 62
Residence: Beverly Hills, Malibu
Source of Wealth: Real estate
Net Worth: $950 million
Last Year’s Rank: 26
Background: The son of a pushcart vendor still owns the Boyle Heights house where he grew up. Attended public schools and worked his way through USC and Southwestern University School of Law. Changed his surname from “Tokowitz” because he liked the sound of “Sterling.” Became a hot shot lawyer in the ’50s and ’60s, sometimes representing movie stars in personal injury, criminal defense and divorce cases. Parlayed the fruits of his courtroom victories into real estate and sports investments.
Money Track: Amassed a huge portfolio of apartment buildings in Beverly Hills, Westwood and Newport Beach. Also owns the Beverly Hills Plaza Hotel and Sterling Plaza (which he keeps vacant, except for his penthouse office). His big rule: Never buy a property unless its cash flow covers the interest payments. Sterling negotiates deals himself once announcing his $500 million credit line in a series of newspaper ads. He rarely sells, so his net worth has shot up with the real estate market. Even the hapless Clippers (which he has also turned down offers to sell) have appreciated; he bought the club for about $15 million in 1981 and even the worst NBA teams are worth a minimum $100 million.
Buzz: With the Clippers about to move from the aging Sports Arena to the sparkling downtown Staples Center, the hope is that Sterling will field a better team. Spends most of his time on real estate deals and is undertaking a major renovation of Beverly Hills Plaza. Can often be seen at home Clipper games, chatting with just about anyone, from celebrities to hot dog sellers.
