Figuring out how to spend the staggering fortunes accumulated by Los Angeles’ wealthiest individuals takes some creativity.
Instead of, say, purchasing a lavish piece of contemporary art, one of them might build a museum to house the art. Instead of purchasing courtside tickets to a basketball game, an entire team might find its way into a portfolio.
Every one of this year’s Wealthiest Angelenos owns jaw-dropping assets, but here are some particularly shiny items from the group’s proverbial trophy case.
A NEWS HOPE: Local biotech billionaire Patrick Soon-Shiong agreed to pay 0 million to purchase the Los Angeles Times and several other newspapers from tronc Inc. earlier this year, although the deal has yet to close. Soon-Shiong also said he plans to move the Times to a new campus in El Segundo from its downtown home. (photo by Ringo H.W. Chiu/LABJ)
PICTURE PERFECT: Power Rangers impresario Haim Saban donated million towards the construction of
the Academy Museum of Motion Pictures, which is currently under construction and slated to open in 2019. (photo courtesy of the Academy of Motion Picture Arts & Sciences)
LAND AHOY: Americana at Brand and Grove developer Rick Caruso’s 216-foot yacht, Invictus, received a special mooring dock in the Newport Beach harbor in order to accommodate the ship. (photo by Delta Marine)
HOOP DREAMS: Platinum Equity boss Tom Gores, who grew up in Flint, Mich., purchased a stake in the Detroit Pistons in 2011 and became the outright owner in 2015 when he bought his private equity firm’s stake. (photo by Dave Reginek/Getty Images)
MUSEUM MAKEOVER: David Geffen is a known art connoisseur, but his 0 million donation to help fund LACMA’s new Wilshire Boulevard-spanning building – scheduled for completion in 2023 – puts him in rarefied air among L.A.’s philanthropists. (photo by Atelier Peter Zumthor & Partners)
COLLECTED WORKS: L.A. philanthropist and businessman Eli Broad shelled out 0 million to build the eponymous downtown museum, which opened in 2015. The contemporary art collection features works by Jeff Koons, Cindy Sherman and Andy Warhol.
KIWI CONNECTION: Private equity mogul Ric Kayne’s Tara Iti Golf Club, nestled on New Zealand’s northeastern coastline, has made a splash on the international links scene. The course, which opened in 2015, was ranked No. 11 in the the world by Golf Digest earlier this year. (photo by Joann Dost)