90.3 F
Los Angeles
Thursday, Aug 11, 2022

50 Wealthiest: Neil Kadisha #34

NET WORTH: $1.2 billion +9%

LAST YEAR: $1.1 billion*

AGE: 57

RESIDENCE: Beverly Hills

SOURCE OF WEALTH: Telecommunications, investments

THE MONEY: Former Qualcomm board member saw fortunes rise along with those of San Diego telecom giant. His 14 million shares appreciated about $75 million. Had smaller real estate gain through his Omninet Capital, which has invested in distressed properties.

BUZZ: Low-profile Kadisha married into L.A.’s wealthy Nazarian clan and is only member of family to have enough known assets to make list. Had a quiet 12 months after a few years marked by lengthy legal battles. Last year, a court tossed lawsuit that toymaker Mattel brought against Kadisha investment vehicle and MGA Entertainment, the maker of Bratz dolls, over Kadisha’s purchase of MGA debt. Mattel argued purchase was made to keep MGA’s assets away from Mattel. The year before, Kadisha was still embroiled in a 2006 lawsuit over misappropriation of money from a widow’s trust to buy his Qualcomm stake. Meanwhile, Kadisha’s investment firm has been buying distressed and underperforming properties in California, Arizona and Nevada. Recent acquisitions include $40 million office campus in Commerce and $11.3 million Las Vegas apartment complex. Kadisha rarely donates in his own name, but sits on board of charities, including Citizens’ Empowerment Center for Israel, which he founded in 2002 with business partner Izak Parviz Nazarian, who is father to Kadisha’s wife and uncle to hotel and nightclub owner Sam Nazarian.



Featured Articles


Related Articles