68.1 F
Los Angeles
Saturday, Dec 3, 2022

Wealthiest Angelenos: 19, Donald & Rochelle Sterling

NET WORTH: $3.4 billion, up 42 percent

LAST YEAR: $2.4 billion*

AGE: 79

RESIDENCE: Beverly Hills


THE MONEY: Has held nearly all of real estate acquired since 1960s. Expansive portfolio of 163 apartment buildings in Los Angeles continued to appreciate. Wealth declined by $2.5 million after fine by National Basketball Association for racist comments. Wealth boosted by forced sale of Los Angeles Clippers to Steve Ballmer for $2 billion.

BUZZ: Crazed year. With all attention surrounding forced sale of Clippers, still kept adding to core business: real estate. Has acquired more than $14 million in L.A. property since January 2014, including $5.2 million Spanish-style estate in Beverly Hills. In regards to that team sale, Clippers, bought in 1981 for $12.5 million, sold to Ballmer for $2 billion. Netted estimated $1.3 billion after taxes and costs. Fought – and lost – effort to keep wife, Shelly, from taking control of trust that owned team, sale closed in August. Shelly recently won suit against Sterling “friend” V. Stiviano, who was ordered to return gifts including Ferrari, $1.8 million duplex and $800,000 in cash. Shelly testified that while couple had been separated for years, and while she had divorce papers drawn up after recordings surfaced last year, she has never filed them. Couple remains legally married.



Featured Articles


Related Articles