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Monday, Aug 15, 2022
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50 Wealthiest: Donald Sterling #10

NET WORTH: $3.25 billion +25%

LAST YEAR: $2.6 billion*

AGE: 76

RESIDENCE: Malibu

SOURCE OF WEALTH: Real estate

THE MONEY: Mega apartment owner had banner year along with L.A. Clippers basketball team, now estimated to be worth $500 million or more. Apartments are hottest segment of real estate market, and Sterling told the Business Journal that he acquired 15 more buildings in prime locations, to grow portfolio to 155 in Southern California.

BUZZ: Clippers are having strongest season in years due to superstar Blake Griffin and acquisition of all-star Chris Paul.

But value got biggest boost from new era in cable TV rights. L.A. Dodgers’ record $2.15 billion sale believed to have been spurred by value of future cable deal. Business Journal was given unprecedented access to Sterling’s personal banker at Bank of America who confirmed the size of the billionaire’s portfolio.

Unlike previous years, Sterling has not made news in the courts, where he has been sued for racial and age discrimination, and sexual harassment. Trophy holdings include the Beverly Hills Plaza Hotel and his Beverly Hills headquarters, Sterling World Plaza.

*recalculated

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