28. David Murdock

NET WORTH: $2.9 billion
AGE: 97
RESIDENCE: Lake Sherwood
SOURCE OF WEALTH: Food distribution/manufacturing, investments
LAST YEAR: $2.7 billion
CHANGE: +7%

THE MONEY: Much of Murdock’s wealth has been intertwined with produce distributor and marketer Dole Food Co. Inc. as well as Dole’s former parent company, Castle & Cooke Inc. Murdock became involved with Dole in 1985 when a company he owned, Flexi-Van Corp., merged with Hawaii-based food and real estate company Castle & Cooke. He became chief executive and chairman of the combined company. Dole spun off in 1995, and Murdock took it private in 2003. In 2009, Dole went public once more, only to be bought again by Murdock in a 2013 deal valued at $1.2 billion. He served as the company’s chief executive until 2017. Irish company Total Produce bought a 45% stake in the business in 2018 for $300 million.

THE BUZZ: Murdock owns 55% of Westlake Village-based Dole, which has been struggling of late. In January, Castle & Cooke sold a majority stake in Flexi-Van Leasing, the third-largest chassis leasing company in the United States, to I Squared Capital, a Miami-based infrastructure investment firm with about $2.2 billion of equity under management.

Return to the 2020 edition of the LA500.

Reader Poll

READER POLL: How much time do you plan to take off for the holidays?