15. Donald & Rochelle Sterling — $5 billion | Los Angeles Business Journal

15

NET WORTH: $5 billion
AGE: Donald, 86; Rochelle, 86
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Real estate
LAST YEAR: $5 billon
CHANGE: 0%

THE MONEY: The sources of Donald Sterling’s wealth can largely be broken down into two categories: real estate and basketball. Since the 1960s, Sterling and his wife Rochelle, who goes by Shelly, have acquired more than 160 apartment buildings in Los Angeles. In 2014, the Sterlings were forced by the NBA to sell the Los Angeles Clippers after it was revealed that Donald had made racist remarks. Steve Ballmer, former Microsoft Corp. chief executive, acquired the franchise for $2 billion. Donald Sterling paid $12.5 million for the Clippers in 1981 when the team was based in San Diego. He moved the team to Los Angeles in 1984.

THE BUZZ: While Donald Sterling’s real estate investments continue to drive a sizeable chunk of his net worth, he remains a controversial figure. Sterling has been plagued by legal disputes for several years. In 2016, he settled with the NBA after claiming the league and his wife conspired to sell the Clippers. Donald filed for divorce from Shelly in 2015 before changing his mind. That same year a judge ruled Donald Sterling’s former girlfriend, V. Stiviano, must return $2.6 million worth of gifts she had received from Donald because he didn’t have Shelly’s consent to give them away.

Return to the 2020 edition of the LA500.

Reader Poll

READER POLL: Would you consider renting your home out on short-term rental sites like Airbnb??

Reader Poll

READER POLL: Would you consider renting your home out on short-term rental sites like Airbnb??