SUMNER REDSTONE
Net Worth:
$8.3 billion, down 6.7%
Last Year:
$8.9 billion
Age:
81
Residence:
Beverly Hills
Source of Wealth:
Media, entertainment
Background:
Chairman and chief executive of third-largest U.S. media company, Viacom Inc., which includes CBS, MTV, Paramount Pictures and Infinity Broadcasting. Married former schoolteacher Paula Fortunato in April 2003 and took up residence in a $14.5 million Beverly Hills home purchased from Sylvester Stallone (gloats that he paid $1.5 million less than Sly). Viacom shares are down 9 percent from last May at roughly $35 a share and significantly off summer 2000 high of $70. Company spun off poor-performing Blockbuster last October. Redstone also won a power struggle with Mel Karmazin, who was replaced in the number two spot by co-chief operating officers Tom Freston and Les Moonves. Redstone plans to remain chairman of Viacom, but announced his intention to step down as chief executive by December 2007. His pay reached $56 million last year, including a salary of nearly $5 million, a $16.5 million bonus and stock options valued at north of $34 million. Daughter Shari is taking a more active role in the company, serving as president and director of National Amusements Inc. Born in Boston to drive-in-theater owner, Redstone earned a Harvard undergraduate degree in two and half years, also got his law degree there in 1947. Served in World War II Military Intelligence Division breaking Japanese code. After brief law career, joined father’s National Amusements Inc. in 1954 and built it into 1,425-screen movie theater chain, acquiring a controlling interest in Viacom in 1987. Can be seen on occasion at Dan Tana’s. Active in Dana-Farber Cancer Institute and the American Cancer Society; supported John Kerry’s presidential bid.
KIRK KERKORIAN
Net Worth:
$8.1 billion, up 9.5%
Last Year:
$7.4 billion
Age:
87
Residence:
Beverly Hills
Source of Wealth:
Investments
Background:
Billionaire investor recently purchased 22 million shares of General Motors stock and offered to buy another 28 million for $868 million. Says the investment, which would amount to 8.8 percent of the struggling automaker’s stock, is passive. But Kerkorian has a history as an active investor who can be patient when he wants to. In the 1990s, he pressured Chrysler Corp. to increase its dividend by launching a hostile takeover bid. He eventually reached a d & #233;tente with Chrysler management and supported its merger with Daimler-Benz only to sue later. He is appealing a U.S. District Court ruling last month against him in a $1 billion lawsuit over the 1998 merger between Chrysler and Daimler-Benz. Kerkorian has also bought and sold Metro-Goldwyn-Mayer Inc. three times, most recently selling to a consortium led by Sony Corp. last year, for $4.9 billion (netting over $2 billion). Still controls MGM Mirage Inc., which acquired Mandalay Resort Group last year and now owns more than half the hotel rooms on the Las Vegas Strip. MGM Mirage shares have risen more than 50 percent in the past 12 months. The Fresno-born son of Armenian immigrants started peddling newspapers in Los Angeles at age nine, became an amateur boxer, flew in the Royal Air Force during World War II, pocketing a small fortune for flying dangerous missions. He began amassing a serious fortune in 1947 with purchase of charter airline in Los Angeles. Owns stakes in both GM and MGM through his private investment company, Tracinda Corp., based in Beverly Hills.
BARBARA DAVIS AND FAMILY
Net Worth:
$6.4 billion, up 6.7%
Last Year:
$6 billion
Age:
Would not disclose
Residence:
Beverly Hills
Source of Wealth:
Oil, real estate, entertainment
Background:
Marvin Davis died in September at the age of 79, leaving wife Barbara they were high school sweethearts and five children. (Family would not disclose details of how Davis’ assets were distributed to his heirs.) She did sell the couple’s legendary Beverly Hills home, “the Knoll,” for $46 million, after it was originally listed for $70 million. Family owns several radio stations. Son Gregg runs Texas-based energy companies Davis Petroleum Corp., Davis Petroleum Pipeline and Davis Offshore, holding lucrative leases in Texas and the Gulf of Mexico. He has plans to re-enter the Colorado market where Marvin Davis first struck it rich in oil and real estate (later moving to Los Angeles). Son John is a producer, running Davis Entertainment Co. and Davis Entertainment Television, with titles including “Daddy Day Care” and “Dr. Doolittle.” Barbara Davis long has been active in charitable causes. After daughter Dana was diagnosed with juvenile diabetes in 1977, she founded the Children’s Diabetes Foundation and the Barbara Davis Center for Childhood Diabetes in Denver. Also founded the Nancy Davis Foundation for Multiple Sclerosis in 1993 after daughter Nancy was diagnosed with the disease. Donates prolifically and often anonymously. Known for hosting the Carousel of Hope gala fundraiser for diabetes research.
ELI BROAD
Net Worth:
$4.8 billion, down 9.4%
Last Year:
$5.3 billion
Age:
72
Residence:
Brentwood
Source of Wealth:
Homebuilding, insurance
Background:
May not be the richest, but generally regarded as the most influential Angeleno. Broad has made a goal of reshaping the city, and puts his money where his mouth is. Led efforts to turn around Museum of Contemporary Art and Los Angeles County Museum of Art with major donations of his own art pieces. Placed LACMA on the contemporary art map and reshaped its board; brought in architect Renzo Piano for $156-million refurbishing project, including $60 million from Broad for new LACMA wing housing the Eli Broad Contemporary Museum. New project replaces Rem Koolhaas’ highly contested proposal. Made his fortune co-founding homebuilder KB Home and financial services firm SunAmerica. Sold SunAmerica to insurer American International Group Inc. in 1998 for $18 billion. Broad has lost $700 million in AIG holdings after the stock plummeted on talk of earnings being manipulated. Put the brakes on a furious pace of philanthropy, giving away $100 million last year, compared with $409 million in 2003. Jump-started then-floundering Walt Disney Concert Hall, now leads massive redevelopment project along Grand Avenue.
DAVID MURDOCK
Net Worth:
$4.5 billion, up 50%
Last Year:
$3 billion*
Age:
82
Residence:
Los Angeles
Source of Wealth:
Real estate, agriculture
Background:
It’s been a good year for the owner of Dole Foods Co., which Murdock took private in March 2003. Earnings are up and debt leverage is down. Added to fresh and frozen fruit holdings last year by acquiring Coastal Berry and J.R. Wood. Real estate holdings also growing; Castle & Cooke’s residential group delivered over 1,800 homes and lots last year in Hawaii, California, Arizona, North Carolina and Florida. Owns 98 percent of Hawaiian island Lanai, the largest privately owned island in the United States. Combined companies employ more than 67,000 in more than 90 countries. High school dropout who made, lost and made fortune again in California real estate development and through acquisition and reorganization of undervalued companies. Healthy eating advocate, he is constructing a wellbeing complex that will include medical facilities, television production facilities and a five-star hotel next to Dole headquarters. Breeder of more than 200 Arabian horses. Has orchid collection with 30,000 plus plants. Big Republican Party supporter.
*Revised
JEFFREY SKOLL
Net Worth:
$4.5 billion
Last Year:
Not on list
Age:
40
Residence:
Los Angeles
Source of Wealth:
Internet
Background: First president of eBay Inc. and one of its largest shareholders. Retired from company in 2001. Intensely private, Skoll splits his time between Los Angeles and the Bay area. Has more than $4 billion in volatile eBay stock, which has fallen to the mid-$30s range from nearly $60 in January. Started Skoll Foundation in 1999 with about $380 million to support social entrepreneurship around the globe; serves as chairman. Foundation gave away more than $25 million last year to budding entrepreneurs in the U.S. and developing countries. Founded film production company Participant Productions that finances documentaries and feature films with socially conscious themes. Endowed the Skoll Centre for Social Entrepreneurship at the Said Business School at Oxford University, donated $7.5 million to University of Toronto. Born in Canada, went to University of Toronto before going to Stanford Business School, class of 1995.
DAVID GEFFEN
Net Worth:
$4.3 billion, up 22.9%
Last Year:
$3.5 billion
Age:
62
Residence:
Malibu
Source of Wealth:
Entertainment
Background:
Co-founded DreamWorks Studios with Spielberg and Katzenberg in 1994. Studio spun off animation unit last year before release of “Shrek 2,” which helped Dreamworks Animation SKG gross over $1 billion in 2004, more than tripling 2003’s grosses. Stock in animation company took a hit with lower-than-expected first-quarter earnings, but is still above IPO price. Vivendi Universal SA bought DreamWorks Records for $100 million, after Geffen sold the music unit’s Beverly Hills office for $33 million. Born in Brooklyn to working-class parents, Geffen dropped out of college to pursue career in entertainment, starting out in the William Morris Agency mailroom. Founded Geffen Records in 1980 and sold it a decade later to MCA, netting $710 million when MCA sold it to Matsushita. Avid art collector, sold a rare drip painting by Jackson Pollock for $52 million to Steven A. Cohen. Donated $200 million to UCLA School of Medicine in 2001. In 1991, invested $200 million with hedge fund manager Eddie Lampert. Stake could be worth more than $5 billion today, but Geffen won’t elaborate. Must pay legal bills after losing battle to privatize beach in front of his Malibu beachfront property.
PATRICK SOON-SHIONG
Net Worth:
$3.6 billion, up 157.1%
Last Year:
$1.4 billion
Age:
52
Residence:
Los Angeles
Source of Wealth:
Pharmaceuticals
Background:
Hit it big when the Food and Drug Administration approved Abraxane cancer drug, sending shares of American Pharmaceutical Partners Inc. through the roof and confounding Wall Street short sellers. Drug is a more effective form of the best-selling breast cancer drug Taxol and a big addition to the drug maker’s cabinet of generics. Soon-Shiong founded and owns 80 percent of the privately held biotech firm American BioScience, which in turn owns 68.4 percent of public American Pharmaceutical Partners. Analysts project sales of Abraxane will top $250 million next year. The South African-born doctor joined UCLA medical school faculty in 1983. As surgeon, he helped pioneer procedure to transplant pancreatic cells to treat diabetes in 1986. Co-invented 30 patented compounds that form basis for Abraxane and other possible drugs. Went on to start VivoRx with brother Terrence to pursue diabetes research but company wound up in nasty dispute with brother and another pharmaceutical company. Formed American BioScience for cancer research.
STEVEN FERENCZ UDVAR-HAZY
Net Worth:
$3 billion, up 15.4%
Last Year:
$2.6 billion
Age:
59
Residence:
Beverly Hills
Source of Wealth:
Aircraft leasing
Background:
The chairman and chief executive of International Lease Finance Corp. took a hit when stock in embattled insurance giant American International Group plummeted (with Leslie and Louis Gonda, he sold the jet leasing company to AIG in 1990). But he has more than made up for that loss; claims $750 million in non-AIG equity stakes, $380 million in securities and about $130 million in real estate. Values collections of art, autos, antiques and planes at $54 million. Founded jet leasing company in 1973 and took it public a decade later. Director of Skywest Inc. and certified jet pilot. Smithsonian’s National Air and Space Museum dedicated the Steven F. Udvar-Hazy Center in 2003, in recognition of his $60 million donation. Gives to UCLA, the L.A. Science Center Museum, Stanford University and the Embry Riddle Aeronautical University. Born in Budapest, Hungary in 1946, immigrated to U.S. in 1958.
EDWARD ROSKI JR.
Net Worth:
$2.8 billion, up 12%
Last Year:
$2.5 billion*
Age:
66
Residence:
Toluca Lake
Source of Wealth:
Real estate
Background:
Roski’s Majestic Realty, the largest commercial developer in Southern California, put up Staples Center with Denver billionaire Philip Anschutz. Portfolio grew to 58.7 million square feet last year and Majestic is developing another 3 million or so square feet. Roski made it big not in corporate boardrooms, but in gritty places like City of Industry, Commerce and Chino. His business parks in Industry Crossroads, Fairway and Grand Crossing regularly sign leases for warehouse and distribution space in the tens of millions of dollars. Has branched into gaming, owns Silverton Casino in Las Vegas and adjacent 100 acres off Strip; casino undergoing $150-million expansion. Also developing 424-acre Beltway Business Park in Las Vegas with Thomas & Mack Co., and Northern Beltway, a 103-acre business park for heavy manufacturing and warehouses. Raised in Westchester, played football at USC, served in Marines before joining family business in 1960s. Part owner of L.A. Kings hockey team and has small stake in L.A. Lakers, the most valuable team in the NBA at $454 million. Working off and on with Anschutz and Casey Wasserman to bring NFL team to Los Angeles.
*Revised
BRADLEY WAYNE HUGHES & FAMILY
Net Worth:
$2.7 billion, up 35%
Last Year:
$2 billion
Age:
71
Residence:
Malibu
Source of Wealth:
Storage facilities
Background:
The chairman of Glendale-based Public Storage Inc. got a boost as stock climbed 50 percent over the course of the past year. Started Public Storage with one property in 1972; merged 18 affiliated real estate investment trusts into Public Storage from 1994 to 1998. Today, REIT has interests in nearly 1,400 storage facilities in 37 states. Drew $60,000 salary as chief executive until retirement last year. Owns two adjacent beachfront properties in Malibu of two acres each. Longtime racehorse owner, bought 773-acre Kentucky thoroughbred nursery Spendthrift Farm last June. Had four horses nominated this year for the Triple Crown; owns fourth-place Kentucky Derby finisher Don’t Get Mad.
STEVEN SPIELBERG
Net Worth:
$2.6 billion, up 8.3%
Last Year:
$2.4 billion
Age:
57
Residence:
Pacific Palisades
Source of Wealth:
Entertainment
Background:
Director of top-grossing films “Jaws,” “E.T.” and “Jurassic Park”; received best director Oscars for “Schindler’s List” and “Saving Private Ryan.” Started DreamWorks SKG with Geffen and Katzenberg in 1994 with the hopes of building a full-fledged studio, but only the movie division has really prospered. Will capitalize on spinoff animation company, which went public last year. Says he gets to much credit for being an astute businessman, but he does have a way of locking up lucrative deals. Reportedly collects 2 percent of gross sales at Universal parks in Florida, as well as a piece of Universal Studios Japan receipts for consultant work part of a deal set up in the 1980s to reward his creative success. Continues to direct and produce major blockbusters. Upcoming films include “War of the Worlds,” a remake of the H.G. Wells classic starring Tom Cruise that will be released this summer. Future projects include “Indiana Jones 4” (directing) and “Jurassic Park IV” (producing). Founded Shoah Visual History Foundation to preserve memory of the Holocaust using video testimony. Received numerous honors, including being knighted by British Empire.
JOHN SHEA & FAMILY
Net Worth:
$2.4 billion, up 118.2%
Last Year:
$1.1 billion
Age:
78
Residence:
Pasadena
Source of Wealth:
Homebuilding, apartments
Background:
Family patriarch John F. Shea started company as plumbing wholesaler in Oregon in 1881. Evolved into multi-division J.F. Shea Co., nation’s largest privately held homebuilder. Helped build Washington, D.C., subway system, Golden Gate Bridge, Hoover Dam. Divisions include Shea Properties (develops and manages commercial and apartment properties), Shea Homes (designs and builds homes and planned communities), and Shea Mortgage (home financing unit). Shea Properties holds portfolio exceeding 15 million square feet, worth $1.3 billion. John owns 50 percent, his cousins Peter and Edmund share the rest. Homebuilding is newest activity, with operations in California, Washington state, Arizona and North Carolina; autonomous operation of those units, ability to respond to local market credited with homebuilding division’s growth from to $3 billion last year from $1.3 billion in 1999.
HAIM SABAN
Net Worth:
$2.3 billion, up 35.3%
Last Year:
$1.7 billion
Age:
60
Residence:
Beverly Hills
Source of Wealth:
Entertainment
Background:
Egyptian-born Saban moved to Israel at age 12, founded Saban Entertainment in 1980, developed Japanese-style cartoon hits “Teenage Mutant Ninja Turtles” and “Mighty Morphin’ Power Rangers.” Sold “Power Rangers” to News Corp. for half ownership in Fox Family Network. Walt Disney Co. bought Fox Family Network for $5.3 billion, netting Saban $1.7 billion. His Saban Capital group bought 36 percent stake in German broadcaster ProSiebenSat.1 from bankrupt Kirch Media in 2003; his stake is now worth $685 million. Recently pledged with partners to pay $972 million for 30 percent stake in Bezeq, a telecom company with monopoly on domestic landlines in Israel. Saban donated $140 million in 2003 to children’s health causes in the U.S. and Israel, including $40 million for Children’s Hospital Los Angeles. Major contributor to Democrats, but slowed down political donations to $173,000 in last year’s elections, from $9 million in 2002.
A. JERROLD PERENCHIO
Net Worth:
$2.1 billion, down 27.6%
Last Year:
$2.9 billion
Age:
74
Residence:
Beverly Hills
Source of Wealth:
Entertainment
Background:
Famously reclusive, seldom-photographed head of Spanish-language media behemoth Univision Communications Inc. takes no salary; heavy concentration in Univision and Coca-Cola stock makes wealth fluctuate. Regularly sells large amounts of Univision when TV ratings boost price; sold 1 million shares last year for $20 million and now owns 37 million Univision shares. Former Hollywood talent agent and boxing promoter teamed with Emilio Azcarraga to buy Univision from Hallmark in 1992. Benefited from explosion of Spanish-language media. Azcarraga became CEO of Televisa, which provides programming to Univision and is now a competitor. Appears to have won ownership battle for Univision with Azcarraga, who resigned as Televisa’s CEO. Perenchio bankrolled first telenovela shot entirely in Los Angeles. His more than 30 acres of beachside real estate in downtown Malibu has gotten him into squabbles with environmental advocates. Built small golf course for his wife, a former competitive golfer, agreed to donate it to California after couple dies as compromise. Major political donor in both aisles, $4 million to each party. Gave $1.5 million to Gov. Arnold Schwarzenegger’s initiative fund last year. Helped President Bush raise $3.5 million at fundraiser at his home in L.A.
ROLAND ARNALL
Net Worth:
$2.1 billion, up 75%
Last Year:
$1.2 billion
Age:
66
Residence:
Holmby Hills
Source of Wealth:
Financial services
Background:
Founded Ameriquest Mortgage Co. in 1979 as a sub-prime lender called Long Beach Savings & Loan. Reorganized retail business and expanded to become a full-service mortgage lender last year. Intensely private, Arnall was once said to be considering a public offering for his company. But Ameriquest faces accusations of predatory lending in a California lawsuit seeking class-action status. Connecticut banking regulators also have moved to withdraw the company’s lending license. Ameriquest entered into a 30-year partnership with the Texas Rangers, whose ballpark in Arlington, Texas, is now called Ameriquest Field. Partnership gives away 10,000 Rangers tickets to underprivileged children. Politics span both sides of the aisle: big donor to former Gov. Gray Davis, who officiated at his wedding in 2000; also donated to President Bush’s re-election bid. Trustee to the California State University system, founding co-chairman of the Simon Wiesenthal Center and the Museum of Tolerance. Owns 650-acre ranch in Aspen, Colo. In 2002, purchased singer Engelbert Humperdinck’s 10-acre compound in Holmby Hills for about $30 million. Born in Paris, relocated to Montreal after World War II. Moved to California in the 1950s.
RON BURKLE
Net Worth:
$2 billion, up 5.3%
Last Year:
$1.9 billion
Age:
52
Residence:
Beverly Hills
Source of Wealth:
Supermarkets, investments
Background:
Scaled supermarket industry from bag boy at dad’s Stater Bros. to owner of grocery empire. First buyout attempt at age 28, of Stater Bros., failed and got him fired. Made fortune buying out grocery chains through private equity firm Yucaipa Cos., founded in 1986. Owned Fred Meyer, Food 4 Less and Ralphs grocery chains, sold them all to Kroger in 1999; still owns millions in Kroger stock. Recently bought $150 million minority stake in grocery chain Pathmark; has bet on wildly growing natural foods specialty chains with purchase of 9.2 percent stake in Wild Oats. Last year bought cold storage company Americold Logistics and TDS Logistics, which serves automotive industry for $100 million each. Through money management and hedge fund activities, Burkle is branching into entertainment and fashion. Bought Alliance Entertainment and invested $100 million in Sean “Puffy” Combs’ Sean Jean; owns private 757 jet dubbed “Ron Air.” Active fundraiser and friend of high-profile Democrats, including Bill Clinton and Jesse Jackson (who have been on Yucaipa’s board), Al Gore and John Kerry. Messy divorce in 1990s led to recent court fight over alimony payments to his ex-wife. Got some public documents from the divorce case sealed.
TOM GORES
Net Worth:
$2 billion, up 11.1%
Last Year:
$1.8 billion
Age:
40
Residence:
Beverly Hills
Source of Wealth:
Leveraged buyouts
Background:
Younger of highly competitive Gores brothers, Tom once worked for Alec Gores but has surpassed his brother in wealth since leaving to form Platinum Equity, whose portfolio of 21 companies generates $8 billion in revenues. Last year invested in transportation and logistics technology companies; acquired 11 companies in 2004 including German textile dye manufacturer DyStar, which had 2003 sales of $1 billion. In a typical move, he acquired Dallas-based CompuCom Systems for cash in a public-to-private transaction last fall, then bought General Electric Co.’s information technology solutions unit and merged them, giving CompuCom $1.7 billion in revenues. Last year established $700 million fund, Platinum Equity Capital Partners. Owns office and residential real estate in Malibu and Beverly Hills, including former headquarters of Global Crossing, which Tom and brother Alec unsuccessfully tried to buy out of bankruptcy in 2002. Tom finally got a piece of Global Crossing his Matrix Telecom unit agreed to purchase Global Crossing’s small-business unit for $40.5 million cash, expected to close in the third quarter. Recent forays into entertainment include five-year pact with Frank Mancuso Jr. to launch 360 Pictures and produce formulaic youth action flicks on the cheap. Also bought European movie, music and game distributors Universal Group Direct (U.K.) and Dial (France) from Vivendi Universal.
ROBERT ADDISON DAY JR.
Net Worth:
$1.7 billion, up 109.4%
Last Year:
$812 million
Age:
61
Residence:
Los Angeles
Source of Wealth:
Financial management
Background:
Founded investment manager TCW Group. Sold 51 percent interest in 2001 to French bank Groupe Soci & #233;t & #233; G & #233;n & #233;rale SA for $880 million in stock, more than 14 million shares. Under agreement, holdings to increase to 71 percent by 2006. SG stock has risen modestly over the past year, but strong Euro has increased share value in dollars by 70 percent, vaulting Day’s fortune past the billion-dollar mark. Owns 1,800-acre resort in Los Cabos, Mexico, called Cabo del Sol. Includes two golf courses, one designed by Jack Nicklaus. With two miles of beachfront property, resort has two premier hotels and a master-planned community. Started Trust Co. of the West in 1971 with $1.5 million from investors. Chairman of $1.5 billion W.M. Keck Foundation that makes grants in medical research, science and engineering. Maternal grandfather William M. Keck founded Superior Oil Co. and foundation.
FRANKLIN OTIS BOOTH JR.
Net Worth:
$1.6 billion, down 5.9%
Last Year:
$1.7 billion
Age:
81
Residence:
Bel Air
Source of Wealth:
Investments
Background:
His 17,000 shares of Berkshire Hathaway took a hit this year amid an insurance industry scandal that ousted AIG chief Hank Greenberg and has extended to Berkshire’s General reinsurance unit. Shares are trading around $82,000 after topping $90,000 earlier this year. Met Charles Munger and invested $1 million in Warren Buffett’s Omaha investment company in 1963. Real estate holdings include more than 5,000 acres of orange groves and 4,000 acres of cattle ranch. Currently expanding Otis Orchards, now one of the largest independent orange growers in California. Great-grandson of Times Mirror founder Harrison Gray Otis. Entered college at age 16, received engineering degree from Caltech and MBA from Stanford. Did stint as vice president of Los Angeles Times (pre-Tribune), and left to start printing business that failed. Married to Lynn Hirsch, widow of Newport businessman Clement Hirsch. Enjoys fly-fishing; flies own Learjet.
CHARLES T. MUNGER
Net Worth:
$1.6 billion, down 5.9%
Last Year:
$1.7 billion*
Age:
81
Residence:
Los Angeles
Source of Wealth:
Investments
Background:
The investor and longtime friend of Warren Buffett saw his wealth decline as Berkshire Hathaway’s shares slumped amid link to AIG scandal and other woes. Has about 16,000 shares of Berkshire, where he is vice chairman. Also is chairman and chief executive at Wesco Financial (80 percent Berkshire owned), which has seen stock price rebound on improved net income. Sits on the board of Costco. Known for demanding analysis of investments. Appears to be stepping up philanthropic contributions; with wife Nancy, donated 500 shares of Berkshire stock worth $43.5 million to Stanford University to help construct new graduate student residence (wife is an alumna of the university and daughter Wendy is a trustee). Previously donated $21 million to fund new wing at Huntington Library in Pasadena and gave 100 shares of Berkshire stock to private Harvard-Westlake School in 2003.
*Revised
ALFRED E. MANN
Net Worth:
$1.6 billion, up 45.5%
Last Year:
$1.1 billion
Age:
79
Residence:
Mulholland Estates
Source of Wealth:
Biomed/biotech
Background:
Another good year for the serial entrepreneur. His latest company, biopharmaceutical firm MannKind Corp., went public last year and his stake is now worth $240 million. Also sold inner ear implant maker Advanced Bionics to Boston Scientific last year for $4.5 billion over 10 years (he will get about half). Founded diabetes treatment company Minimed and sold off in 2001 with a related company to Medtronic for $3.7 billion. Recently donated $50 million for his Alfred E. Mann Institute for Biomedical Engineering at USC. Plans to fund 11 more research institutions at domestic and foreign universities, notably in Israel, where he has pledged $100 million to Technion-Israeli Institute of Technology. Became 40 percent owner of Eclipse Aviation as favor to friend. Maker of lightweight, inexpensive ($1.3 million each) private jets; makes no money now, but claims orders for 2,200 units. Residence on Mulholland features Koi pond that meanders through home.
ANTHONY PRITZKER
Net Worth:
$1.5 billion
Last Year:
Not on list
Age:
44
Residence:
Holmby Hills
Source of Wealth:
Hospitality
Background:
Member of Chicago’s Pritzker family, whose fortune is estimated at $15 billion. Family controls Hyatt hotel chain, has 25 percent stake in Royal Caribbean Cruises and major commercial real estate and industrial holdings. Started Seal Beach-based Pritzker Group LLC with brother J.B. in 2002, using family funds. The $300 million private equity firm invests $10 million to $100 million in companies the brothers believe undervalued. Also started private equity group Stainless Industrial Cos. in 1998. Graduated from Dartmouth College; worked in Silicon Valley and Japan before getting MBA from University of Chicago. Started working for the family business at Marmon Group and moved to Southern California to turn around a Valencia medical device company the family had bought. Avid triathlete, Pritzker has participated in the Hawaiian Ironman competition. Fluent in Japanese.
JOHN E. ANDERSON
Net Worth:
$1.4 billion, up 7.7%
Last Year:
$1.3 billion
Age:
87
Residence:
Bel Air
Source of Wealth:
Investments
Background:
Owner of Topa Equities, holding company for 42 businesses in real estate, beverage distribution, car dealerships, insurance and agriculture. Largest landowner in Westwood Village and on Montana Avenue’s shopping area in Santa Monica. Recently purchased additional land in Hawaii, where beer distribution operation has doubled. Also bought the Corona and Budweiser beer franchises for Pasadena. In 1998, sold what is now Mellon 1st Business Bank and netted $180 million. Elected to bank’s board in 2004. Namesake of UCLA’s Anderson School of Business, the result of $15 million donation in 1987. Son of Minneapolis barber, received B.A. in business administration at UCLA on hockey scholarship. Went to Harvard for MBA; enlisted in Navy and passed CPA exam on shore leave. Got law degree at night while working for Arthur Andersen. Started Ace Beverage Co. in 1956, an early distributor of Budweiser. Named the Business Journal’s 2003 Man of the Year.
GARY MICHELSON
Net Worth:
$1.4 billion
Last Year:
Not on list
Age:
56
Residence:
Los Angeles
Source of Wealth:
Surgical devices
Background:
Spinal surgeon and inventor won a $1.35 billion settlement from Medtronic Inc. in April, ending four-year patent dispute. Michelson invented medical devices that advanced back surgery techniques, allowed for less invasive procedures and improved healing times. Philadelphia native, came to L.A. in 1980. Went into spinal surgery because grandmother suffered from rare spinal condition. Worked at Centinela Hospital Medical Center while developing surgical instruments on side. Holds 600 U.S. and foreign patents for inventions. Founded Karlin Technology Inc. to manufacture devices, which at one time brought $3 million in revenues. Medtronic lawsuit stemmed from licensing disagreement between Karlin Technology and Medtronic subsidiary. Company sued Michelson in 2001 for exclusive rights to Karlin inventions, Michelson claimed Medtronic breached contract. Michelson poured $60 million into lawsuit. Settlement gives Medtronic ownership of more than 100 Michelson U.S. patents and 110 pending U.S. patent applications. Medtronic also gets exclusive rights to Michelson’s future spinal inventions for next 15 years. Michelson plans to start medical research foundation with $200 million of the settlement.
*Reported by Eric Berkowitz, Matt Myerhoff, David Nusbaum and Hilary Potkewitz.
*
Read Part 2 of the profiles
.
