The 50 Wealthiest Angelenos: Lowell Milken – #35

0

The money and the buzz on each of L.A.’s wealthiest.

THE MONEY: Likely seeing strong returns from investments in distressed debt and companies; investment strategy of brother Michael. Considerable investments with sibling in private holding company Knowledge Universe, which owns and holds stakes in education-oriented businesses. Separate London real estate investments flat.

BUZZ: Heavily involved in education reform. Efforts boosted by President Obama in March speech, when called for sweeping changes to American education system by “building on the promising work” of Milken’s TAP (System for Teacher and Student Advancement) program. Lover of synagogue music busy planning summer launch of virtual museum that will display Milken Archive of American Jewish Music. Serves as chairman of Milken Family Foundation, which emphasizes education and medical research. Practiced at Century City law firm Irell & Manella LLP before working at Drexel Burnham Lambert, defunct Wall Street investment banking firm that under brother’s leadership pioneered issuance of high-yield corporate bonds for noninvestment grade companies. Indicted for securities fraud like brother, but charges dropped. Co-founded Knowledge Universe with Michael and Oracle founder Larry Ellison. Chairman of London real estate investment and development firm Heron International.

• NET WORTH: $900 million +20%

• LAST YEAR: $750 million

• AGE: 61

• RESIDENCE: Los Angeles

• SOURCE OF WEALTH: Investments

No posts to display