Orange County is well-represented in the latest edition of Forbes, which compiled its list of “the 250 greatest living self-made Americans” in honor of the country’s upcoming semiquincentennial.
The list is celebrity-heavy and counts its share of crossover with the business publications’ annual list of the country’s wealthiest people. Forbes notes, “while we put a heavy emphasis on rags-to-riches billionaires, we also included pioneering scientists, Supreme Court justices and others whose ‘wealth’ is measured in influence and impact, not just dollar signs.”
OC-based business execs on the list include Broadcom co-founder Henry Samueli (No. 29), Olen Properties’ Igor Olenicoff (35), Masimo founder Joe Kiani (39), Kingston Technologies founders David Sun (58) and John Tu (62), and Arnel & Affiliates’ George Argyros (229).
Others on the list with close ties to OC, via investments or secondary homes, include Montage Laguna Beach owner Tilman Fertitta (No. 66), Panda Express founders Andrew and Peggy Cherng (199 and 200), and entrepreneurs Patrick Soon-Shiong (96) and Mark Cuban (204).
For real estate investor Olenicoff, 83, the latest recognition “is a lifetime achievement for me; I am in awe of the designation and ranking.”
Olenicoff grew up in what’s now Northern Iran, where his czarist-connected family had moved to escape the aftermath of the Soviet Revolution. They later arrived in the U.S. with just $800 and four suitcases when he was 15.
“I am especially mindful of where this journey began, and the opportunities this country has provided along the way,” said Olenicoff, whose fortune the Business Journal now estimates at around $10 billion.
The City of Irvine’s scuttled deal with Live Nation in 2023 over a new, $120 million amphitheater at the Great Park received New York Times coverage on April 7, amid an ongoing Justice Department antitrust case against the entertainment behemoth.
The government asserted that after Irvine’s City Council pushed back against Live Nation having exclusive booking rights for the proposed 14,000-seat venue, Live Nation responded by threatening city officials, among other monopolistic practices.
The surprising protagonist of the story, according to the NYT’s narrative: former City Manager Oliver Chi, who left his position at Irvine last year after overseeing a string of head-scratching and costly real estate deals during his tenure here.
Chi opposed the final proposed Live Nation deal that the city ultimately rejected.
“It felt like a bully trying to take advantage of a less powerful entity,” the NYT quoted Chi as saying in testimony. Among other threats, Chi also stated that Live Nation said, “We’ll go after your job if you don’t do this.”
Chi now serves as City Manager for Santa Monica. A permanent, 10,000-seat venue for the city is set to break ground in 2028.
A federal jury in New York last week found that Live Nation and its Ticketmaster subsidiary operated as a monopoly that overcharged ticket buyers and harmed consumers. Litigation in the case is ongoing, and appeals are expected.
The NYT’s story came with bemusing art. Along with a flattering portrait of Chi, it included photos intended to imply Irvine, one of SoCal’ main economic hubs and the state’s fastest-growing large city, had turned into a barren ghost town because of the scuttled deal.
