Many of Southern California’s billionaires have been building back their fortunes.
In Orange County, the 10 wealthiest people here are estimated to have seen their fortunes rise to $30.3 billion from $27.7 billion a year ago, according to Business Journal estimates.
Likewise, the 10 wealthiest of Los Angeles—which leads the region in total billionaires—saw their fortunes increase to $42.3 billion this year from $37.6 billion a year earlier, according to our sister paper the Los Angeles Business Journal.
That’s a marked difference from last year, when wealth dropped across the board with a dramatic fall in the price of stocks, real estate and just about all investments.
Two of San Diego’s three billionaires lost money in 2009, according to the San Diego Business Journal’s December ranking.
Based on a survey of the region’s wealthiest lists, Irvine Company’s Donald Bren remains the wealthiest man in Southern California at an estimated $12 billion.
The Orange County Business Journal’s estimate for Bren was unchanged from a year earlier. While Bren likely lost some value in the ongoing real estate slump, our estimate reflects a rebound in the company’s land.
Newport Beach-based Irvine Co. owns 87 million square feet of office space, apartment complexes, shopping centers, hotels, golf courses and marinas.
Behind Bren, the second richest in Southern California is Angeleno Patrick Soon-Shiong, whose wealth grew 18% to $7.1 billion in the past year, according to the Los Angeles Business Journal.
Soon-Shiong, who built his fortune in pharmaceuticals, is said to have made money in distressed real estate deals and bonds.
He owns more than 80% of Los Angeles-based Abraxis BioScience Inc., which is set to be sold to New Jersey’s Celgene Corp. for about $2.9 billion.
Las Vegas real estate played a big role in the tumultuous fortune of the third wealthiest man in Southern California, Angeleno Kirk Kerkorian.
In recent years, the casino owner saw his fortune crumble as investments in Sin City didn’t pan out.
Kerkorian reduced his stake in what’s now MGM Resorts International from 53% to 39% and may continue to sell shares as the company is rumored to be shopping for a buyer.
MGM Resorts, which owns the MGM Grand, Bellagio and the newly opened $11 billion City Center, is said to have $12.3 billion in debt, versus $3.8 billion in equity, which could make it a tough sell.
The 92-year-old Kerkorian is estimated to have grown his wealth 19% to $6.3 billion because of smart investments, including in a Denver oil company.
A tough real estate finance market knocked Charles Brandes from San Diego’s top spot. The founder of Brandes Investment Partners LP is estimated at $1 billion after bad investments in Countrywide Financial Corp. and Washington Mutual Inc. are said to have cut his assets under management in half by the end of 2009.
Likewise, Gateway Inc. founder Theodore Waitt saw his wealth drop from an estimated $1.7 billion to $1 billion after investments in real estate, technology, healthcare, finance and entertainment in the past year didn’t all pan out. That put him at No. 3 on San Diego’s list at the end of 2009.
The declines allowed Irwin Jacobs, cofounder of Qualcomm Inc., to take the top spot in San Diego with an estimated wealth of $1.5 billion.
Jacobs would rank No. 8 on this year’s OC’s Wealthiest, behind Bren, Oakley Inc. and Red Digital Cinema Camera Co. founder Jim Jannard, Kingston Technology Co.’s cofounders David Sun and John Tu, Broadcom Corp. cofounders Henry Samueli and Henry Nicholas and Pacific Investment Management Co.’s cofounder William Gross, who all come in at $2 billion or more of personal wealth.
