OC’s Wealthiest 2023: Rick Caruso

745

RICK CARUSO
FOUNDER, CEO
CARUSO

THE MONEY: Developer of high-end retail properties in Southern California including the Grove, the Americana at Brand and the Palisades Village. The portfolio carries only a small amount of debt, reports sister publication Los Angeles Business Journal. The company has grown nearly 20% annually since it was founded. The company’s properties’ sales are three times higher than the industry average, according to Green Street Advisors. Recent additions to the portfolio include the Rosewood Miramar Beach, a resort in Montecito. It has 161 rooms and seven restaurants and bars.

LOCAL HOMES: Caruso, who has served as an Irvine Co. board member, spent a large amount of time on the Balboa Peninsula over the course of the pandemic, at a waterfront residence he paid some $15 million for in 2017 and subsequently rebuilt. In 2021, he paid a reported $18.6 million for the house next door. Despite the double lot, it’s not nearly enough water frontage to park his yacht, though. He also has a sizeable home in Malibu.

CAMPAIGN’S COST: Reported to have spent nearly $100 million of his own money on his losing campaign for LA Mayor.

THE YACHT: The Invictus, Caruso’s 216-foot mega yacht, is currently listed for sale at a price of $100 million, according to brokerage website Burgess. It was built by Delta Marine in 2013. It has required a special permit from the city to dock in the Newport Harbor in the past and is reported to be the largest vessel to have ever moored there. With a crew of 19, it can be chartered for around $650,000 a week, plus expenses, according to YachtCharterFleet.com.

PHILANTHROPY: Founded in 1991, the Caruso Family Foundation “is dedicated to improving the lives of at-risk children and their families throughout Southern California,” it says. Primary focus is ensuring educational opportunities and quality healthcare for underserved youth. In addition, it also supports public safety, culture and arts, and faith-based institutions.

RETURN to Index