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. The newest addition to the portfolio is the Rosewood Miramar Beach, a resort in Montecito. It has 161 rooms and seven restaurants and bars.
LOCAL TIES: Sources indicate Caruso, who is 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. He appears to be making the area a focus going forward; multiple reports earlier this year said he paid another $18.6 million for the house next door. Despite the double lot, it’s not nearly enough water frontage to park his yacht, though.
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. In 2019, Caruso donated $50 million to the Pepperdine School of Law.
THE YACHT
An occasional and notable sight in Newport Harbor is Invictus, Rick Caruso’s 216-foot mega-yacht. It is valued well over $100 million. 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 nearly $700,000 a week in the summer, plus expenses, according to YachtCharterFleet.com.
WEEKEND WEALTHY
• NET WORTH: $4.5 billion
• AGE: 62
• PRIMARY RESIDENCE: Brentwood
• SOURCE OF WEALTH: retail real estate development
