RICK CARUSO
FOUNDER, EXEC CHAIRMAN
CARUSO
NEXT MOVES: Balboa Peninsula mainstay may be looking at another political run after reportedly spending nearly $100M of his own money in his losing bid to become Los Angeles mayor. One brass ring reportedly soon to be up for grabs: the California governorship. Though he’s currently out of a political role, Caruso continues his critiques of Karen Bass’s performance in City Hall.
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, reported sister publication LA 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. Back in 2007, the Miramar Resort in Montecito was added to the portfolio. It is called the quintessential beachfront estate, “designed with style, grace and glamour, preserving a rich heritage and remaining forever timeless.” The 153-suite and bungalow Miramar Beach resort spans 16-manicured acres.
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 $15M for in 2017 and subsequently rebuilt. In 2021, he paid a reported $18.6M 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.
THE YACHT: The Invictus, Caruso’s 216-foot mega yacht, was listed for sale at a price of $100M in 2021, according to brokerage website Burgess. The price was lowered to $94M as of last year, Burgess said. 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 $650K 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.
