Laguna Beach’s Reach

PATRICK SOON-SHIONG
CEO
NantWorks LLC

THE MONEY: Invented cancer drug, Abraxane, which is used to treat pancreatic cancer. Initial fortune from sale of drugmaker Abraxis Bioscience for $3.8 billion in 2010 and the $4.6 billion sale in 2008 of his generic drug business APP Pharmaceuticals. Remains involved in other publicly traded biotech companies where has large stakes, including ImmunityBio Inc. and NantHealth, among numerous other holdings. Sister publication Los Angeles Business Journal often lists Soon-Shiong as L.A.’s wealthiest resident with fortune in the $20 billion range. Forbes ($6.7B) and Bloomberg ($11B) estimates greatly vary and are typically well below that of the LABJ. We’ve chose a midpoint figure, $2 billion higher than a year ago, for our estimate. Primary residence is in Brentwood.

WEEKEND WEALTHY: Reported to have spent more than $70 million on Laguna Beach homes over the past six years. Best-known and most-expensive property is city’s Twin Points residence on a bluff between Crescent Bay and Shaw’s Cove. Paid a reported $45 million in 2016 for distinctive property, a record price for the area. Also snapped up other nearby homes for top dollar. Sellers have included fellow multibillionaire Ernest Garcia II, according to reports. How much time he spends in area is unclear; public sightings in OC are rare.

HEALTHCARE TIES: ImmunityBio’s main COVID vaccine candidate – designed to be delivered orally – undertook clinical trials at Hoag Memorial Hospital Presbyterian.

NOTABLE INVESTMENTS: Owns the Los Angeles Times and San Diego Tribune, paid $500 million for both. Has a minority stake in the Los Angeles Lakers. 

WEEKEND WEALTHY
+25%
• NET WORTH: $10 billion
• LAST YEAR: $8 billion
• SOURCE OF WEALTH: drugmakers, media, sports