The famous 19th Century economist John Stuart Mill once said that “landlords grow rich in their sleep.”
It’s no surprise then that the Forbes 400 annual rich list is packed with real estate moguls from across the country. Read on for a list of the Southern California real estate players who made the cut this year.
1. Donald Bren, #27, $15.2 billion
Irvine Company’s Bren, of Newport Beach, beat out every other California billionaire in the field with a reported net worth of $15.2 billion. At 1.1 million square feet, the second phase of Irvine Company’s Playa Vista project, Villas, is one of the biggest developments currently under construction in L.A.
2. Edward Roski, Jr., #110, $4.9 billion
Roski, Jr., the president of Majestic Realty, landed at No. 110 on the list with a net worth of $4.9 billion. Majestic, headquartered in Southern California, has a 76.5-million square-foot portfolio that includes industrial, office, and retail space, as well as sports, entertainment and hospitality projects, according to its website.
3. Rick Caruso, #156, $3.7 billion
Perhaps most famous of the SoCal real estate billionaires to those outside the industry is Caruso at No. 156. The Grove developer, who lives in Brentwood, boasts a net worth of $3.7 billion (the same as Donald Trump). These days, the retail mogul is working on a complete overhaul of downtown Pacific Palisades to create Palisades Village, which will comprise retail buildings, restaurants, a supermarket, a movie theater and a park.
4. Donald Sterling, #190, $3.4 billion
Donald Sterling, the controversial former owner of the L.A. Clippers, lands at No. 190 on the list, Sterling has a net worth of $3.4 billion and a portfolio that spans from the Westside to Koreatown. His properties include an office building at 9429 Wilshire Boulevard in Beverly Hills and the Santa Monica Bay Club.
5. George Argyros, #335, $2.1 billion
Barely making the cut at No. 335, Argyros of Arnel & Associates began accruing his net worth of $2.1 billion as a stockholder in a Kansas-based software company, DST Systems. He founded Arnel in 1968 and now owns 5,500 apartments in Orange County and and additional 2 million square feet of retail and office properties in Southern California. [Forbes] — Cathaleen Chen