It was the personal touch that won over Jay Luchs when Antonio Villaraigosa — a Democrat making his second run for California governor — called to talk about real estate.
“I respect him for picking up the phone and calling me to talk business personally and it made me interested in supporting him,” Luchs, executive vice chairman at Newmark in Los Angeles, said via email.
Plus there’s the former Los Angeles mayor’s stance on Measure ULA, a property tax which is criticized by developers in California for increasing the cost of and slowing the pace of development, despite being intended to fund housing solutions.
“He seems to get [that Measure] ULA not working and is sensitive to it,” Luchs said. “It took the life out of residential and commercial property sales. It’s nice to have someone get that.”
Luchs donated a total of $10,175.25 for Villaraigosa’s 2026 campaign, according to an analysis of contributions to 2026 gubernatorial candidates via California Secretary of State records by The Real Deal.
Villaraigosa, 72, leads on fundraising from donors among a crowded field of contenders in the governor’s race, which is slated for a primary election in June 2026, with the top two finishers squaring off in the general election five months later. He has garnered $4.5 million via 787 contributions.
The top fundraiser overall, so far, is Stephen Cloobeck, a Democrat and former CEO of timeshare company Diamond Resorts. Cloobeck, who has raked in $13.6 million on 172 contributions. Cloobeck’s own $13 million in donations to himself put him at the top of the fundraising list at this point, but he also got some contributions from real estate executives, including $72,800 from William Meldman, chairman of Discovery Land Company, a Scottsdale, Arizona-headquartered real estate developer and operator of private residential communities and resorts, and another $20,500 from five of his employees. Cloobeck also received $51,400 from family-owned real estate investment firm Randall Realty Group, led by James Randall, the airplane rivet king-turned-philanthropist, and $36,400 from Jim Murren, former CEO of MGM Resorts International.
Villaraigosa served as the mayor of Los Angeles from 2005 to 2013, the first Latino to hold the post since 1872. He started in elected office in the state Assembly, and served as Speaker from 1998 to 2000, lost a run for mayor in 2001, and served two years in the Los Angeles City Council before winning the mayor’s race in 2005. Villaraigosa ran for governor in 2018, losing to eventual winner Gavin Newsom in the primary, failing to make the runoff.
No L.A. mayor has ever made it to the governor’s office, according to CalMatters. But that hasn’t stopped other high-profile real estate players like Westside Estate Agency’s Kurt Rappaport, developer Joseph Moinian and Related California’s Bill Witte from supporting Villaraigosa.
Rappaport, a top broker and co-founder and CEO of Westside Estate Agency, has shelled out $72,800 (the maximum contribution per candidate in an election cycle, including $39,200 for the primary and $39,200 for the general election). Moinian, a New York City-based developer with Los Angeles properties in his portfolio, and Witte, chairman and CEO of Related California, dropped $5,000 apiece.
Alagem Capital Group’s Beny Alagem, a minority partner in One Beverly Hills, and owner of the Beverly Hilton, and the adjacent Waldorf-Astoria, donated $35,000. Cain holds interest in them.
Beyond real estate, Villaraigosa received donations from bigwigs in the entertainment industry, including “Wheel of Fortune” host Ryan Seacrest ($72,800), film director Rob Reiner ($7,500), and Jon Feltheimer, CEO of Lionsgate film studio ($5,000). (In his first run, Villaraigosa appeared at an event hosted by Seacrest.)
In addition, Villaraigosa received $72,800 from one of the biggest landowners in the state, Stewart Resnick, chairman of Wonderful Company with food and beverage brands including Wonderful Pistachios & Almonds, POM Wonderful and FIJI Water. The candidate also got $5,000 from Dominic Ng, chairman and CEO of East West Bank, a major commercial real estate lender.
L.A. Mayor Karen Bass, who endorsed her longtime ally, contributed $1,046 to his campaign.
The playing field
Developer Rick Caruso, a Democrat since 2022, may or may not run for governor and Democratic Sen. Alex Padilla is mulling entry to the race, but there are a slew of candidates who have declared their intention to replace New som, the incumbent Democratic who is term-limited out.
One is Katie Porter, who served as a U.S. representative from California from 2019 to 2025. The Democrat, who has come under fire for her conduct in several recently released videos, brought in just under $3 million in 13,794 contributions. Her donors include Richard K. Robbins, owner of construction company Wareham Property Group ($39,200); Thumbtack CEO Marco Zappacosta ($20,000); and Joseph Kampfer, chairman of McArthurGlen Group, developer and manager of designer outlet malls ($5,000).
British native, former conservative political adviser and former Fox News host Steve Hilton garnered $1.88 million via 1,306 contributions, all in small sums. The Republican received $500 donations from real estate professionals such as Andrew Mortaza, director of the luxury estates division at The Agency, Sotheby’s agent Jeffrey Earl Warren and Papadopoulos Properties’ Thomas Papadopoulos.
Chad Bianco, the Republican sheriff of Riverside County, California, collected $1.87 million in 3,256 contributions. Those came from retail developer Alexander Haagen III, chairman and CEO of Haagen Company ($39,200), and Highland Fairview, a full-service real estate development company ($39,200).
Former state controller Betty Yee, a Democrat, notched $1.6 million through 4,588 contributions for her gubernatorial run, including $5,000 from Dara Smith, deputy assessor for the Los Angeles county assessor’s office, the nation’s largest property assessment agency.
Democrat Tony Thurmond, the California State Superintendent of Public Instruction and a former social worker, claims $1.4 million in support through 1,421 contributions. Among his donors are Gerry Kamilos’ Kamilos Companies ($36,400); Moses Libitzky of Emeryville, California-based Libitzky Property Companies ($39,200); and John Sobrato, co-owner of the NFL’s San Francisco 49ers and chairman of the Sobrato Organization real estate organization ($20,000). Robbins, who contributed to Porter, gave $15,000 to Thurmond.
Independent candidate Ethan Penner, the pioneer of commercial mortgage-backed securities, received $552,506.02 in 50 contributions, with more than $100,000 coming from himself. He received backing from James “Watty” Watson, managing partner of commercial real estate CT Realty Investors. The executive, based in Dallas, coughed up $39,200.
“I’ve known Ethan for over 30 years, which feels like a lifetime,” Watson said via email. “He’s brilliant, solution-minded, a financial rockstar, exceptional business builder/value creator and has a huge heart.”
Among other things, Watson said via email: “He is passionate about California and is particularly focused on repairing the tragic condition of California for his children. As a proven financial genius and fair-minded and practical business manager, it’s possible he can prevent this great state from hitting the wall.”
Watson’s colleague, Carter Ewing, managing partner at CT Realty based in Newport Beach, contributed $25,000.
“Ethan has some very creative ideas for righting the ship,” Ewing shared over email, “from eliminating state income tax to establishing investment savings accounts for California’s youth. He has some unique ideas for balancing our budget and ensuring California’s residents are vested in the fiscal success of our state.”
In addition to Penner’s financial background, Ewing said, “Ethan’s family reflects California’s diversity, with his wife Marisol (an immigrant from Venezuela) and their five children, including two adopted sons from Ethiopia and Venezuela.”
Chad Carpenter, founder and CEO of La Jolla-based real estate investment management firm Reven Capital, shelled out $2,868.52 for Penner’s campaign.
Brian Lavin, executive chairman of NTS Capital who handles the firm’s real estate development and land acquisitions, paid out $10,000.
Candidates that have recently raised less than $500,000 or had no funds listed include Republican Leo Zacky, a business executive and entrepreneur and former candidate for governor; former Assembly member Ian Calderon, a Democrat; and former Attorney General Xavier Becerra, a Democrat who served as Health and Human Services Secretary in the Biden administration. But Becerra has more than $1 million for his campaign thanks mostly to a transfer of money from a previous congressional campaign.
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