Matt Mahan’s LA Benefactor Strikes Again

Billionaire mall magnate Rick Caruso is all in on Matt Mahan’s gubernatorial run, making a seven-figure donation to an independent expenditure committee that counts a roster of elite Silicon Valley technology and finance executives who are backing the San Jose mayor.

Caruso donated $1 million to the expenditure committee supporting Mahan on Monday, post-Eric Swalwell’s exit, campaign finance data revealed. Caruso earlier donated $250,000 to the same committee in mid-March. The real estate developer maxed out his $78,400 individual contribution to Mahan, too, The Real Deal previously reported.

Mahan has had deep-pocketed Silicon Valley backers since his late-entry into the crowded race. But, where tech founders, venture capitalists and Caruso are doling out chunks of cash, his other Los Angeles real estate backers are mostly keeping to their individual maxes or prior contributions thus far.

No additional contributions have been made by “Selling Sunset” star Jason Oppenheim, Kilroy Realty’s Angela Aman and Related California’s Bill Witte who each gave $10,000 — or Douglas Emmett’s Jordan Kaplan and Victor Coleman’s Hudson Pacific Properties, who each gave the max.

It has only been two days since former Rep. Swalwell dropped out after allegations of sexual assault and misconduct surfaced, so it may be too early to tell whether more L.A. money will shuffle in — but Caruso’s million-dollar donation came the next day.

Still, Swalwell-related or not, the L.A. crew — with the exception of Caruso — hasn’t donated to independent expenditure committees backing Mahan, only to his “Mahan for Governor 2026.” Separately, Ned Spieker of Spieker Realty Investments, a Bay Area real estate company, made a six figure donation to a committee recently.

Caruso, according to Bloomberg, said there’s “more to come.”

“(Mahan) is going to have the capital to get his name out,” Caruso said. “… A lot of money was raised over the weekend. Coffers are full.” Representatives for Caruso did not immediately respond to TRD’s request for comment. Mahan and committees supporting him have raised more than $26 million, per Bloomberg.

Caruso, who chose not to run for Los Angeles mayor again or California governor this year after chatter that he may, and Oppenheim recently co-hosted a Mahan meet-and-greet at Oppenheim’s WeHo office.