Rick Caruso Ventures Into Golf With Latest Acquisition

Rick Caruso is teeing off a new chapter in his real estate career with his latest purchase in the Greater Los Angeles area.

The developer and one-time mayoral candidate, through his Caruso company, acquired the 18-hole Sherwood Lake Club in Lake Sherwood, L.A. Material reported. The deal “came together very quickly” after the 2025 death of previous owner David Murdock, former CEO of Dole Food, Caruso told the publication.

“It was offered to me on a Friday afternoon, and we signed the paperwork on Tuesday,” Caruso recounted. Terms of the deal, including price, were not disclosed.

The property spans 18 holes and also boasts tennis and swimming facilities. Caruso’s company is looking into a different name for the club and has already started renovations on the site. The 18,000-square-foot club house is slated to receive a new Italian-themed restaurant and bar as well as a refreshed gym. The pool will be relocated to provide visitors with more open space, Caruso said.

“The driving force is an elevated experience, designed around families,” the developer told L.A. Material.

It isn’t the first time the Caruso company has ventured into the private club market. The developer opened the Miramar Club in Montecito in 2019, though that members-only club doesn’t have sports facilities such as golf or tennis. Caruso’s acquisition is one part of the developer’s plan to grow more into apartments and private clubs after building his reputation around open-air shopping centers around Los Angeles like The Grove and The Americana at Brand. Palisades Village, his mall in Pacific Palisades that was affected by the fires in January 2025, is slated to reopen later this year.

Notably, Caruso has been eyeing developments outside Los Angeles’ city limits.

“We have a lot of neighboring cities that are well-managed, clean and safe,” he said. His company recently broke ground on more than 80 luxury apartments at The Commons at Calabasas, an effort that will add more retail space at the shopping center.

One of Caruso’s projects in Los Angeles near the Beverly Center, for example, has been “on hold” for nearly a decade due to what he says are challenges of working in L.A. “We’re honestly just concerned about the trajectory of the city,” he said.

— Chris Malone Méndez