One American businessman with a $4 billion fortune is Rick Caruso. Real estate development firm Caruso (previously Caruso Affiliated) was founded by Rick Caruso.
Rick Caruso Net Worth
Caruso is responsible for building some of the busiest shopping centres in Southern California. The Americana at Brand, Palisades Village, and Calabasas Commons are just a few of the shopping centres he has developed.
Caruso was the youngest commissioner in the history of the Los Angeles Department of Water and Power before he started his own company. Rick Caruso publicly declared his intention to run for Mayor of Los Angeles in February 2022.
The Beginnings of Life Career:
Rick Caruso was born on January 7, 1959, in Los Angeles, California. Henry’s father started the vehicle rental company Dollar and owned several lots in the Los Angeles area. Rick received his undergraduate education at the University of Southern California.
A law degree followed, which he received from Pepperdine. Rick’s interest in going into the real estate sector grew during his brief stint as a real estate lawyer representing developers.
He started his own business in 1987. For the next 15 years, he worked on industrial construction and development throughout the state of California. Among his earliest and most successful projects are Los Angeles’s The Grove at Farmers Market and Glendale’s Americana at Brand.
Over the course of three years, Caruso Affiliated collaborated with Caesars to create the Linq, a quarter-mile long retail and entertainment destination in Las Vegas that features 178,000 square feet of dining and nightlife options, 37,000 square feet of shopping, and 70,000 square feet of attractions.
The project, with advice from Caruso Affiliated, turned a previously unusable alley on the Strip into a groundbreaking, world-class shopping destination. Caruso will now be responsible for the day-to-day administration and monitoring of operations.
The Los Angeles Coliseum Commission currently includes Caruso. He is also active in numerous local groups, such as Para Los Ninos, which serves as a hub for education and youth development in underserved communities around Southern California. In addition, he serves as a trustee for the USC Sol Price School of Public Policy, Planning, and Development.
Tina Caruso, Rick’s wife, and he have raised four children.
Rick purchased a 7,000 square foot oceanfront property in Malibu in February 2008 for $11.3 million. In February of 2021, Rick placed an ad advertising the sale of his home for $40 million.
The Caruso family has lived in the same house for decades around twenty minutes inland from their Malibu mansion. It’s also more like a compound. Rick and Tina spent over twenty years amassing one of Brentwood Park’s most magnificent private estates by purchasing at least three separate residences.
The mansion on the Brentwood property is almost 11,000 square feet in size. They have a huge front lawn that leads to a pond and swimming pool. They have a tennis court, a gym, and a basketball court that is only half-sized beyond the pond.
This estate in Brentwood Park is notoriously challenging to assess. The right buyer may be willing to pay $60 million to $80 million for it. In 2015, they used a blind trust to purchase a $6.5 million mansion in a Brentwood equestrian community.