What is Rick Caruso's Net Worth?
Rick Caruso is an accomplished American businessman known for his significant contributions to real estate development. With a remarkable net worth of $4 billion, he is the founder of Caruso, a renowned real estate development company. Some of the iconic Southern California malls developed by Caruso include The Grove, the Americana at Brand, the Palisades Village, and the Calabasas Commons. Before establishing his company, Caruso made history as the youngest commissioner in the Los Angeles Department of Water and Power.
In February 2022, Rick Caruso announced his candidacy for Mayor of Los Angeles, marking a significant step in his public service career.
Early Life
Born on January 7, 1959, in Los Angeles, California, Rick Caruso grew up in a family with a strong business background. His father, Henry Caruso, was the founder of Dollar Rent-A-Car and owned multiple car dealerships in LA. Rick pursued higher education at the University of Southern California, where he earned a bachelor's degree, followed by a law degree from Pepperdine University. His career in real estate law fueled his growing interest in the real estate business.
Success
In 1987, Rick Caruso established his own company, dedicating the next 15 years to developing industrial buildings and projects across California. Among his early notable developments are The Grove at Farmers Market in Los Angeles and the Americana at Brand in Glendale.
Caruso Affiliated also made a significant impact in Las Vegas by partnering with Caesars to design, merchandise, lease, and strategize for The Linq, a unique retail and entertainment destination. This project transformed a back alley into a world-class retail destination on the Strip. Moving forward, Caruso continues to oversee operational and daily management aspects.
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Rick Caruso is an active member of the Los Angeles Coliseum Commission and participates in several community organizations. He contributes to Para Los Ninos, a resource providing education and child development services in Southern California. Additionally, he serves as a trustee of the University of Southern California School of Policy, Planning and Development.
Personal Life
Rick Caruso and his wife Tina have four children, sharing a strong family bond.
Personal Real Estate
In February 2008, Rick invested $11.3 million in a 7,000 square-foot oceanfront home in Malibu. This property was listed for sale in February 2021 for $40 million. Here's a video tour:
Caruso's primary residence is an extensive estate in Brentwood Park, assembled over 20+ years by acquiring at least three properties. The main house spans 11,000 square feet, featuring a massive front lawn, large swimming pool, pond, tennis court, gym complex, and half-court basketball court. This estate holds an estimated value between $60-80 million.
In 2015, the Caruso family also purchased a $6.5 million home in an equestrian neighborhood of Brentwood through a blind trust.
Yacht
The Caruso family is the proud owner of a 216-foot yacht named Invictus, valued at an estimated $100 million. In 2019, during the college bribery scandal, Lori Loughlin and Mossimo Giannulli's daughter, Olivia Jade Giannulli, was aboard Invictus when the news broke. This was particularly noteworthy given Caruso's role as the Chairman of USC's Board of Trustees and the allegations against Olivia's parents involving USC.
