Rick Caruso’s profile picture

Rick Caruso

Rick Caruso’s profile picture
Net worth 2018: $3.95 Billion
Industry: Real Estate
Residence: Brentwood, California
Country: United States
BirthDay: 7 January 1959
Sigh: Aquarius
Children: 4
Education: Bachelor of Arts / Science, University of Southern California; Doctor of Jurisprudence, Pepperdine University
BIOGRAPHY

Rick Caruso was bornon 7 January 1959 in Brentwood, California, United States. Rick Caruso is #563 in List Billionaires People In The World. Rick Caruso is a Los Angeles based real estate mega-developer who has built two of the country's most successful shopping centers. One of those centers, The Grove, gets an average of 49,000 daily visitors -- more than Disneyland. The grandson of Italian immigrants, Caruso opened his first real estate firm in 1992. He has been pondering a mayoral run for Los Angeles for years.

NET WORTH STATISTIC
2015

$3.5 Billion

2016

$3.7 Billion

2017

$3.8 Billion

2018

$3.95 Billion

What guides my strategy is my love for the human spirit and connecting what we do to how people live their lives. I never viewed it as a complicated formula.

Rick Caruso
TIMELINE
Rick Joseph Caruso (born January 7, 1959) is an American billionaire businessman and philanthropist. He is the founder and chief executive officer of Caruso, an American real-estate company. He has been president of the Los Angeles Police Commission and a member of the Board of Water and Power Commissioners.Caruso received a bachelor of science degree from the University of Southern California in 1980, where he was a member of the Sigma Alpha Epsilon fraternity, and a law degree from the Pepperdine University School of Law in 1983 as a Margaret Martin Block Scholar. In 1995, he was recognized as the Alumnus of the Year by Pepperdine School of Law.Caruso was a real-estate lawyer in the corporate finance department at Finley Kumble, but in 1990, he quit law to develop retail and residential properties full-time.In 1987, he founded Caruso, a company that develops, owns and manages properties such as The Grove at Farmers Market in Los Angeles, the Americana at Brand in Glendale, the Commons at Calabasas, the Promenade at Westlake, 8500 Burton Way and the Waterside Marina Del Rey.He has lectured on real estate issues at the Kennedy School of Public Administration at Harvard University, the USC Sol Price School of Public Policy and the Milken Institute Global Conference. Caruso participates annually as a guest panelist for the International Council of Shopping Centers.In 1985, at the age of 26, Caruso was named by Mayor Tom Bradley to serve as a commissioner for the Los Angeles Department of Water and Power, becoming the youngest commissioner in the history of the city.In August 2001, Caruso was appointed by Mayor James K. Hahn to the Los Angeles Board of Police Commissioners and was elected its president. In this role, he led the selection process that resulted in the hiring of former New York City police chief William Bratton as the Los Angeles chief of police. During Caruso's tenure as president of the Police Commission, the crime rate in Los Angeles dropped 37.3% from 2002 to 2006.In 2008, Caruso was elected to serve as a member of the Los Angeles Coliseum Commission, which oversees the operations of the Los Angeles Memorial Coliseum and nearby Los Angeles Memorial Sports Arena. During his tenure on the commission, Caruso advocated for its reform, including the resignation of its general manager, and the replacement of the commission itself with a new governing body. He advocated a ban on rave parties at the two venues.Caruso founded the Caruso Family Foundation, a foundation that is dedicated to supporting organizations that improve the lives of children in need of healthcare and education.In 2013, the Foundation pledged $5 million to Operation Progress, a Watts-based non-profit founded by Los Angeles Police Department officers, which will guide more than 200 students from elementary school through college graduation. The pledge creates a new "ecosystem of opportunity" led by Operation Progress in collaboration with three area Catholic schools, South Central Scholars, Helping Young People Excel, and STRIVE.Caruso serves on the board of Para Los Niños, a nonprofit family and child welfare agency in South Los Angeles. The organization dedicated its skid row facility as the Tina and Rick Caruso Child Development Center.He is a trustee of the University of Southern California, is on the Pepperdine School of Law Board of Visitors and on the Board of Trustees of the Ronald Reagan Presidential Foundation.The Caruso Catholic Center and Our Savior Parish Church on the USC campus was endowed by and named after Caruso following his contribution of $9 million.In 2015, Caruso and his wife Tina donated a further $25 million to USC, to endow and name the USC Tina and Rick Caruso Department of Otolaryngology – Head and Neck Surgery. He sits on the board of the National Institute of Transplantation and is on the Board of Saint John’s Hospital and The California Medical Center Foundation.In 1995, Caruso was named Alumnus of the Year by Pepperdine School of Law.Caruso was named by the Los Angeles Business Journal as "Developer of the Year" and its 2012 Ernst & Young LLP Master Entrepreneur of the Year.He is married to Tina Caruso; the couple have four children.
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