In this article, we will discuss the topics like, What is the net worth of Rick Caruso? Everything about Rick Caruso and also How much money has he amassed? Therefore, if this is something that piques your curiosity, stick with us.
How Much Money Does Rick Caruso Have?
An American businessman named Rick Caruso has a net worth of $4 billion. Rick Caruso is the man who started Caruso, a company that builds and sells homes (formerly known as Caruso Affiliated). Caruso has built some of the most popular malls in Southern California.
The Grove, the Americana at Brand, the Palisades Village, and the Calabasas Commons are all malls that he owns. Caruso was the youngest commissioner in the history of the Los Angeles Department of Water and Power before he started his own business.
Rick Caruso made his bid for Mayor of Los Angeles official in February 2022.
Early Life
He was born on January 7, 1959, in Los Angeles, California. Henry, his father, started Dollar Rent-A-Car and owned many car lots in Los Angeles.
Rick went to college and got a bachelor’s degree from the University of Southern California. He then went to Pepperdine University and got a degree in law. Rick worked for a short time as a real estate lawyer for developers, but he was getting more and more interested in getting into the business himself.
Success
In 1987, he set up his own business. He worked on industrial buildings and projects all over California for the next 15 years. The Grove at Farmers Market in Los Angeles and the Americana at Brand in Glendale are two of his best projects from the beginning.
In Las Vegas, Caruso Affiliated worked with Caesars for more than three years on design, merchandising, leasing, and strategy for the Linq. The Linq is a unique retail and entertainment destination that stretches for a quarter mile and has 178,000 square feet of restaurants, bars, and clubs, 37,000 square feet of retail, and 70,000 square feet of entertainment venues. Caruso Affiliated helped with the project, which turned a back alley on the Strip into a world-class shopping area that was the first of its kind. He will be in charge of operations and day-to-day management in the future.
Caruso is on the Los Angeles Coliseum Commission at the moment. He is also involved in many community groups, such as Para Los Ninos, which is a resource for neighborhoods in Southern California that helps with education and child development. He is also a trustee of the School of Policy, Planning, and Development at the University of Southern California.
Personal Life
Alex, Gregory, Justin, and Gianna are the children of Caruso and his wife, Tina. They live in the affluent Brentwood section of Los Angeles. All four of their children went to the same college that their father went to and to which he has given millions of dollars. Caruso is a devout Catholic.
Personal Real Estate
In February 2008 Rick paid $11.3 million for a 7,000-square-foot oceanfront home in Malibu. Rick put this house on the market for $40 million in February 2021. Here’s a video tour:
About 20 minutes inland from the Malibu home above is where the Caruso family has lived for many years. It’s more like a compound. Rick and Tina bought at least three properties over the course of more than 20 years to build one of the most desirable private estates in Los Angeles. This estate is in Brentwood Park.
At the Brentwood estate, the main house is 11,000 square feet. They have a huge front lawn that leads to a big pond and swimming pool. They have a tennis court, a gym, and a half-court basketball court behind the pond.
It is very hard to put a price on this Brentwood Park estate. For the right buyer, it could be worth $60–$80 million.
In 2015, they used a blind trust to buy a $6.5 million home in an equestrian neighbourhood in another part of Brentwood.
Yacht
The Caruso family owns a yacht called Invictus. It is 216 feet long. The value of their yacht is about $100 million. Lori Loughlin and Mossimo Giannulli were arrested in 2019 as part of the college bribery scandal. When the news came out, their daughter Olivia Jade Giannulli was on the ship Invictus. Rick is the Chairman of USC’s Board of Trustees, and Olivia’s parents were accused of paying $500,000 in bribes to get their two daughters into USC and ask fake crew recruits. This must have been awkward, since Rick is the Chairman of USC’s Board of Trustees.
Philanthropy
The Caruso Family Foundation
Caruso started the Caruso Family Foundation, which gives money to groups that help kids who need better health care or education.
Caruso has given a lot of money to educational institutions in Los Angeles, like Loyola High School and Brentwood School, where three of his children went to school.
Law Schools
Caruso and his wife, Tina, set up the Caruso Loan Forgiveness Fund. This fund pays for low-income and other underserved students’ law school loan payments for ten years.
In October 2019, he gave $50 million to Pepperdine School of Law, which was then renamed in his honor. The gift is for students who have been underrepresented in the past and for students who want to go into public interest law.
The University of Southern California
Gianna “Gigi” Caruso, who is Caruso’s daughter, was born with hearing loss and got help at the Keck School of Medicine at USC. In 2015, Caruso and his wife Tina gave USC another $25 million to endow and name the USC Tina and Rick Caruso Department of Otolaryngology-Head and Neck Surgery.
Caruso gave $9 million to build the Caruso Catholic Center and Our Savior Parish Church on the USC campus. He also gave them his name.
Caruso was chosen to lead the USC Board of Trustees in 2018. On February 15, 2022, he told the company that he was leaving his job.
As chairman of the USC Board of Trustees, Caruso has been criticised for how he handled the George Tyndall USC sexual abuse scandal. In this case, a USC gynaecologist spent 30 years molesting hundreds of patients, even though complaints started coming in as early as 1991. In May 2018, Caruso said that there would be an independent investigation and a public report about it. However, there has been no public report about the investigation.
Recognition
Pepperdine School of Law named Caruso Alumnus of the Year in 1995. He was named “Developer of the Year” by the Los Angeles Business Journal and “Master Entrepreneur of the Year” by Ernst & Young LLP in 2012.
Among the venues where he has spoken on the topic of real estate are Harvard University’s Kennedy School of Public Administration, the University of Southern California’s Price School of Public Policy, and the Milken Institute Global Conference. He has been on a panel for the International Council of Shopping Centers as a special guest.
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