May 15, 2006 1:39 pm US/Pacific
Who Are The Wealthiest Angelenos?
Kirk Kerkorian Tops List With $9.3 Billion
LOS ANGELES (CBS) ―
Los Angeles' richest people got even richer.
Self-made investor Kirk Kerkorian is the richest of them all, according to the Los Angeles Business Journal's annual list of the 50th wealthiest Angelinos. Kerkorian is worth an estimated $9.3 billion, according to the publication.
Born in 1917 in Fresno to Armenian immigrants, Kerkorian never attended college, however he made billions in investments in Las Vegas casinos, airlines and the MGM studios, which he later sold
Sumner Redstone, the media mogul behind the split of Viacom and CBS Corporation was the previous year's richest Angeleno. He fell to second place, now with $7.4 billion, since stock in both companies devalued.
Barbara Davis and her family, heirs to the Marvin Davis oil fortune, reported third with $6 billion.
Eli Broad with his $5.6 billion was in fourth. He invested heavily in Los Angeles, from revamping the Disney Concert Hall to the proposed $1.8 billion makeover of Bunker Hill and its park space nearby.
Rising real estate prices benefited John Shea, a residential and commercial developer, even though it hurt homebuyers. His real estate fortunes put him in 12th place.
Falling box office revenues sunk some prominent Hollywood figures.
Jeffrey Katzenberg, one of DreamWorks Animation SKG's founders, fell 9 percent to $859 million and left him in 45th place. However Steven Spielberg's wealth climbed 8 percent due to his foray into the video game market.
To make this year's list, you needed at least $760 million. That's how much the Business Journal estimated investor Robert Peterson was worth last year, he brought up the bottom of the list. That's almost $140 million more than it took to be No. 50 last year when former Walt Disney Co. CEO Michael Eisner brought up the rear.
(© 2006 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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