May 26, 2007 6:00 pm US/Pacific
LA's Richest Are Named: You're Not One Of Them
LOS ANGELES (CBS) ―
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Kirk Kerkorian was named the richest man in Los Angeles worth an estimated $16.1 billion, according to the Los Angeles Business Journal.
L.A.'s rich are getting richer.
And once again self-made mogul Kirk Kerkorian is the richest of them all. That's according to the Los Angeles Business Journal's annual list of the 50 wealthiest Angelenos, which hits newsstands Monday.
Kerkorian's estimated wealth nearly doubled to an estimated $16.1 billion, compared with an estimated $8.3 billion on last year's list.
Born in 1917 in Fresno to Armenian immigrants, Kerkorian never attended college and has made billions in investments in Las Vegas casinos, airlines and the famed MGM studios -- which he later sold. Reports this week that Kerkorian was interested in buying the Bellagio Hotel & Casino sent casino shares soaring.
Media mogul Sumner Redstone placed second for the second consecutive year, with an estimated worth of $8.5 billion. Redstone is executive chairman of Viacom Inc. and CBS Corp.
The civic-minded Eli Broad moved up the rankings on this year's list with an estimated $6.5 billion. Broad has invested heavily in revitalizing Los Angeles, from revamping the Disney Concert Hall to financing charter schools.
Last year, he was in fourth place with an estimated worth of $5.6 billion.
Full details of the list will be published in the Business Journal Monday.
(© 2007 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 This material may not be published, broadcast, rewritten, or redistributed.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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