$8.3 billion
up 5.1%
It’s been an eventful year for Caruso, who founded Steadfast LA, a nonprofit focused on rebuilding Los Angeles following the January wildfires. Caruso, 66, known for his destination retail centers including The Grove and The Americana at Brand, has positioned himself in the center of rebuild efforts. Through Steadfast LA, Caruso’s goal is to bring together “top leaders, bold ideas, and mobilizing private expertise,” according to its website, to deliver quick and effective solutions. This includes exploring modular building, AI permitting and the launch of a grant program to help small businesses impacted by the fires. One of Caruso’s flagship retail spots, the Palisades Village, escaped with minimal damage with reports of Caruso, a Brentwood resident, hiring private tankers to keep the area safe from the flames. He anticipates the center’s re-opening in mid 2026. Retail King: Aside from that, Caruso continues to see success with his retail portfolio which was 99.5% occupied as of last year. In addition to retail, Caruso is also active in the residential, office and hotel sectors. Prior to entering the real estate realm with the launch of Caruso Affiliated Holdings in 1987, Caruso was a practicing attorney. His $50 million donation to Pepperdine University’s law school in 2019 spurred its rebranding as the Rick J. Caruso School of Law. Politics: Caruso has also tried his hand in politics but ended up losing the 2022 L.A. mayoral election to Karen Bass. Following criticism of Bass’ handling of the wildfires and Caruso’s involvement in rebuilding, there’s speculation as to whether Caruso will run again.