Rick Caruso is an American businessman and real estate developer with an estimated net worth of $6 billion. As the founder of Caruso, a premier real estate development company, Caruso has played a major role in shaping Southern California’s retail and entertainment landscape. His company is responsible for some of the most iconic shopping destinations in Los Angeles, including The Grove, Americana at Brand, Palisades Village, and Calabasas Commons. Beyond his business empire, Caruso has been active in public service and philanthropy, further cementing his legacy in the city of Los Angeles.
Early Life and Education
Born on January 7, 1959, in Los Angeles, California, Rick Caruso was raised in an entrepreneurial family. His father, Henry Caruso, was the founder of Dollar Rent-A-Car and a successful car dealership owner in Los Angeles. Growing up in this environment, Rick was exposed to business at an early age, setting the foundation for his own ambitions in real estate.
Caruso pursued higher education at the University of Southern California (USC), where he earned a bachelor’s degree. He later obtained a law degree from Pepperdine University. Although he initially embarked on a career as a real estate attorney, his passion for property development soon led him to shift gears and establish his own company.
The Birth of Caruso and Rise to Success
In 1987, Rick Caruso founded his real estate development firm, which is now known as Caruso. For the first 15 years, the company focused on developing industrial properties across California. However, Caruso’s vision extended beyond industrial spaces—he saw the potential to create luxury, experiential shopping destinations that would revolutionize the retail industry.
One of his earliest breakthrough projects was The Grove at Farmers Market, which opened in Los Angeles in 2002. The Grove quickly became one of the most popular shopping centers in the United States, known for its open-air design, curated shopping experiences, and entertainment offerings.
Caruso’s success continued with the development of Americana at Brand in Glendale, an upscale shopping and residential complex that further solidified his reputation as a visionary developer. He later expanded his portfolio with Palisades Village and Calabasas Commons, both catering to affluent communities with high-end retail, dining, and entertainment options.
Contributions to Las Vegas and Beyond
Caruso’s impact extended beyond California. His company collaborated with Caesars Entertainment in Las Vegas, providing strategic design, leasing, and merchandising expertise for The Linq, a 178,000-square-foot entertainment and shopping district located on the Las Vegas Strip. This project transformed a previously underutilized alley into a vibrant shopping and nightlife destination.
Political Ambitions: The 2022 Mayoral Run
In February 2022, Rick Caruso announced his candidacy for Mayor of Los Angeles. His campaign focused on tackling homelessness, crime, and economic issues in the city. Caruso, a registered Democrat, ran against Karen Bass, ultimately losing the election despite investing nearly $80 million of his own money into his campaign.
Although he did not win, Caruso’s mayoral bid showcased his dedication to public service and commitment to improving Los Angeles. His involvement in local governance dates back decades, as he previously served as the youngest commissioner in the history of the Los Angeles Department of Water and Power.
Personal Life and Family
Rick Caruso is married to Tina Caruso, and together they have four children. The Caruso family maintains a low profile, but they are known for their philanthropic efforts and contributions to educational and community programs.
Caruso is also a trustee of the University of Southern California and actively supports various initiatives, including Para Los Niños, a nonprofit organization that provides educational and development services for children in underprivileged communities.
Real Estate Portfolio
Caruso’s personal real estate holdings reflect his taste for luxury and exclusivity. Some of his notable properties include:
- Malibu Beachfront Estate: In February 2008, Caruso purchased a 7,000-square-foot oceanfront home in Malibu for $11.3 million. In 2021, he listed the property for $40 million.
- Brentwood Park Compound: Over 20+ years, Caruso and his wife acquired multiple properties in Brentwood Park, assembling a sprawling private estate. The main house is 11,000 square feet and includes a massive front lawn, swimming pool, pond, tennis court, gym complex, and basketball court. Experts estimate the estate could be worth between $60 million and $80 million.
- Equestrian Estate: In 2015, Caruso purchased a $6.5 million property in Brentwood’s equestrian neighborhood through a blind trust.
The $100 Million Yacht: Invictus
Adding to his luxurious lifestyle, Caruso owns a 216-foot superyacht named Invictus, valued at approximately $100 million. The yacht gained notoriety in 2019, when it was revealed that Olivia Jade Giannulli, daughter of actress Lori Loughlin and designer Mossimo Giannulli, was aboard when news broke of the college admissions scandal. This was particularly controversial, as Caruso was the Chairman of USC’s Board of Trustees at the time.
Philanthropy and Community Engagement
Beyond business, Caruso has dedicated substantial time and resources to philanthropic causes. His Caruso Family Foundation supports education, healthcare, and community development initiatives. He has also made major donations to USC, leading to the establishment of the USC Caruso Catholic Center.