Rick Joseph Caruso (born January 7, 1959) is an American businessman and millionaire. He is the founder and CEO of Caruso, a real estate firm in the United States.
Caruso was president of the Los Angeles Police Commission and a member of the Board of Water and Power Commissioners before becoming chair of the board of trustees at the University of Southern California.
A former Republican Party member, Caruso switched to the Democratic Party when he became a contender for mayor of Los Angeles in 2022.
Early Life
On January 7, 1959, Rick Caruso was born in Los Angeles, California. His father, Henry, founded Dollar Rent-A-Vehicle and controlled several car dealerships in Los Angeles.
Rick received his bachelor's degree from the University of Southern California. He then went on to acquire his law degree from Pepperdine University. Rick worked briefly as a real estate lawyer for developers, but he had a strong desire to enter the real estate business.
Business career
Caruso worked in Finley Kumble's corporate finance department as a real-estate lawyer. In 1987, he launched Caruso, a real estate development, ownership, and management firm. He began by purchasing parking lots that his father consented to lease to Dollar Rent-A-Car, which he then sold as the property's value increased. He left the law in 1990 to devote his full time to developing retail and residential developments.
The Grove at Farmers Market in Los Angeles, the Americana at Brand in Glendale, the Commons at Calabasas, the Promenade at Westlake, The Lakes at Thousand Oaks (leased from the City of Thousand Oaks), 8500 Burton Way (Waterside Marina del Rey), Palisades Village in Pacific Palisades, and the Rosewood Miramar Beach in Santa Barbara are among his projects.
In 2015 and 2017, Caruso's mall, Americana at Brand in Glendale, California, was accused of suppressing free expression by rejecting an advertisement for a documentary about the Armenian Genocide. While there was widespread outrage about Americana's decision, Caruso refuted the allegations and reaffirmed his commitment to treating everyone fairly and with equal respect. Americana later changed its mind about the advertisement.
He has given real estate lectures at Harvard University's Kennedy School of Public Administration, the USC Price School of Public Policy, and the Milken Institute Global Conference.
Caruso serves as a guest panelist for the International Council of Shopping Centers on an annual basis.
Rick Caruso's Net Worth
Rick Caruso is a $4 billion-dollar-worth American businessman. Rick Caruso founded Caruso, a real estate development firm (formerly known as Caruso Affiliated). Caruso has built some of Southern California's most prominent shopping centers.
His shopping centers include The Grove, Americana at Brand, Palisades Village, and Calabasas Commons. Caruso was the youngest commissioner in the history of the Los Angeles Department of Water and Power prior to launching his company.
Success
He established his own business in 1987. He spent the next 15 years in California establishing industrial structures and enterprises. Some of his most notable early projects were The Grove at Farmers Market in Los Angeles and Americana at Brand in Glendale.
Caruso Affiliated worked with Caesars for more than three years in Las Vegas, providing design, merchandising, leasing, and strategy for the Linq, a one-of-a-kind retail and entertainment destination spanning a quarter-mile and consisting of 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 advised on the project, which transformed a back alley into the Strip's first-of-its-kind, world-class retail destination. Caruso will now give operational control and day-to-day management.
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Caruso serves on the Los Angeles Coliseum Commission. He is also involved in a number of community organizations, including Para Los Ninos, a community resource that provides education and child development services to Southern California neighborhoods.
He is also a trustee of the University of Southern California's School of Policy, Planning, and Development.
Personal Life
Rick and his wife Tina Caruso are the parents of four children.
Real Estate
Rick paid $11.3 million for a 7,000-square-foot coastal property in Malibu in February 2008. Rick advertised this home for $40 million in February 2021. Here's a video walkthrough:
The Caruso family's longtime permanent residence is around 20 minutes inland from the above Malibu property. And it's more of a mixture. Rick and Tina acquired at least three houses in Brentwood Park over the course of 20+ years to cobble together one of the most enviable private estates in Los Angeles.
The Brentwood estate's main home measures 11,000 square feet. They have a huge front yard that leads to a large swimming pool and pond. A tennis court, gym facility, and half-court basketball court are located beyond the pond.
This Brentwood Park estate is extremely tough to appraise. To the appropriate buyer, it may be worth $60-80 million.
In 2015, they purchased a $6.5 million home in an equestrian neighborhood in Brentwood through a blind trust.
Frequently Asked Questions
Who Is David Caruso Married to Now?
- Margaret Buckley
m. 1996–2007
- Rachel Ticotin
m. 1984–1987
- Cheri Maugans
m. 1979–198
