At 66 years old, Rick Caruso is more than just a familiar name in Los Angeles real estate—he’s a billionaire developer, civic leader, and one-time mayoral candidate. As of 2025, Rick Caruso’s net worth is estimated at $6 billion, largely thanks to his wildly successful real estate firm, Caruso, which is behind some of the most visited shopping and lifestyle destinations in Southern California.
From The Grove to Americana at Brand, and even a stint in politics, Caruso’s career spans commerce, community, and controversy. But how did he build his fortune—and what is he up to now?
How Did Rick Caruso Get His Start in Real Estate?
Born on January 7, 1959, in Los Angeles, Rick Caruso grew up around business. His father, Henry Caruso, was the founder of Dollar Rent-A-Car and owned several car dealerships. It’s safe to say Rick inherited an entrepreneurial spirit.
After earning his undergrad from the University of Southern California (USC) and a law degree from Pepperdine University, Rick briefly worked as a real estate attorney. But it didn’t take long for him to jump into development. In 1987, he founded his own company and began building industrial projects across California.
His big break came with the opening of The Grove in 2002—a shopping destination that became one of LA’s most iconic retail centers, known for its cobblestone walkways, vintage trolleys, and open-air design.
What Are Rick Caruso’s Most Notable Properties?
Caruso’s company (originally Caruso Affiliated, now just Caruso) is behind some of Southern California’s most high-profile shopping centers, including:
- The Grove in Los Angeles
- The Americana at Brand in Glendale
- Palisades Village in Pacific Palisades
- The Commons at Calabasas
- The Promenade at Westlake
Each property blends luxury retail, walkable design, and community-driven features—fountains, outdoor movie nights, holiday events—that make them feel more like town centers than malls.
Caruso’s company also played a role in revamping The LINQ in Las Vegas in collaboration with Caesars Entertainment, turning a little-known alley into a buzzing retail and nightlife district just off the Strip.
How Did Rick Caruso Accumulate His $6 Billion Fortune?
Rick Caruso’s wealth stems almost entirely from his real estate developments, which generate massive revenue through retail leases, parking, and event programming. His portfolio includes billions in prime Los Angeles real estate, with some properties raking in record-setting revenue per square foot.
He’s known for staying debt-averse and reinvesting profits into new ventures. That business model, paired with high-end tenant curation and luxury aesthetics, has made Caruso’s properties among the most profitable in the country.
It also doesn’t hurt that he’s personally connected to some of California’s wealthiest circles—including Hollywood elites, university boardrooms, and political players.
Did Rick Caruso Really Run for Mayor?
Yes, he did. In February 2022, Caruso officially entered the race for Mayor of Los Angeles, pitching himself as a centrist outsider who could clean up the city’s homelessness crisis and reduce crime. He ran a heavily self-funded campaign, spending $80 million of his own money—one of the most expensive mayoral runs in LA history.
Despite a strong showing, he ultimately lost to Karen Bass in November 2022. Still, the campaign elevated his public profile beyond the world of real estate.
What Is Rick Caruso’s Role at USC?
Caruso is deeply tied to the University of Southern California, where he serves as Chairman of the Board of Trustees. His relationship with the school has been both philanthropic and administrative. He’s donated large sums to USC and has been involved in steering it through scandals, including the high-profile admissions bribery scheme.
Interestingly, during the college scandal, Olivia Jade Giannulli, daughter of Lori Loughlin and Mossimo Giannulli, was on Caruso’s yacht, Invictus, when the news of her parents’ arrest broke. Talk about awkward timing—especially since Caruso was the head of USC’s board during the scandal.
What Real Estate Does Rick Caruso Personally Own?
Caruso doesn’t just build high-end properties—he lives in them too. His Brentwood Park estate is more of a compound than a house. Over 20+ years, Rick and his wife Tina Caruso have stitched together multiple parcels to create a massive private estate with:
- An 11,000-square-foot main home
- A full gym, tennis court, and half-court basketball court
- A large pond and resort-style pool
Experts estimate the property could be worth $60–80 million to the right buyer.
In 2008, he purchased a Malibu beachfront home for $11.3 million, which he later listed in 2021 for $40 million.
He also owns a $6.5 million equestrian home in another part of Brentwood, purchased via a trust in 2015.
What’s the Story with His $100 Million Yacht?
Yes, Rick Caruso owns a 216-foot yacht named Invictus, reportedly worth $100 million. It’s fully decked out with every luxury imaginable and often plays host to celebrities, friends, and family.
It’s also now infamous for being the location where Olivia Jade learned about her parents’ legal troubles during the college admissions scandal.
What’s Next for Rick Caruso?
While his mayoral run didn’t land him in City Hall, Caruso remains a major power player in Los Angeles. He continues to expand the Fan-first retail experience through Caruso properties and is still deeply involved in civic life, education, and philanthropy.
Whether or not he jumps back into politics remains to be seen—but with $6 billion in the bank, Caruso has the resources to keep shaping Los Angeles for years to come.
From real estate mogul to political contender, Rick Caruso’s $6 billion net worth reflects decades of smart investments, ambitious projects, and a uniquely Californian approach to development. He’s built more than malls—he’s built communities.