Billionaire Shopping Mall Developer Rick Caruso Lists Malibu Estate For $40 Million


Billionaire Rick Caruso has marketed his seaside mansion in Malibu for $ 40 million. The 7,300-square-foot property was used as a test for the design of Caruso’s Montekito, California resort Rosewood Miramar Beach. Montecito’s property was built in the same Cape Cod style as his Malibu home. Caruso bought the property in 2008 for $ 11.3 million and remodeled it from Stud Up. The five-bedroom house is a classic whitewashed beachfront mansion, with stone passages and black and white marble floors. The black and white theme continues in the kitchen where a black island and white cabinets dominate the room. On the deck, a retractable black and white striped shadow covers the space. The house also has a theater with two balconies. The fountain in the entrance courtyard was imported from France.

Caruso is a native of Los Angeles. His father, Henry Caruso, was the founder of Dollar Rent-A-Car. Rick graduated from Loyola High School in Los Angeles in 1976. He graduated from the University of Southern California in 1980 and from Pepperdine University’s law school in 1983. After law school, Caruso got a job as a real estate attorney. However, Caruso found that the law was not for him, so he went out and bought a duplex in the Los Angeles neighborhood of Westwood and worked on renovating it on weekends. Caruso decided to turn his weekend hobby into a career and in 1987 he founded his real estate firm Caruso Affiliated.

Today, Caruso is known as the developer and owner of the Los Angeles Shopping Center Grove. The grove has an electric trolley, the length of the mall, the cobbled walkway, and the fountain built by the same people who make Bellagio’s famous fountains in Las Vegas. During the Christmas season, it sleeps at night in the mall. The Grove has a dubious reputation with Angelino who likes to hate it, but it doesn’t keep him away from the shopping centers in the middle city. The 19-year-old mall attracts 49,000 visitors every day. For perspective, this means that the mall gets more daily visitors than Disneyland! This is, of course, the number of pre-epidemic levels. However, The Grove is one of the most attractive malls in the US on a per square foot basis. Caruso also developed the brand The America in Glendale, California. The suburban Los Angeles Shopping Center opened in 2008 and also features a fountain with dancing water and a trolley. Rick Caruso remains the CEO and sole shareholder of the privately held Caruso affiliate today. It does not have any business partners or outside investors. They have about a dozen malls, including Palisades Village in the aforementioned Grove and America, as well as the Pacific Palisades, and the Rosewood Miramar Beach Resort in Montecito.

For all his real estate development projects, Caruso has earned a net worth of $ 4 billion and has all the homes and toys that go with his incredible net worth. In addition to their homes, they also own a Gulfstream G550 jet and a 216-foot yacht named Invictus, valued at $ 100 million.

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