Rick Caruso

Rick Joseph Caruso (born January 7, 1959)[2] is an American billionaire businessman and philanthropist.[3] He is the founder and chief executive officer of Caruso, an American real-estate company.[4][5] He has been president of the Los Angeles Police Commission and a member of the Board of Water and Power Commissioners. He is the chairman of the board of trustees at the University of Southern California.[6]

Rick Caruso
Born
Rick Joseph Caruso

(1959-01-07) January 7, 1959
Los Angeles, California, U.S.
EducationUniversity of Southern California (BS)
Pepperdine University (JD)
Net worthUS$3.4 billion (May 2020)[1]
TitleCEO, Caruso Affiliated
Spouse(s)Tina Caruso
Children4, including Justin
Parent(s)
Rick Caruso
President of the
Los Angeles Police Commission
In office
August 2001 – August 2006
Appointed byJames Hahn

Early life and education

Caruso was born in Los Angeles. His father, Henry Caruso, was the founder of Dollar Rent-A-Car and owner of many car dealerships in the Los Angeles area. His mother Gloria, a billboard model in her youth, was a homemaker and philanthropist.[7] Rick received a bachelor of science degree from the University of Southern California in 1980, where he was a member of the Sigma Alpha Epsilon fraternity, the Trojan Knights and a J.D. degree from the Pepperdine University School of Law in 1983 as a Margaret Martin Block Scholar.[8][9][10] In 1995, he was recognized as the Alumnus of the Year by Pepperdine School of Law.[11]

Business career

Caruso was a real-estate lawyer in the corporate finance department at Finley Kumble,[12] but in 1990, he quit law to develop retail and residential properties full-time.[13][14]

In 1987, he founded Caruso, a company that develops, owns and manages properties such as 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 Thousands Oaks (co-owned by 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.[4][12][15][16][17] During his tenure as CEO of Caruso, the company engaged in practices designed to chill free speech regarding the Armenian Genocide at The Americana in Glendale, CA on two occasions, in 2015 and again in 2017, reversing its decision each time after public protest.[18][19][20][21]

He has lectured on real estate issues at the Kennedy School of Public Administration at Harvard University,[22] the USC Price School of Public Policy[23] and the Milken Institute Global Conference.[24] Caruso participates annually as a guest panelist for the International Council of Shopping Centers.[25]

Politics and public service

In 1985, at the age of 26, Caruso was named by Mayor Tom Bradley to serve as a commissioner for the Los Angeles Department of Water and Power,[26] becoming the youngest commissioner in the history of the city.[27][28]

In August 2001, Caruso was appointed by Mayor James K. Hahn to the Los Angeles Board of Police Commissioners[29] and was elected its president.[27] In this role, he led the selection process that resulted in the hiring of former New York City Police Commissioner William Bratton as the Los Angeles Chief of Police. During Caruso's tenure as president of the Police Commission, the crime rate in Los Angeles dropped 37.3% from 2002 to 2006.[29]

In 2008, Caruso was elected to serve as a member of the Los Angeles Coliseum Commission,[28][30] which oversees the operations of the Los Angeles Memorial Coliseum and nearby Los Angeles Memorial Sports Arena. During his tenure on the commission, Caruso advocated for its reform, including the resignation of its general manager,[31][32] and the replacement of the commission itself with a new governing body.[33] He advocated a ban on rave parties at the two venues.[34][35]

Political donations

In 2015, Caruso funded a voter initiative to bypass local planning laws and the California Environmental Quality Act in order to build an outdoor mall in Carlsbad, CA.[36] That initiative passed but a subsequent referendum overturned it and required a public vote – Measure A. The measure failed and the mall construction was blocked.[37] All together, Caruso spent $12 million in less than a year on getting the project approved.[37] This spending included television ads, mailers, and consulting services.[37]

In 2016, the L.A. Times reported that Caruso, his affiliates and family, had given more than $476,000 to L.A. city officials over the past five years; during this time Los Angeles City Hall approved numerous building projects.[38] In 2020, Caruso gave $2,800 to Win the Era, a Democratic super PAC started by Pete Buttigieg.[39]

Caruso has floated the idea of a run for mayor in multiple campaign cycles. Though he considered a 2009 run, he ultimately decided against it before the election.[40] In 2019, Caruso expressed interest in running in the 2022 Los Angeles mayoral election.[41] This consideration was made public during the COVID-19 pandemic, when Caruso was chosen to assist the White House in facilitating America's future recovery from the disease. He gave multiple interviews during this time on prioritizing small businesses during the recovery.[42][43]

Philanthropy

Caruso Family Foundation

Caruso founded the Caruso Family Foundation, which focuses on organizations that improve the lives of children in need of healthcare and education.[44][45]

In 2013, the Foundation pledged $5 million to Operation Progress, a Watts-based non-profit founded by Los Angeles Police Department officers, which will guide more than 200 students from elementary school through college graduation. The pledge creates a new "ecosystem of opportunity" led by Operation Progress in collaboration with three area Catholic schools, South Central Scholars, Helping Young People Excel, and STRIVE.[46]

Board memberships

Caruso serves on the board of Para Los Niños, a nonprofit family and child welfare agency in South Los Angeles.[47] The organization dedicated its Skid Row facility as the Tina and Rick Caruso Child Development Center.[48] He is on the Pepperdine School of Law board of advisors[49] and on the Board of Trustees of the Ronald Reagan Presidential Foundation.[50]

Caruso sits on the board of the National Institute of Transplantation[51] and is on the Board of St. John's Health Center[52] and the California Medical Center Foundation.[24]

Law schools

Caruso and his wife, Tina, established the Caruso Loan Forgiveness Fund which covers the law school loan payments for ten years for low-income and other underserved students.[53]

In October 2019, Caruso donated $50 million to Pepperdine School of Law, resulting in a name change to the Pepperdine Caruso School of Law. This gift will go to historically underrepresented students, as well as to law students pursuing public interest law.[54]

University of Southern California

Caruso is the chairman of the board of trustees at his alma mater, the University of Southern California.[55][56] During his tenure as chairman, Marshall School of Business dean James G. Ellis was removed and a settlement was reached in the sexual abuse scandal involving campus gynecologist George Tyndall.[15]

Caruso's daughter, Gianna "Gigi", was born with hearing loss and was treated at USC's Keck School of Medicine. In 2015, Caruso and his wife Tina donated a further $25 million to USC, to endow and name the USC Tina and Rick Caruso Department of Otolaryngology – Head and Neck Surgery.[57][58]

The Caruso Catholic Center and Our Savior Parish Church on the USC campus was endowed by and named after Caruso following his contribution of $9 million.[59][60]

Olivia Jade Giannulli, one of the USC students involved in the federal indictments regarding USC admissions, was aboard Caruso's $100 million yacht, Invictus,[61] in the Bahamas at the time the scandal broke. Giannulli is daughter of actress Lori Loughlin and a friend of Caruso's daughter, Gianna.[58][62][63][64] Gianna Caruso, like her other siblings, was accepted to USC during a period in which her father donated millions of dollars to the university.[65]

Recognition

In 1995, Caruso was named Alumnus of the Year by Pepperdine School of Law.[13]

Caruso was named by the Los Angeles Business Journal as "Developer of the Year" and its 2012 Ernst & Young LLP Master Entrepreneur of the Year.[11][45][44]

Personal life

Rick Caruso is married to Tina Caruso. They have four children, Alex, Gregory, Justin, and Gianna.[2] They live in Brentwood, a neighborhood of Los Angeles.[1] All four children have attended the University of Southern California, where Caruso himself went and which he has donated millions of dollars to.[65] Caruso, through a trust, paid for a $4.4 million mansion in Pacific Palisades for his son Justin.[66] Caruso owns a SuperYacht named Invictus.[67]

References
  1. "Forbes profile: Rick Caruso". Forbes. Retrieved May 17, 2020.
  2. Uribarri, Adrian G. (January 11, 2007). "Developer gets recognition for aid to children". Los Angeles Times. ISSN 0458-3035. Retrieved October 6, 2016.
  3. Clendenin, Jay L. (September 20, 2015). "Billionaire developer Rick Caruso, who owns -- among other things -- the Encino Marketplace, the Americana at Brand in Glendale, the Grove and Burton Place Retail Center in Los Angeles, may be one of the candidates in L.A.'s next mayoral election". The Los Angeles Times. Retrieved September 20, 2015.
  4. "Rick J. Caruso, founder and CEO, Caruso Affiliated". Smart Business. July 1, 2012.
  5. Martin Moodie. "Shilla/ARI bid for LAX duty free gets Rick Caruso endorsement". The Moodie Report. Retrieved May 11, 2013.
  6. "Rick Caruso | Presidential Search | USC". presidentialsearch.usc.edu.
  7. "PressReader.com – Your favorite newspapers and magazines". www.pressreader.com. Retrieved March 14, 2019.
  8. "Rick J. Caruso". USC Price. Retrieved May 11, 2013.
  9. "Distinguished Alumnus Rick J. Caruso Addresses Audience at 33rd Annual Associates Dinner". Pepperdine University. Retrieved May 11, 2013.
  10. "Admissions". Pepperdine University. Retrieved May 11, 2013.
  11. "Executive Profile Rick J. Caruso". Bloomberg Businessweek. Retrieved May 19, 2012.
  12. Meinert, Maya. "Early Developer". LA Business Journal. Retrieved May 12, 2013.
  13. Moore, Annette (March 8, 2007). "Inside the world's biggest airline merger". USC News. University of Southern California.
  14. Morris Newman (November 10, 1998). "Commercial Real Estate: Developer Turns Shopping Malls Into Center of Attention". Los Angeles Times. ProQuest 421342867.
  15. Vincent, Roger (March 3, 2019). "Grove builder Rick Caruso reimagines Miramar resort with splashes of seaside splendor". Los Angeles Times. Retrieved March 3, 2019.
  16. "Developer Rick Caruso goes small with new Pacific Palisades shopping district". latimes.com. September 22, 2018. Retrieved October 10, 2019.
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  20. Glendale City Council Public Hearing on Americana Genocide Denial, retrieved June 23, 2020
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  46. Rainey, James (November 6, 2013). "Foundation pledges $5 million for Watts social, educational programs". Los Angeles Times.
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  58. Schmidt, Ingrid (March 13, 2019). "Lori Loughlin's Daughter Vacationed on Billionaire USC Official's Yacht". The Hollywood Reporter. Retrieved March 14, 2019. Lori Loughlin and Mossimo Giannulli's 19-year-old daughter was on the yacht of billionaire Rick Caruso, the chairman of USC's board of trustees, during Tuesday's indictment that charged the couple in a nationwide college cheating scandal.
  59. Smith, Dakota (December 16, 2008). "Ground Blessing Takes Place for New USC Caruso Catholic Center". Curbed LA.
  60. Gordon, Larry (December 9, 2012). "Lavish new church, meeting center to serve USC Catholics". Los Angeles Times.
  61. Invictus at Super Yacht Fan.com
  62. "Lori Loughlin Daughter Olivia Leaves Yacht Owned By Top USC Official". TMZ. March 13, 2019. Retrieved March 14, 2019. As Lori Loughlin traveled from Vancouver to L.A. Tuesday night to surrender to federal authorities in the college bribery scandal -- which got her daughter, Olivia Jade, into USC -- Olivia spent the night on the yacht of the Chairman of USC's Board of Trustees
  63. Blum, Steven (March 13, 2019). "Olivia Jade Found Out Her Mom Had Schemed Her Into USC While On Rick Caruso's Yacht". Los Angeles. Retrieved March 14, 2019. Olivia Jade, social media influencer and daughter of actress Lori Loughlin, was apparently spending her spring break on a yacht owned by USC board of trustees member Rick Caruso when the news broke that her mother was part of an epic college bribery case.
  64. Ross, Martha (March 13, 2019). "Will Lori Loughlin's Instagram-famous daughters get kicked out of USC, face other fallout because of parents?". The Mercury News. Retrieved March 14, 2019. TMZ reported late Wednesday afternoon that Lori Loughlin's daughter Olivia Jade Giannulli had been traveling in the Bahamas on a yacht owned by Rick Caruso, the chairman of the USC Board of Trustees
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