Rick Joseph Caruso (born January 7, 1959) is an American billionaire businessman and philanthropist. He is the founder and chief executive officer of Caruso Affiliated, an American real-estate company. He has been president of the Los Angeles Police Commission and a member of the Board of Water and Power Commissioners.
Early life and education
Caruso 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, and a law degree from the Pepperdine University School of Law in 1983 as a Margaret Martin Block Scholar. In 1995, he was recognized as the Alumnus of the Year by Pepperdine School of Law.
Business career
Caruso was a real-estate lawyer in the corporate finance department at Finley Kumble, but in 1990, he quit law to develop retail and residential properties full-time. In 1987, he founded Caruso Affiliated, 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, 8500 Burton Way and the Waterside Marina Del Rey.
He has lectured on real estate issues at the Kennedy School of Public Administration at Harvard University, the USC Sol Price School of Public Policy and the Milken Institute Global Conference. Caruso participates annually as a guest panelist for the International Council of Shopping Centers.
Rick Caruso net worth: Rick Caruso is an American businessman who has a net worth of $3 billion. Rick Caruso has earned his net worth as founder and chief executive officer of Caruso Affiliated. The company designs and builds retail properties mainly throughout Southern California but has also recently expanded to Las Vegas. Before founding his company, Caruso was the youngest commissioner in the history of the Los Angeles Department of Water and Power. He was born in Los Angeles and is married to Tina Caruso. Together they have four children. He attended the University of Southern California where he earned a bachelor’s degree. He also attended Pepperdine University where he earned a degree in law. Rick had a brief career as a real estate lawyer working for developers, but had a growing interest in getting into the real estate business himself. After leaving the field of law and entering real estate he spent the next 15 years developing industrial buildings in California and elsewhere. Some of his finest developments include; The Grove at Farmers Market located in Los Angeles and the Americana at Brand in Glendale. Caruso is currently developing a residential property called 8500 Burton and he has also acquired land in Dublin, California, to build his first retail development in the Northern California area. Caruso has won many design awards for his properties including the 2009 Gold Award from the International Council of Shopping Centers.
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