Rick Caruso, a renowned American businessman, philanthropist, and real estate developer, has left an indelible mark on Los Angeles. Born on January 7, 1959, in Los Angeles, California, Caruso is a 66-year-old entrepreneur whose innovative urban developments and civic contributions have transformed the city’s landscape. With a net worth of $5.78 billion in 2025, Caruso ranks as the 231st wealthiest individual in the United States and holds the 557th position globally.
Early Life and Family
Caruso’s roots in entrepreneurship stem from his family. His father, Henry Caruso, founded Dollar Rent-A-Car with an initial investment of just $500, later building a network of successful car dealerships. His mother, Gloria, was a billboard model for iconic brands like Coca-Cola and Maybelline. Growing up in Los Angeles, Caruso was inspired by his family’s work ethic and determination. Today, he is married to Tina Caruso, and together they have four children: Alex, Gregory, Justin, and Gianna. The family resides in a sprawling Brentwood estate, demonstrating their deep ties to Los Angeles.
Education and Early Career
Rick Caruso attended the University of Southern California (USC), where he earned a Bachelor of Science degree in 1980. He then pursued a Doctor of Jurisprudence (J.D.) at Pepperdine University School of Law, graduating in 1983. Although licensed to practice law, Caruso’s passion for real estate quickly overtook his legal aspirations. After a brief stint as a real estate lawyer, he founded his own company, Caruso, in 1987.
Caruso: Transforming Urban Spaces
Under Caruso’s leadership, the company has developed some of the most iconic and beloved retail and entertainment destinations in Southern California. Projects like The Grove at Farmers Market, Americana at Brand, and Palisades Village have become landmarks, redefining shopping and public spaces by integrating luxury with accessibility and fostering community engagement.
Caruso also collaborated with Caesars Entertainment to develop The Linq in Las Vegas, transforming a neglected alley into a world-class retail and entertainment hub. His projects reflect a commitment to design excellence, urban revitalization, and economic growth.
Civic Engagement and Public Service
Caruso’s public service journey began early. At just 26, he became the youngest commissioner in the history of the Los Angeles Department of Water and Power. Later, he served on the Los Angeles Board of Police Commissioners, eventually becoming its president. During his tenure, Caruso was instrumental in appointing William Bratton as Chief of Police, a decision credited with significantly reducing crime rates in Los Angeles.
Caruso also worked to reform the Los Angeles Coliseum Commission, advocating for better management and public accountability. These roles underscored his dedication to improving the city’s infrastructure and public safety.
Philanthropy and Community Impact
Caruso’s philanthropic efforts are as impactful as his business ventures. Through the Caruso Family Foundation, he has championed causes in children’s healthcare and education. His notable contributions include:
- $50 million donation to Pepperdine University’s School of Law, leading to its renaming as the Caruso School of Law.
- Endowing the USC Tina and Rick Caruso Department of Otolaryngology – Head and Neck Surgery.
- Supporting the establishment of the Caruso Catholic Center and Our Savior Parish Church at USC.
- Creating the Caruso Loan Forgiveness Fund, which aids low-income law students.
These initiatives reflect Caruso’s commitment to creating opportunities and uplifting communities. His focus on healthcare, education, and religion underscores his belief in giving back to society.
Personal Life and Lifestyle
The Caruso family enjoys a lifestyle that balances luxury with community involvement. Their Brentwood estate spans multiple properties acquired over two decades and includes an 11,000-square-foot main house, a large swimming pool, a tennis court, and even a basketball court.
In Malibu, the family previously owned a 7,000-square-foot oceanfront home, purchased for $11.3 million in 2008 and listed for $40 million in 2021. Additionally, they own a $100 million, 216-foot yacht named Invictus, reflecting their penchant for elegance and sophistication.
Political Aspirations
In February 2022, Caruso entered the Los Angeles mayoral race, building on years of civic engagement. Despite spending over $41 million on his campaign, Caruso finished second in the primary election and ultimately lost to Karen Bass in the runoff. His platform focused on addressing homelessness, public safety, and economic recovery, showcasing his vision for a better Los Angeles.
Recognitions and Achievements
Caruso’s contributions have earned him widespread acclaim. Among his accolades:
- Alumnus of the Year (Pepperdine School of Law, 1995)
- Developer of the Year (Los Angeles Business Journal)
- Ernst & Young Master Entrepreneur of the Year (2012)
These honors reflect his innovative approach to business and unwavering dedication to community service.
Legacy and Future
Rick Caruso’s life and career epitomize the transformative power of vision and determination. His developments have redefined urban spaces, his philanthropy has touched countless lives, and his public service has left a lasting impact on Los Angeles. As a businessman, civic leader, and philanthropist, Caruso’s legacy continues to inspire future generations.
Conclusion
Rick Caruso’s journey from a young commissioner to a billionaire entrepreneur and philanthropist is a testament to his relentless drive and commitment to excellence. Whether through creating iconic destinations, contributing to public safety, or championing education and healthcare, Caruso’s influence resonates across Los Angeles and beyond. At 66, his achievements stand as a beacon of what can be accomplished with vision, hard work, and a dedication to giving back.