Rick Caruso | $1B+
Get in touch with Rick Caruso | Rick Caruso, founder and CEO of Caruso, is one of America’s most prominent real estate developers, best known for building ultra-premium retail and mixed-use destinations that blend luxury, design, and community experience. A former attorney and civic leader, Caruso developed landmark projects in Southern California such as The Grove, Americana at Brand, and Palisades Village, redefining high-end experiential retail at a time when traditional malls declined. Known for meticulous attention to detail, brand curation, and long-term asset quality, he has built a real estate empire centered on place-making. Caruso has also become a high-profile public figure through philanthropy and political involvement in Los Angeles.
Rick Joseph Caruso (born January 7, 1959) is an American billionaire real estate developer and philanthropist best known as the founder and executive chairman of Caruso, a privately held company that has developed experiential retail and mixed-use properties across Southern California, including the landmark shopping centers The Grove and The Americana at Brand.[1] [2] With an estimated net worth of $5.9 billion as of October 2025, Caruso built his fortune through strategic real estate investments emphasizing community-oriented luxury destinations that prioritize pedestrian-friendly design and high-end retail.[2] The son of entrepreneur Henry Caruso, who founded the car rental company Dollar Rent-A-Car after immigrating from Italy, Rick Caruso graduated from the University of Southern California with a business degree and later earned a Juris Doctor from Pepperdine University School of Law.[2] [3] [4] Early in his career, he contributed to overhauling the Los Angeles Police Department as president of the Los Angeles Police Commission from 2001 to 2006, during which the city achieved historic lows in crime rates through targeted reforms.[1] [5] [6] Caruso has committed substantial resources to philanthropy, including a $50 million gift to endow the Caruso School of Law at Pepperdine University, ongoing support for USC as former chairman of its board of trustees, and recent initiatives like Steadfast LA for wildfire recovery and small business grants exceeding $1 million.[7] [8] [9] [10] In 2022, he launched a high-profile bid for mayor of Los Angeles as a Democrat emphasizing aggressive measures on public safety, homelessness, and economic revitalization, self-funding over $100 million in the race before narrowly losing to Karen Bass in the general election.[11] [12]
Early Life and Education
Family Origins and Upbringing
Rick Caruso was born on January 7, 1959, in Los Angeles, California, to an Italian-American family.[13] His father, Henry "Hank" Caruso, was the son of Italian immigrants and served as a Navy pilot during World War II before building a successful career in the automotive industry by founding Dollar Rent-A-Car.[14][15] His mother, Gloria Caruso, came from a background that included modeling work.[16] The family's paternal grandfather, August Caruso, had immigrated from Italy in the early 20th century, first laboring in Pennsylvania coal mines before relocating to Los Angeles' Boyle Heights neighborhood, where he worked as a gardener and landscaper.[15]
Caruso's upbringing occurred primarily in affluent Los Angeles enclaves, beginning in Outpost Estates in the Hollywood Hills and shifting at age five to Trousdale Estates in Beverly Hills, providing panoramic views of the city that sparked his early fascination with real estate development.[13] His household emphasized Italian cultural traditions, such as extended Sunday family dinners and adherence to the Catholic faith, alongside values of hard work, sacrifice, education, and community support instilled by his blue-collar grandparents.[15][14] Raised in a family loyal to the University of Southern California—where his father had briefly studied before military service—Caruso became the first in his lineage to earn a college degree, reflecting the generational push toward higher education despite modest immigrant roots.[14]
Academic Achievements and Early Influences
Caruso was born on January 23, 1956, in Los Angeles to an Italian-American family, the grandson of immigrants whose grandfather worked as a gardener before his father, Hank Caruso, built a successful business empire starting with the founding of Dollar Rent-A-Car in 1965.[2][13] Raised in a traditional Italian household in the hills above Beverly Hills, Caruso developed an early fascination with real estate, recalling at age five accompanying his father to overlook the city and envisioning property development opportunities, an experience that instilled entrepreneurial values and a focus on land's potential for wealth creation.[13][17] His upbringing emphasized hard work and family ties, with Caruso crediting these roots, alongside his Catholic faith, as foundational influences shaping his approach to business and civic life.[18]
Caruso attended the University of Southern California (USC), following in his father's footsteps as an alumnus, and earned a Bachelor of Science degree from the USC Marshall School of Business in 1980.[19][18] He subsequently obtained a Juris Doctor from Pepperdine University School of Law, completing his legal education before entering professional roles that leveraged both business and legal expertise.[20][2] While specific undergraduate honors or academic distinctions from his student years are not prominently documented in primary records, Caruso's longstanding affiliation with USC—spanning alumni status, trusteeship, and later philanthropy—reflects the institution's enduring influence on his career trajectory.[18]
Business Career
Establishment of Caruso Company
Rick Caruso founded Caruso Affiliated Holdings in 1987, marking his transition from a career in real estate law to property development.[1][21] The company's establishment began with Caruso's acquisition of the former Loehmann's department store site on La Cienega Boulevard in Los Angeles, which served as the initial project to launch his focus on retail and mixed-use properties.[21]
Prior to founding the company, Caruso had gained practical experience in real estate through family ventures, including partnerships with his father, Hank Caruso, who had established Dollar Rent A Car in the 1960s; together, they acquired airport-adjacent lots for leasing to car rental operators, building a foundation in land acquisition and management.[22] After graduating from Pepperdine University School of Law in 1983, Caruso initially worked as a real estate attorney in corporate finance at a major firm, honing skills in transactions that informed his later entrepreneurial shift.[4][1]
The 1987 founding emphasized a departure from conventional development models, with Caruso prioritizing community-oriented retail centers over standard strip malls, though the firm initially managed a modest portfolio centered on the La Cienega acquisition.[1] By eschewing traditional financing hurdles, Caruso bootstrapped early operations, leveraging personal capital and family networks to establish operational independence.[1] This approach laid the groundwork for the company's growth into one of Southern California's prominent real estate entities, though detailed financials from the founding era remain proprietary.[21]
Key Developments and Innovations
Caruso founded his real estate development firm, initially known as Caruso Affiliated, in 1987, focusing on retail properties in Southern California that emphasized community integration and experiential design over traditional enclosed malls.[1] Early projects in the 1990s, such as the Encino Marketplace, introduced green spaces and fountains to create inviting public areas, while the Promenade at Westlake featured curved architecture for enhanced visibility and flow, and the Commons at Calabasas employed Hollywood set designers to craft immersive environments.[23]
A pivotal development was The Grove, opened in 2002 adjacent to the Original Farmers Market in Los Angeles, spanning 575,000 square feet with an open-air layout inspired by historic Southern towns like Charleston and Savannah.[23] [24] Key features included a custom green-and-gold trolley designed by a Walt Disney Imagineer, a one-acre central common for events, and 58 stores and restaurants curated for high-end appeal, achieving annual sales of $2,200 per square foot and attracting 20 million visitors yearly.[23] This project marked a shift toward mixed-use destinations blending shopping, dining, and entertainment, with innovations like year-ahead Christmas planning and on-site concierges ensuring meticulous guest experiences.[23] [24]
The Americana at Brand, launched in May 2008 in Glendale at a cost exceeding $400 million, expanded this model across 15.5 acres, incorporating luxury retail, residential units, and public amenities like choreographed fountain shows and trolley service.[25] [23] It revitalized downtown Glendale by prioritizing pedestrian-friendly design and tenant curation that included emerging e-commerce brands establishing physical presences, contributing to properties outperforming industry averages with three times higher sales per square foot.[1] Later expansions included Palisades Village in Pacific Palisades, opened in September 2018 for approximately $200 million, featuring 48 boutique stores, eight luxury residences, and community-oriented elements like local ice cream shops.[23]
Caruso's innovations centered on creating "beloved destinations" that foster social gathering through architectural authenticity, operational excellence, and adaptive reuse, such as transforming historic sites while avoiding heavy debt to maintain full ownership and flexibility.[1] [23] This approach reinvented retail by emphasizing emotional connections—via details like restored glamour in theaters and event programming—over mere transaction spaces, enabling sustained performance amid e-commerce shifts, with two of Caruso's centers ranking among the top five outdoor U.S. shopping venues.[1] [24] Ventures into hospitality, like the Rosewood Miramar Beach resort opened in 2019 with 161 rooms and public beach access, further diversified mixed-use strategies into experiential leisure.[23]
Business Success Factors and Economic Contributions
Caruso's business success stems from a strategic emphasis on developing experiential, mixed-use retail destinations that integrate high-quality architecture, entertainment, and community-oriented design, diverging from conventional enclosed malls. This approach, pioneered with properties like The Grove, has resulted in sales per square foot three times the industry average and twice the visitor traffic, as evaluated by Green Street Advisors.[1] By prioritizing long-term ownership and adaptive evolution of assets to meet evolving consumer preferences, Caruso has sustained a 17% compounded annual growth rate in assets, revenues, and profits since the company's founding in 1987, including resilience during the Great Recession through conservative fiscal management and enduring stakeholder relationships.[26]
A key factor in this outperformance is Caruso's focus on balancing commercial viability with neighborhood sensitivities, enabling approvals for large-scale projects in densely regulated urban environments like Los Angeles. For instance, developments incorporate public input to mitigate opposition, fostering projects that enhance local appeal while generating premium rental income from luxury tenants. This model has positioned Caruso as a premier developer of open-air centers, resorts, and residential properties, with holdings concentrated in Southern California but expanding strategically westward.[22][26]
Economically, Caruso's portfolio contributes significantly to Los Angeles through substantial sales volumes and associated fiscal multipliers; The Grove, for example, ranks second nationally in retail sales productivity, driving ancillary employment in retail, hospitality, and services while bolstering municipal tax revenues from property and sales taxes. These properties have revitalized underutilized urban sites, spurring private investment and tourism-related activity that supports thousands of indirect jobs, though exact figures vary by economic cycle. Caruso's emphasis on timeless, high-value assets ensures sustained contributions, with consistent profitability enabling reinvestment into community-adjacent infrastructure improvements.[1][27]
Public Service and Philanthropy
Civic Roles and Leadership
Caruso was appointed to the Los Angeles Board of Water and Power Commissioners by Mayor Tom Bradley in August 1984, becoming the youngest commissioner in the city's history at age 25.[1] He served as president of the board from 1985 to 1993, during which he helped resolve a longstanding 25-year lawsuit, resulting in increased clean water supplies and enhanced environmental protections.[1]
In August 2001, Mayor James K. Hahn appointed Caruso to the Los Angeles Police Commission for a five-year term, and he was selected as its president, serving in that role until approximately 2003.[28] As president, Caruso led reforms to the Los Angeles Police Department, including the recruitment of William Bratton as chief of police, which contributed to crime rates dropping to their lowest levels in 50 years.[1][29] His tenure involved the controversial decision to deny a second term to incumbent Chief Bernard Parks, amid debates over departmental accountability.[30] However, attendance records indicate he missed nearly 40% of commission meetings during his service.[31]
Caruso has held leadership positions on several nonprofit and educational boards. He chaired the board of Loyola High School and serves on the boards of St. John's Hospital and the Ronald Reagan Presidential Library Foundation.[1][29] On May 31, 2018, he was elected chair of the University of Southern California Board of Trustees, succeeding John Mork; in this role, he oversaw cultural and governance reforms, the hiring of the university's first female president, Carol Folt, and improvements to the athletics program.[32][1]
In response to broader civic challenges, Caruso joined federal and state COVID-19 task forces in April 2020 to advise on economic reopening strategies.[1] Following the 2025 wildfires, he founded Steadfast LA, a private-sector-led nonprofit aimed at accelerating Los Angeles' rebuilding efforts through public-private partnerships.[1][29]
Philanthropic Initiatives
In 1991, Rick Caruso and his wife Tina established the Caruso Family Foundation, a private nonprofit dedicated to empowering underserved children and families in Southern California through access to high-quality education and healthcare, with the aim of interrupting cycles of poverty.[33] The foundation supports organizations addressing at-risk youth, including early childhood development and long-term educational pipelines.[33]
Key initiatives include a $5 million commitment launched in 2013 to Operation Progress, a program guiding elementary students in Watts through college readiness and beyond.[33] The foundation has provided over $3 million to Para Los Niños, funding the Tina & Rick Caruso Early Education Center, which serves more than 80 infants and toddlers via Early Head Start and Head Start programs.[33]
In education and health, Caruso and his wife donated $25 million to the University of Southern California on June 4, 2015, endowing the USC Tina and Rick Caruso Department of Otolaryngology–Head and Neck Surgery and the USC Caruso Family Center for Childhood Communication, which focuses on treatments for pediatric hearing loss and expands satellite clinics for underserved families.[34] Separately, in 2019, they committed $50 million to Pepperdine University, renaming its School of Law the Rick J. Caruso School of Law and establishing the Caruso Family Loan Forgiveness Fund to support graduates serving low-income communities.[35] These contributions underscore a focus on institutional endowments that enhance pediatric care, legal education, and community outreach for vulnerable populations.[33]
Response to Crises, Including 2025 Wildfires
Caruso's philanthropic initiatives have included responses to natural disasters and urban crises, emphasizing rapid recovery and infrastructure resilience through private-sector involvement. In the wake of the Southern California wildfires that ignited on January 7, 2025, and scorched tens of thousands of acres while destroying thousands of homes, Caruso criticized the slow pace of rebuilding, noting on July 7, 2025, that fewer than 100 building permits had been issued six months after the fires despite widespread devastation.[36][37] He advocated for smarter rebuilding practices, drawing on his experience implementing resilient infrastructure in Caruso-affiliated properties to mitigate future fire risks.[38]
On February 3, 2025, Caruso launched Steadfast LA, a private-sector-led civic nonprofit aimed at accelerating Los Angeles' recovery from the wildfires by streamlining rebuilding processes and enhancing community resilience.[39][10] The organization focused on communities in Los Angeles and Altadena hardest hit by the January fires, positioning itself as a counter to perceived governmental inefficiencies without overt political motives, though Caruso's profile rose amid ongoing debates over municipal response.[40] Complementing this, on August 6, 2025, he committed $1 million in grants through a small business recovery initiative to aid wildfire-affected enterprises, partnering with Banc of California to distribute funds for operational restarts.[9][41]
During the October 2025 Palisades Fire, Caruso publicly condemned the Los Angeles Fire Department's response as indicative of "systematic failure" under Mayor Karen Bass, prompting Bass to dismiss his comments as those of a "sad and bitter" critic exploiting the tragedy.[42][43] To protect his properties amid the fires, Caruso employed private firefighting crews, a move that sparked legislative scrutiny in California, including a February 26, 2025, bill targeting such practices amid broader demands for privatized fire protection in high-risk areas.[44] By October 9, 2025, he outlined an updated rebuilding blueprint via Steadfast LA, stressing private investment to restore trust and expedite reconstruction beyond initial fire relief efforts.[45]
Political Involvement
2022 Los Angeles Mayoral Campaign
Caruso announced his candidacy for mayor of Los Angeles on February 1, 2021, presenting himself as a non-politician business executive capable of applying private-sector efficiency to municipal challenges such as rising crime rates and the homelessness crisis. He pledged to hire 1,000 additional Los Angeles Police Department officers within his first year, expand mental health treatment facilities, and construct 40,000 shelter beds to address the estimated 41,000 unsheltered individuals in the city.[46] Caruso's platform emphasized enforcement against quality-of-life crimes like public camping and drug use, while advocating for mandatory treatment for those with severe mental illness or addiction, arguing that voluntary programs had failed under prior administrations.[47]
In the June 7, 2022, nonpartisan primary election, Caruso received 180,460 votes or 42.14 percent, narrowly leading U.S. Representative Karen Bass's 160,764 votes or 37.53 percent, with both advancing to the general election as the top two finishers amid a field of 14 candidates.[11] His strong showing reflected voter frustration with visible disorder, including a 9 percent rise in violent crime from 2020 to 2021 per LAPD data, and the persistence of over 60,000 homeless individuals countywide despite billions in expenditures.[48] Caruso secured endorsements from the Los Angeles Area Chamber of Commerce's LA Jobs PAC, which praised his executive experience, and celebrities including Snoop Dogg.[49][50]
Caruso self-funded over $104 million in the campaign, the highest amount in Los Angeles electoral history, primarily through advertising that highlighted his opponent's congressional record and ties to progressive policies Caruso linked to urban decline.[12] Debates focused on contrasting approaches to public safety, with Caruso criticizing Bass's support for police reform measures like those in the George Floyd Justice in Policing Act, which he argued hampered law enforcement amid a surge in property crimes.[51] Critics, including some progressive outlets, accused his ads of misleading claims about Bass's tenure, though Caruso maintained they accurately reflected policy outcomes.[52]
On November 8, 2022, Bass defeated Caruso in the general election, securing 541,161 votes or 54.81 percent to Caruso's 446,126 votes or 45.19 percent, with turnout at approximately 21 percent of registered voters.[11][53] Late endorsements for Bass from President Joe Biden and former President Barack Obama, amid national Democratic mobilization, contributed to her lead in heavily Democratic areas, despite Caruso's advantages in wealthier neighborhoods.[54] Caruso conceded the following day, stating the city required immediate action on core issues regardless of the outcome.[55]
Policy Positions and Ideology
Rick Caruso describes himself as a centrist who is fiscally conservative while being socially accepting of diverse lifestyles, a self-characterization consistent across his shifts in party affiliation. He registered as a Democrat in January 2022 after previously identifying as a Republican, independent, and again Republican multiple times between 2011 and 2019, citing the Republican Party's shift toward extremism as a key factor in his departure. Caruso has donated to politicians across the spectrum, including over $240,000 to support John Kasich in 2016, $100,000 for George W. Bush's reelection in 2004, and contributions to Democrats like Karen Bass in 2010 and 2011, reflecting a pragmatic rather than ideological approach.[56]
On public safety, Caruso advocated increasing the Los Angeles Police Department to 11,000 officers by adding 1,500 new hires, restoring its budget, offering signing bonuses, and streamlining vetting processes to address rising crime rates. He emphasized community-based policing to build trust and reduce issues like racial profiling, positioning law enforcement as essential for urban order.[57][46]
Regarding homelessness, Caruso proposed constructing 30,000 shelter beds within his first 300 days in office, paired with enforcement of anti-camping ordinances to clear street encampments, arguing that allowing people to sleep on streets is "inhumane and cruel." He called for a new city department focused on mental health, hiring 500 caseworkers to provide treatment and services alongside housing.[46][47]
In housing and economic policy, Caruso supported accelerating construction of diverse housing types across neighborhoods, waiving developer fees for affordable projects, and using city borrowing to expand supply by 30,000 units, including temporary shelters. He endorsed maintaining the minimum wage while providing relief to small businesses through reduced regulations and expanded affordable childcare via parks programs, aiming to foster a thriving economy with broad opportunities. Recent statements in 2025 reiterate priorities like safe communities, top-tier schools, and reducing bureaucratic hurdles for sectors like agriculture to ensure economic benefits reach families.[46][57][58]
On environmental issues, Caruso pledged incentives for electric vehicle adoption, water conservation efforts to recharge aquifers, and transitioning to 100% clean electricity by 2035, while promising a detailed climate action plan prioritizing vulnerable communities and phasing out fossil fuel-dependent technologies. In social policy, he committed $1 million in 2022 to a California ballot measure supporting abortion rights, though past positions drew criticism from Planned Parenthood for perceived inconsistencies with his Catholic background. Caruso's recent critiques of government responses to 2025 wildfires highlight a emphasis on competence and crisis management over partisan politics, underscoring his preference for practical governance.[46][59][42]
Controversies and Ongoing Influence
Caruso's tenure as chairman of the University of Southern California's board of trustees from 2018 to 2021 drew scrutiny over the institution's response to the George Tyndall scandal, involving serial sexual abuse by the university's former gynecologist against hundreds of students spanning decades. USC reached settlements totaling over $1.1 billion with victims, including an $852 million agreement in 2021 covering 180 former patients.[60] In depositions, Caruso defended the board's actions, including Tyndall's 2017 resignation and delayed public disclosure until 2018, arguing they prioritized patient safety and legal obligations, though critics contended the response inadequately addressed institutional failures and victim trauma.[60]
During his 2022 Los Angeles mayoral campaign, Caruso generated controversy on October 12, 2022, by stating that his Italian-American heritage rendered him "Latin" rather than white, a remark aimed at connecting with Latino voters but prompting widespread backlash on social media for conflating ethnicities and diluting definitions of Latino identity tied to Spanish-speaking heritage from Latin America.[61] Separately, on August 16, 2022, activists filed a civil rights lawsuit against Caruso-owned entities managing The Grove shopping center, alleging violations of free speech rights through the removal and exclusion of protesters voicing opposition to his campaign, including claims of discriminatory enforcement against certain viewpoints.[62] Campaign spending also faced accusations of funding misleading advertisements, with Caruso investing over $23 million personally by May 2022, much directed toward attack ads on opponent Karen Bass that opponents labeled deceptive regarding her record.[52]
Potential conflicts of interest emerged as a point of contention, given Caruso's control over a real estate portfolio including high-profile Los Angeles properties like The Grove and Palisades Village, which generated hundreds of millions in annual revenue and intersected with city zoning, permitting, and economic policies.[63] Caruso proposed placing assets in a blind trust if elected, but rivals argued this insufficiently mitigated influence over ongoing developments and leases reliant on municipal approvals.[63]
Following his narrow defeat in the November 2022 mayoral election, Caruso has sustained political relevance through public critiques of Mayor Karen Bass's administration, notably on October 8, 2025, when he blamed her policies for exacerbating the Palisades Fire's impact, citing inadequate preparedness and resource allocation amid January 2025 wildfires that destroyed structures in Pacific Palisades.[43] [64] Bass countered that Caruso exploited the tragedy for political gain without offering substantive solutions.[64] In response to such crises, Caruso established the nonprofit Steadfast LA in 2025 to support rebuilding efforts in fire-affected areas, including Palisades Village, where his company accelerated recovery through infrastructure repairs and community aid.[65] [66]
Caruso's business influence persists amid frustrations with Los Angeles regulations; on October 10, 2025, he announced that Caruso Affiliated halted new developments in the city, attributing the decision to escalating construction costs, bureaucratic delays, and regulatory hurdles that rendered projects unviable despite prior successes like The Grove.[67] Speculation about his political future endures, with analyses in June 2024 and October 2025 positioning him as a potential contender for California governor in 2026, leveraging his wealth—estimated at billions—and centrist appeal in a state facing fiscal and homelessness challenges, though his recent Republican donor history and party switch remain points of voter skepticism.[68] [69]
Recognition and Personal Life
Awards and Honors
In 1996, the Los Angeles Business Journal recognized Caruso as Developer of the Year for his contributions to real estate development in the region.[5] The following year, in 1997, the Conejo Valley Chamber of Commerce named him Man of the Year, honoring his leadership in business and community initiatives.[5]
Caruso received the Master Entrepreneur of the Year Award for Greater Los Angeles in 2012, acknowledging his innovative approaches to retail and mixed-use developments through Caruso Properties.[70] In 2017, the University of Southern California presented him with the Asa V. Call Award, its highest alumni honor, citing his professional achievements as a real estate executive and longtime trustee.[20]
He was honored with the Navy SEAL Foundation Patriot Award in 2018 for his support of veterans and philanthropic efforts aligned with the organization's mission.[71] In 2019, Variety awarded him the Power of Los Angeles honor, recognizing his influence in business, civic leadership, and contributions to the entertainment-adjacent economy.[72]
In 2023, USC bestowed upon Caruso the Presidential Medallion at its Academic Honors Convocation, saluting his role as a business innovator, civic leader, and philanthropist, as well as his service on the university's Board of Trustees.[6]
Family and Private Life
Rick Caruso was born on January 23, 1959, in Los Angeles to an Italian-American family.[2] His father, Henry "Hank" Caruso, was a self-made entrepreneur who founded Dollar Rent A Car and later expanded into other ventures, amassing significant wealth before facing legal troubles including a conviction for bank fraud in the 1980s.[73] Caruso's grandfather immigrated from Italy, contributing to the family's deep roots in Los Angeles dating back to the early 20th century.[15]
Caruso has been married to Tina Caruso, a former fashion designer and model, since October 1987, marking over 37 years of marriage as of 2024.[74] The couple has four children: sons Alex, Gregory, and Justin, and daughter Gianna "Gigi."[75] Their daughter Gigi has been an advocate for hearing accessibility since receiving Phonak Lyric hearing aids at age 14 to address her hearing challenges.[76]
The Caruso family resides in Brentwood, Los Angeles, where they maintain a low public profile centered on family values and Catholic faith, which has influenced Caruso's philanthropic priorities such as education and community support.[18] Caruso has emphasized the role of family in his personal life, crediting Tina as a key partner in both private and public endeavors.
Disclaimer: This profile is based on publicly available information. No endorsement or affiliation is implied.
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