Geffen richest Malibu resident


David Geffen ranks as the seventh richest man in L.A. County, beating out Jerry Perenchio who is listed at 15th.

By Jonathan Friedman/Assistant Editor

Entertainment mogul David Geffen is the wealthiest person with a primary residence in Malibu, according to this year’s list by the Los Angeles Business Journal of the 50 richest people in Los Angeles County. The co-founder of DreamWorks SKG’s net worth is estimated at $4.3 billion, up 22.9 percent from last year.

That makes Geffen, who has been in the news lately after losing a 3-year court battle with the California Coastal Commission to prevent the creation of a public easement on his Carbon Beach property, the seventh richest man in the county. His wealth increase was due to the animation unit of DreamWorks going public and the success of the DreamWorks film “Shrek 2,” which grossed more than $900 million worldwide.

The Los Angeles Business Journal list includes several other people whose primary residences are in Malibu or own property in the city. Eli Broad, the famed philanthropist whose primary residence is in Brentwood but owns property in Malibu, ranks fourth in the county with a net worth of $4.8 billion. His worth was slightly down from 2004.

B. Wayne Hughes, the Malibu resident who founded Public Storage Inc., ranks 11th on the county list with a $2.7 billion net worth. He retired last year, but saw his wealth increase after the company’s stock went up 50 percent over the course of 2004. A thoroughbred race owner, his horse, Don’t Get Mad, placed fourth in this year’s Kentucky Derby.

Entertainment mogul Haim Saban, who lives in Beverly Hills, but owns property in Malibu, ranked 14th on the list. The Egyptian-born and former Israeli resident who founded the company that created “Teenage Mutant Ninja Turtles” and “Mighty Morphin Power Rangers” is worth $1.7 billion. His net worth rose this year by 35.3 percent.

Malibu’s most famous wealthy resident on the political scene, Jerry Perenchio, saw his net worth decline this past year from $2.9 billion to $2.1 billion, placing him 15th on the list. The head of Malibu Bay Co. has made a big chunk of change as chairman of the Spanish language network, Univision. He will continue to make headlines in The Malibu Times as the year progresses with the city of Malibu hoping to buy the Malibu Bay-owned Chili Cook-Off property. The deadline to buy the property for the $25 million asking price is Dec. 31.

Los Angeles Clippers owner Donald Sterling became a billionaire this year with his wealth increasing from $949 million last year to $1.1 billion this year, placing him 35th on the list. The Beverly Hills resident owns a home on Malibu Road, which, neighbors say, he frequents. The 71-year-old Sterling owns nearly 100 apartments in Southern California. He bought the Clippers for $12.5 million in 1981, and the team is now worth an estimated $224 million.

Jefferey Katzenberg, who co-founded DreamWorks with Geffen, made the list at No. 39 with a $942 million net worth. The Beverly Hills resident is a Malibu property owner. Other Malibu property owners making the list are No. 49 Marcy Carsey ($660 million) and No. 50 Michael Eisner ($621).