You’ve probably spent a Saturday afternoon at The Grove in Los Angeles, watching the fountains dance or grabbing a coffee while a double-decker trolley dings past. It feels like a movie set. Honestly, that’s exactly how Rick Caruso planned it.
But if you think he's just a guy who builds fancy outdoor malls, you’re missing the bigger, weirder, and much more complicated picture.
In 2026, the question of who is Rick Caruso has shifted. He isn’t just the developer who lost a nail-biter of a mayoral race to Karen Bass in 2022. He’s become a sort of shadow figure in California politics and a vocal critic of how big cities are managed. Between his massive $5.9 billion net worth and his recent moves with the "Steadfast LA" nonprofit, Caruso is repositioning himself as the man who can fix what’s broken—even if he has to do it from outside City Hall.
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The Billionaire Who Was Once a Car Washer
Rick Joseph Caruso wasn’t born with a silver spoon, though he definitely had a head start. His dad, Henry "Hank" Caruso, founded Dollar Rent-A-Car. Rick spent his teenage years washing cars at the airport. It sounds like a cliché "started from the bottom" story, but it stuck with him. He learned early on that people don't just buy a service; they buy the way they feel while they're getting it.
He went to USC (fight on!) and then Pepperdine for law school. He was a lawyer for a hot minute. He worked in corporate finance but realized pretty quickly that sitting behind a desk wasn’t for him. By 28, he founded what is now known simply as Caruso.
His first big win? Parking lots. He bought lots that his dad’s company leased. It was a smart, safe play. But then he got ambitious. He started looking at "dead" retail spaces and wondered why they were so depressing.
Why The Grove and Americana Actually Work
Most malls are dying. We all know this. Amazon killed the food court. Yet, Rick Caruso’s properties—The Grove, The Americana at Brand, and Palisades Village—are among the most profitable in the world per square foot.
How? Basically, he treats retail like hospitality.
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- The Disney Effect: He famously studied how Disney parks manage "flow" and "magic."
- The "Town Square" Vibe: He realized people are lonely. They want a place to walk, see a dog, and feel like they’re part of a community, even if they’re just there to buy a $12 juice.
- Insane Detail: At Palisades Village, he didn't just plant trees; he reportedly took residents to a tree farm to help pick them out. That’s the kind of obsessive control that makes his projects feel "perfect," even if critics find them a bit sterile.
The 2022 Mayoral Race and the Shift to Politics
When Caruso ran for Mayor of Los Angeles, he spent over $100 million of his own money. Let that sink in. $100 million. He ran as a "pro-business Democrat," despite having been a Republican and an Independent in the past.
He didn't win. Karen Bass beat him.
But the race changed him. It also changed how LA sees him. He pivoted from being the "fun mall guy" to the "angry fixer." He hammered away at homelessness, crime, and the "bureaucratic nightmare" of City Hall. Even now, in 2026, he hasn't really stopped. If you follow him on social media or catch his interviews at places like the Hoover Institution, he sounds more like a candidate than ever.
What Really Happened During the 2025 Wildfires
Early in 2025, devastating wildfires tore through parts of Los Angeles and Malibu. This was a turning point. While the city struggled with its response, Caruso’s Palisades Village stayed safe—partly because he reportedly hired private fire crews to protect the perimeter.
People were split. Some saw it as a "rich guy looking out for himself," while others saw it as "the only guy who actually got things done."
He didn't just protect his own assets, though. He launched Steadfast LA, a nonprofit aimed at helping low-income families rebuild. He’s been using this platform to roast the current administration, arguing that private-sector efficiency is the only way to save California from its own red tape.
The Numbers You Should Know
- Estimated Net Worth (2026): $5.9 Billion.
- Education: Pepperdine University School of Law (now the Rick J. Caruso School of Law after a $50 million donation).
- Family: Married to Tina; they have four kids (Alex, Gregory, Justin, and Gianna).
- The Yacht: He owns the Invictus, a 215-foot behemoth that once made headlines because Lori Loughlin’s daughter was on it when the college admissions scandal broke.
The "No More LA" Stance
Perhaps the most shocking thing Rick Caruso has said recently is that he’s done building in Los Angeles. At a recent conference, he point-blank said his company won't start new projects in the city because of the "unpredictability" and "Measure ULA" taxes.
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It’s a huge statement. The man who literally reshaped the skyline of modern LA is effectively on a building strike. He’s looking at other markets where there’s "less friction."
Is He Running Again?
Everyone wants to know. Is it Governor in 2026? Another shot at Mayor in 2026?
He’s playing it cool, saying he’s "taking it seriously" but focusing on his nonprofit work. But look at the signs. He’s donating to the LAFD Foundation. He’s holding town halls. He’s staying in the news cycle. You don't do that if you're just planning to retire to your yacht and count your money.
Real Insights for the Future
If you're following Rick Caruso because you're interested in real estate or politics, keep these things in mind:
- Watch the "Friction": Caruso is obsessed with the idea of "frictionless" business. If you’re a developer or entrepreneur, his shift away from LA is a massive signal about where he thinks the economy is heading.
- The Rise of Private-Public Hybrids: Through Steadfast LA, he’s trying to prove that private money can handle civic crises better than the government. Whether he’s right or not, he’s creating a blueprint for "billionaire-led" urban recovery.
- The "Vibe" Economy: Caruso proved that retail isn't about the product; it's about the environment. In a digital world, physical spaces have to be better than home.
Rick Caruso is a polarizing guy. To some, he’s the ultimate civic leader who actually understands how to make a city beautiful and safe. To others, he’s a wealthy developer trying to buy a seat at the table. Regardless of where you land, you can't ignore him. He’s built too much of the city—and has too much money—to stay on the sidelines for long.
If you want to understand where Los Angeles is going next, don't look at the City Council. Look at what Rick Caruso is doing with his own checkbook.
Next Steps for Staying Informed:
Check out the latest filings for the Steadfast LA grant programs if you or your business were impacted by the recent wildfires. Additionally, keep an eye on the California Secretary of State's "Cal-Access" portal; if Caruso is going to run for Governor in late 2026, the committee filings will start showing up there months before an official announcement.