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Billionaire Shopping Mall Developer Rick Caruso Lists Malibu Estate For $40 Million

Rick Caruso, a multimillionaire, has listed his Malibu oceanfront property for $40 million. The 7,300-square-foot property was used as a test for the design of Caruso’s Montecito, California resort Rosewood Miramar Beach.

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Rick Caruso, a multimillionaire, has listed his Malibu oceanfront property for $40 million. The 7,300 square foot property served as a design prototype for Caruso’s Rosewood Miramar Beach resort in Montecito, California. His Malibu mansion was designed in the same Cape Cod design as the Montecito residence. Caruso paid $11.3 million for the home in 2008 and completely renovated it. With a stone driveway and black and white marble tiled floors inside, the five-bedroom house is a traditional whitewashed beachside mansion. The kitchen maintains the black and white color scheme, with a black island and white cabinets taking center stage. A retractable canopy with black and white striped fabric covers the terrace. Additionally, the house contains a theater with two balconies. The French government imported the fountain for the entrance courtyard.

Caruso is a Los Angeles native. Dollar Rent-A-Car was started by his father, Henry Caruso. 1976 saw Rick’s graduation from Los Angeles’ Loyola High School. He earned degrees from Pepperdine University’s law school in 1983 as well as the University of Southern California in 1980. Caruso secured employment as a real estate lawyer following law school. However, Caruso found that the law wasn’t for him, so he went out and bought a duplex in the Los Angeles neighborhood of Westwood and worked on renovating it on the weekends. In 1987, Caruso decided to turn his weekend pastime into a business and established his real estate company, Caruso Affiliated.

Caruso is most recognized today for being the creator and proprietor of the Los Angeles retail mall The Grove. The Grove features cobblestone paths, an electric trolley that travels the entire mall, and a fountain created by the same company that created the Bellagio’s well-known fountains in Las Vegas. Every night in the mall during the Christmas season, it snows. Even though Angelenos have a mixed opinion of The Grove, they nevertheless frequent the shopping area in the middle of the city. 49,000 people every day visit the mall, which is 19 years old. For comparison, that implies Disneyland receives fewer daily visitors than the mall! Of course, these are pre-pandemic levels of data. Despite this, according to sales per square foot, The Grove is one of the most profitable malls in the United States. The Americana at Brand was also created by Caruso in Glendale, California. The 2008 opening of this shopping mall in a Los Angeles suburb includes a trolley and a fountain with dancing waters. Currently, Rick Caruso is still Caruso Affiliated’s CEO and only stakeholder. He does not have any outside investors or business partners. He owns about a dozen malls including the aforementioned Grove and Americana as well as Palisades Village in the Pacific Palisades and the Rosewood Miramar Beach resort in Montecito.

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