Billionaire Rick Caruso Lists His Oceanfront Malibu Mansion For $40 Million

Billionaire developer Rick Caruso has made headlines recently by putting his stunning oceanfront mansion in Malibu on the market for an impressive $40 million. This luxurious property spans 7,300 square feet and served as a prototype for the design of his resort, the Rosewood Miramar Beach in Montecito, California. Built in a charming Cape Cod style, the mansion reflects Caruso's exquisite taste in real estate and design. After purchasing this exquisite beachfront home in 2008 for $11.3 million, he remodeled it completely, transforming it into a lavish five-bedroom residence adorned with elegant features.

From its classic whitewashed exterior to the sophisticated interiors with black and white marble tiled floors, this mansion is a true masterpiece. The kitchen stands out with its sleek black island and crisp white cabinets, creating a visually striking contrast. Outdoor living is equally impressive, with a retractable black and white striped shade on the deck that provides comfort while enjoying the breathtaking ocean views. Notably, the property also includes a theater with two balconies, as well as a stunning fountain in the entry courtyard, imported all the way from France.

Born and raised in Los Angeles, Caruso comes from a legacy of entrepreneurship. His father, Henry Caruso, founded Dollar Rent-A-Car, instilling a strong business acumen in him from an early age. After graduating from Loyola High School in 1976, Rick pursued higher education at the University of Southern California, where he earned his degree in 1980, and later attended Pepperdine University’s Law School, graduating in 1983. Initially starting his career as a real estate attorney, Caruso soon realized that his passion lay in property development. He took a leap of faith, buying a duplex in Westwood and dedicating his weekends to renovating it, which ultimately led him to establish Caruso Affiliated in 1987.

Today, Caruso has established himself as a prominent figure in the real estate development industry, known for creating some of the most iconic shopping centers in Los Angeles, including The Grove. This shopping center is famous for its electric trolley, cobbled walkways, and a spectacular fountain inspired by Las Vegas's Bellagio. The hustle and bustle of The Grove attracts around 49,000 visitors daily, a number that surpasses even Disneyland's pre-pandemic attendance! Despite its mixed reviews from locals, it has proven to be one of the most lucrative malls in the U.S. in terms of sales per square foot.

As the CEO and sole shareholder of Caruso Affiliated, Rick Caruso continues to innovate and expand his real estate empire. His collection includes about a dozen shopping centers, with notable mentions like The Americana at Brand and Palisades Village. With a staggering net worth of $4 billion, Caruso enjoys the fruits of his labor, owning luxurious homes, a private Gulfstream G550 jet, and a lavish 216-foot yacht named Invictus, valued at $100 million. Rick Caruso’s journey from a real estate attorney to a billionaire developer is a remarkable testament to his vision and entrepreneurial spirit.