Kerkorian Richest Man In L.A.
Former MGM owner Kirk Kerkorian -- who added to his riches with the sale of the studio to Sony for $5 billion in 2004 -- is now the richest man in Los Angeles, according to the Los Angeles Business Journal. The publication estimated Kerkorian's wealth at $9.3 billion. He was followed by Sumner Redstone, chairman of Viacom and CBS, whose fortune was estimated at about $7.4 billion. Redstone topped the list last year with $8.3 billion, but his position slipped following the downturn in the value of his Viacom and CBS holdings since Viacom's recent split. Despite several $25-million-plus salaries, no movie stars made the top 20. However, with a fortune estimated at $2.8 billion, director Steven Spielberg placed 14th on the list. DreamWorks Animation head Jeffrey Katzenberg came in 45th with a net worth of $859 million. Mel Gibson was the wealthiest actor, coming in at No. 47 with $850 million.