Rick Caruso

Rick Caruso
Born	(1959-01-07) January 7, 1959 Los Angeles, California, U.S.
Occupation(s)	Entrepreneur, real estate developer
Years active	1987–present
Known for	Founder and former CEO of Caruso; Chair of the University of Southern California board of trustees; 2022 Los Angeles mayoral candidate
Spouse	Tina Caruso
Children	4

Rick Joseph Caruso (born January 7, 1959) is an American billionaire entrepreneur. He founded and formerly led the real estate company Caruso as its CEO. Caruso currently chairs the board of trustees at the University of Southern California. His leadership experience includes serving as president of the Los Angeles Police Commission and as a member of the Board of Water and Power Commissioners. In the 2022 Los Angeles mayoral election, he finished second to Karen Bass.

Early life and education

Born in Los Angeles, Caruso is of Italian American descent. His father, Henry Caruso, was the founder of Dollar Rent A Car and owned several car dealerships in the Los Angeles region. His mother, Gloria, had a background as a billboard model. Caruso graduated from the University of Southern California in 1980 with a Bachelor of Science degree, during which time he was a member of the Sigma Alpha Epsilon fraternity and Trojan Knights. He earned his J.D. from Pepperdine University School of Law in 1983, where he was recognized as a Margaret Martin Brock Scholar.

Real estate development

Caruso started his career practicing real estate law at Finley Kumble. In 1987, he launched Caruso, a firm specializing in property ownership and management. His initial acquisitions included parking lots leased to his father’s Dollar Rent-A-Car business, which he later sold as their value increased. By 1990, he transitioned fully from law to focus on developing retail and residential properties.

Among his prominent developments are The Grove at Farmers Market in Los Angeles, the Americana at Brand in Glendale, the Commons at Calabasas, the Promenade at Westlake, The Lakes at Thousand Oaks (leased from municipal authorities), Waterside Marina del Rey, Palisades Village in Pacific Palisades, and Rosewood Miramar Beach located in Santa Barbara.

In 2015, Caruso financed a ballot initiative aimed at circumventing local zoning regulations and the California Environmental Quality Act (CEQA) to construct an open-air shopping center in Carlsbad, California. Although initially approved by voters, a subsequent referendum reversed the decision and halted the project. Over one year, Caruso invested $12 million in campaign activities including advertising and consultancy services. Despite previous criticisms directed at CEQA, one of his retail centers filed a lawsuit under CEQA in 2025 to oppose the $1 billion Television City development planned for Los Angeles' Fairfax District.

By 2016, Caruso and related parties had contributed more than $476,000 to officials within Los Angeles city government during a timeframe marked by approval of numerous construction projects.

Public service

At just 26 years old in 1985, Caruso was appointed by Mayor Tom Bradley as a commissioner on the Los Angeles Department of Water and Power, making him the youngest individual ever to hold that position.

In August 2001, Mayor James K. Hahn named Caruso to serve on the Los Angeles Board of Police Commissioners, where he was subsequently chosen as president. During his tenure, he oversaw the recruitment process that brought former New York City Police Commissioner William Bratton to lead as chief of police for Los Angeles.

Caruso was elected to the Los Angeles Coliseum Commission in 2008, managing oversight responsibilities for the Los Angeles Memorial Coliseum and adjacent sports facilities. He championed organizational reforms including advocating for the general manager’s resignation and restructuring governance through replacement of the commission. Additionally, Caruso supported implementing prohibitions on rave parties at these venues.

2022 Los Angeles mayoral race

Caruso contemplated entering the Los Angeles mayoral contests in both 2009 and 2013 but ultimately did not participate. By 2019, he showed interest in the 2022 election and formally declared his candidacy on February 11, 2022, shortly before the filing deadline. Throughout his campaign, Caruso advocated for expanding housing availability but opposed modifying zoning regulations to permit higher-density development in neighborhoods designated for single-family residences, which make up approximately 75% of L.A.'s residentially zoned areas.

He allocated over $41 million toward his primary campaign, with $39 million coming from his personal finances to fund digital, radio, and television advertisements. Caruso secured second place behind Karen Bass in the June primary but was defeated by her in the November runoff.

Caruso Family Foundation

The Caruso Family Foundation was established by Caruso to support initiatives that enhance healthcare and educational opportunities for children facing hardship. He has contributed generously to several Los Angeles educational institutions, including USC, Pepperdine University, Loyola High School, and Brentwood School, which is attended by three of his children.

Law schools

Together with his wife Tina, Caruso created the Caruso Loan Forgiveness Fund, designed to cover law school loan repayments for a decade for students from low-income or underserved backgrounds. In October 2019, he made a $50 million donation to Pepperdine School of Law, resulting in the school being renamed in his honor. This endowment assists students from historically underrepresented groups as well as those dedicated to public interest law careers.

University of Southern California

Caruso's daughter Gianna "Gigi" Caruso received treatment for hearing impairment at USC's Keck School of Medicine. In 2015, Caruso and his wife contributed $25 million to establish and name the USC Tina and Rick Caruso Department of Otolaryngology – Head and Neck Surgery. Additionally, he endowed the Caruso Catholic Center and Our Savior Parish Church at USC with a $9 million gift.

Serving as chairman of USC's board of trustees from 2018 until stepping down in 2022, Caruso encountered criticism regarding the university’s response to the George Tyndall sexual abuse scandal. Tyndall, a USC gynecologist, was accused of molesting hundreds of patients over nearly thirty years. Despite assurances made in 2018 about conducting an independent investigation and releasing a public report, no such report has been published. In 2021, USC agreed to a $1.1 billion settlement addressing claims connected to this scandal.

January 2025 Southern California wildfires

In the aftermath of the January 2025 Southern California wildfires, Caruso expressed disapproval of former mayoral rival Karen Bass’s management of the Palisades Fire and advocated for enhanced firefighting capabilities. On January 12, 2025, he and his wife committed $5 million to support the Los Angeles Fire Department Foundation.

Recognition

In 1995, Pepperdine School of Law recognized Caruso as Alumnus of the Year. The Los Angeles Business Journal named him "Developer of the Year" and honored him with its 2012 Ernst & Young LLP Master Entrepreneur of the Year award.

Caruso has delivered lectures on real estate at Harvard's Kennedy School of Public Administration, the USC Price School of Public Policy, and during the Milken Institute Global Conference. He has also contributed as a panelist at events organized by the International Council of Shopping Centers.

Personal life

Caruso and his spouse, Tina, are parents to four children: Alex, Gregory, Justin, and Gianna. Their family home is located in the Brentwood area of Los Angeles. Caruso practices the Catholic faith devoutly.