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Forbes 400 Richest in America in 2004 (excerpt)

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  • Forbes 400 Richest in America in 2004 (excerpt)

    Kirk Kerkorian Ranked 30th, Richard Manoogian Ranked
    327th on New Forbes 400 Wealthiest Americans List

    Forbes Magazine (Forbes.com)
    September 23, 2004

    Forbes 400 Richest in America in 2004

    #30, Kerkorian, Kirk

    Net Worth: $5.8 billion

    Source: Investments, investments, casinos

    Self made

    Age: 87

    Marital Status: divorced, 2 children, 3 divorces

    Hometown: Los Angeles, California

    Undergraduate: High School, Diploma

    Low-key investor hit jackpot with $7.9 billion
    takeover of Mandalay Bay Resorts in June. MGM Mirage
    stake now worth $3.4 billion. Former World War II
    pilot got start selling Trans International Airlines
    for $104 million profit in the 1960s. Invested
    proceeds in Vegas: acquired Flamingo hotel 1967, built
    International hotel 1969. Sold both properties to
    Hilton Hotels in 1970. Built first MGM Grand (now
    Bally's), opened second incarnation 1993. Bought Steve
    Wynn's Mirage Resorts for $6.4 billion in 2000.
    Longtime love affair with MGM movie studio appears to
    be coming to an end: takeover negotiations with Sony
    heating up. Originally purchased studio 1970; sold to
    Ted Turner 1986, bought back months later. Sold again
    1990. Picked up a third time 1996. Personally netted
    $1 billion when studio paid massive $8 dividend to
    investors in May. Continues to push lawsuit against
    DaimlerChrysler over 1998 merger; testified in
    Delaware court in December. DCX shareholders now
    accusing Kerkorian of insider trading.

    http://www.forbes.com/finance/lists/54/2004/LIR.jhtml?passListId=54&passYear04&passLis tType=Person&uniqueId=NINP&datatype=Person

    ************************************************** **
    #327, Manoogian, Richard Alexander

    Net Worth: $950 million

    Source: Manufacturing, Masco

    Inherited and growing

    Age: 68

    Marital Status: married, 3 children

    Hometown: Grosse Pointe Farms, Michigan

    Undergraduate: Yale University, Bachelor of Arts / Science

    Son of Armenian immigrant Alex, who began Detroit auto
    parts business Masco in 1929; later developed
    single-handle Delta faucet. Richard joined in 1958,
    became president a decade later, diversified by
    acquiring several low-tech, high-margin businesses in
    building and home-improvement products. Avid collector
    of 19th- and early-20th-century American art, which he
    loans to the White House and the National Gallery.
    "Art is my one main diversion from work."

    http://www.forbes.com/finance/lists/54/2004/LIR.jhtml?passListId=54&passYear04&passLis tType=Person&uniqueId=EZVQ&datatype=Person
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