Some three decades back, young Arnold Schwarzenegger and a bodybuilder friend, Franco Columbu, came up with a get-rich-quick scheme.
Tipped by an acquaintance that a planned new international airport and freeways were about to trigger a land rush in the Antelope Valley, the two scraped together cash from their joint bricklaying business and bought parcels in the desert.
For The Record
Los Angeles Times Wednesday August 20, 2003 Home Edition Main News Part A Page 2 National Desk 1 inches; 51 words Type of Material: Correction
Warren Buffett -- The last name of investor Warren Buffett, financial advisor to gubernatorial candidate Arnold Schwarzenegger, was misspelled as "Buffet" in James Flanigan's column in Sunday's Business section. Two previous articles about the campaign, in the California section on Friday and Section A on Aug. 10, also used the misspelling.
But the jets never came, nor did the real estate stampede. In fact, the promised land turned out to be nothing more than dirt.
Still, Schwarzenegger was undaunted. "You know what?" Columbu quoted his buddy as saying. "We're going to start buying."
Since then, Schwarzenegger has indeed bought a lot, a bounty thrown open to public inspection Saturday in financial disclosure statements the gubernatorial candidate filed with the Los Angeles County registrar-recorder.
While many celebrities prefer passive and extremely conservative investments, Schwarzenegger's 100-plus ventures -- 19 of which are valued at more than $1 million -- include individual stocks, managed stock accounts, private investment funds, venture funds, bonds, a number of direct stakes in operating businesses, and even a high-end mutual fund company overseen by Nobel laureates.
"In my opinion, it's very different from the normal Hollywood portfolio," said Paul Wachter, co-owner of Main Street Advisors, which manages Schwarzenegger's investments.
Saturday's disclosure also lists dozens of assets in a family trust set up by the mother of his wife, Maria Shriver, who is a member of the Kennedy family.
Schwarzenegger's business acumen and history are likely to move center stage in the campaign because of the state's deep budget crisis and his own minimalist political resume.
Already, his campaign is working to downplay Schwarzenegger's acting career while touting his business skills.
In the process, he's scrambling to tap the expertise and cachet of his most prominent friends in the corporate world.
"He was on the phone yesterday with Warren Buffet," said Bonnie Reiss, chief executive of the Inner City Games Foundation, with which the actor has been closely associated.
Speaking in an interview Friday, Reiss said the legendary investor was one of several business contacts whom Schwarzenegger is trying to enlist.
Under state law, Schwarzenegger isn't required to reveal his net worth or even the precise percentage he owns in various ventures.
