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THE RECALL CAMPAIGN

Four Candidates Lead Pack in Available Funds

Schwarzenegger, Simon, Ueberroth and Flynt have substantial personal fortunes.

August 10, 2003|Doug Smith, | Times Staff Writers

Financial statements filed Saturday show that actor Arnold Schwarzenegger, investment banker Bill Simon Jr., Hustler magazine publisher Larry Flynt and businessman Peter V. Ueberroth have personal holdings and incomes of several million dollars each.

The reported figures represent only a portion of their assets. The financial disclosure statements, required of all candidates for state public office, do not reflect amounts of more than $1 million.

Schwarzenegger, for example, is estimated to have amassed hundreds of millions of dollars during his career in movies and business, while Simon is heir to the investment banking firm founded by his father, a former secretary of the Treasury.

The candidates' personal wealth could be a major factor in the two-month-long recall race, which will allow little time for grass-roots fund-raising.

Gov. Gray Davis, who spent $78 million over four years in his 2002 reelection bid, has set a goal of raising an additional $20 million to defend against the recall.

A financial disclosure report filed by commentator Arianna Huffington reflects a lesser fortune, while Lt. Gov. Cruz Bustamante and state Sen. Tom McClintock reported sparse assets from their careers in public service.

Under current law, Davis can raise funds in unlimited amounts to fight the recall, but those seeking to replace him are subject to a limit of $3,000 from individual donors. There is no limit on how much candidates can spend of their own money.

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Arnold Schwarzenegger

Schwarzenegger, who aides say may spend millions from his personal fortune in the recall race, can draw from both deep and varied pockets of wealth, according to filed reports.

The actor and former bodybuilder has at least $14 million spread over a wide array of stocks, bonds and partnerships. The partnerships include several million dollars in private stock equity partnerships, commercial real estate, overseas mutual funds and venture capital groups. He has more than $1 million each in 11 funds with firms such as Morgan Stanley Capital, Acacia Partners, Goldman Sachs, Lansdowne European Equity and Whitehall Street Real Estate. He holds hundreds of thousands of dollars in shares in such firms as Starbucks, Coca-Cola, Pepsico, General Electric and Wal-Mart, as well as government and municipal bonds.

In addition, he has what appears to be tens of millions of dollars invested in businesses and real estate entities, from his Oak Productions entertainment corporation to commercial real estate properties such as Main Street Plaza in Santa Monica and shopping mall interests in Ohio.

In addition to millions in income from films, Schwarzenegger generates hundreds of thousands of dollars a year in annual income from his real estate businesses, a fitness competition business investment and other ventures, according to the reports.

Separately, his wife, NBC anchor Maria Shriver, collects hundreds of thousands in salary, book royalties and trust-fund income.

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Bill Simon Jr.

Simon, who spent or lent $10 million of his own money in his losing run for governor last year, filed about 100 pages disclosing investments of at least $8 million, far less than the tens of millions reputed to be in his complex and interwoven family trusts.

The reports filed Saturday showed income of at least $840,000 a year from more than a dozen entities, including the Tonia Simon Marital Trust, the Simon Children's Trust, William E. Simon & Sons and the William E. Simon Foundation.

Five trusts listed were worth more than $1 million.

Simon also reported holding assets ranging from $2,000 to $100,000 in hundreds of stock investments, but none exceeding $100,000.

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Peter V. Ueberroth

Orange County businessman Ueberroth reported income holdings similar to Simon's.

Ueberroth, a former travel executive who managed the 1984 summer Olympics in Los Angeles and was later baseball commissioner, reported an annual income of at least $670,000, as well as stock and stock options worth more than $6.7 million.

Ueberroth reported investments of more than $1 million each in six companies: Coca-Cola Co., Hilton Hotels, First American Corp., Ambassador International, Ambassadors Group and Lone Cypress Corp.

He received more than $100,000 in income from Hilton Hotels, Irvine Co., McLeod USA, PUG Farms, the Contrarian Group and Irvine Co.-Lido Peninsula Co.

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Larry Flynt

Flynt, 60, has built a multimillion-dollar business empire that includes property holdings and income from his magazine, Internet, video and casino ventures, his financial interest statement shows.

Flynt, who says he would expand legal gambling to increase state tax revenues, listed more than $7 million in property that he and his corporations own. This includes an office high-rise on Wilshire Boulevard in Beverly Hills, the Hustler Retail Store in West Hollywood and the Hustler Casino in Gardena.

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