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.
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#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.”
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