Billionaire real estate mogul Rick Caruso announced Friday, Jan. 16, that he will not run for office this year, putting to rest months of speculation that he would seek to become either the next mayor of Los Angeles or governor of California.
In announcing his decision, Caruso said two questions guided his thinking – where he could make the most impact and how running would affect his family.
“After much reflection and many heartfelt conversations with my family, I have decided not to pursue elected office at this time,” he said in a statement. “It is a difficult decision, and I am deeply disappointed to step back from an election I believe is so critical to California’s future.”
“Though my name will not be on a ballot, my work continues,” he added.
Caruso first ran for mayor of Los Angeles four years ago but lost to then-Rep. Karen Bass after spending more than $100 million – most of it self-funded – on his campaign.
Following last January’s devastating Southern California wildfires, Caruso – who owns the Palisades Village shopping center – launched SteadfastLA, a nonprofit focused on helping communities impacted by the Palisades and Eaton fires recover.
He became a vocal critic of Bass’ leadership during and after the fires, and many speculated about a 2026 rematch between the two, with Bass up for reelection.
But with Gov. Gavin Newsom termed out of office after this year, many also wondered if perhaps Caruso might seek state office instead.
Caruso made his fortune as a real estate developer, best known for producing such high-end shopping malls as The Grove in the Fairfax District and The Americana at Brand in Glendale, and luxury apartment buildings.
While he’s never held political office, he twice served on the city of L.A.’s Department of Water and Power Commission, including once as the commission’s president.
He also previously served as president of the city’s Police Commission.
On Friday, Caruso said he’s proud of his work through Steadfast LA and his company and family foundation to help communities in need and spoke of building on the progress made.
“Public service does not require a title. It is, and will always be, my calling,” he wrote. “I remain devoted to serving our communities in every way I can, just from a different seat.”
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