The man who wants to build a high end resort in Santa Barbara County, but has put his plans on hold due to the economy has dropped plans to run for mayor of Los Angeles.
Billionaire Rick Caruso had been hinting in recent weeks he’d seek the post being vacated by Antonio Villaraigosa, but he has now announced he’s not running.
He’s long been active in Los Angeles politics, including being a member of the Los Angeles Police Commission, and the Coliseum Commission.
Caruso is the developer who built Southern California’s “Grove” and “Americana” shopping, dining, and entertainment centers, and has permits to build a new Miramar Resort in Montecito. He also built “The Lakes” complex in Thousand Oaks, “The Promenade” in Westlake Village, and “The Commons” in Calabasas.
Caruso cited potential conflicts with his business interests as one of the major reasons for not running.