Bloomberg Billionaires Index

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#533 Igor Olenicoff $3.70B

Random fact: Transferred $200 million of assets to offshore accounts in 2001.

Overview

Olenicoff is founder and chief executive officer of closely held developer Olen Properties. The Newport Beach, California-based company owns more than eight million square feet of office space mainly in Orange County and Chicago, as well as more than 15,000 residential units in states such as Florida, Nevada and Arizona.

As of July 21, 2017:
Last change No change
YTD change No change
Industry Real Estate
Biggest asset Olen Properties
Citizenship United States
Age 74
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Igor Olenicoff's net worth of $3.70B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Olenicoff is the owner of closely held Newport Beach, California-based Olen Properties. It owns 6 million square feet of commercial space and more than 15,000 apartments in the United States, according to researcher Real Capital Analytics and Olen Properties' website. The holdings are valued using the gross property value of $3.5 billion as of August 2016, according to Real Capital Analytics on 3.9 million square feet of commercial buildings and 15,387 apartments held by Olen Properties. A total pro-rated valuation of $4.7 billion for all the properties was derived from the RCA data.

Debt held against the properties, according to data compiled by RCA, was deducted from the calculation.

Olenicoff declined to comment on his net worth.

Biography

Birthdate: 1942
Family: Married, 2 children

Igor Olenicoff was born in Iran in 1942. His parents, Michael and Zina, escaped communist Russia when Igor was 15 and his father worked as a janitor and his mother as a housekeeper after they moved to New York in 1957. Olenicoff worked at the local hardware store while attending school and later completed an MBA at the University of Southern California.

Olenicoff worked as an executive at Motown Records before starting Olen Properties Corp in Newport Beach, California in 1973. He started with a single 16-unit duplex and now owns more than eight million square feet of office space mainly in Orange County and Chicago as well as 12,000 residential units in California, Florida, Arizona, Nevada and Georgia.

Olenicoff moved $200 million of his assets offshore with Barclays Bahamas and UBS in Geneva in the 1990s, according to court papers filed in 2007. The billionaire pled guilty to tax evasion, admitting he didn't disclose these assets to the IRS between 1998 and 2004 and agreed to pay $52 million in penalties and interests. He unsuccessfully sued UBS a year later, arguing that it misled him regarding taxation of his accounts.

The billionaire lives between homes in Florida, California and Las Vegas. He is married and has two children.

Milestones
  • 1942 Igor Olenicoff is born in Iran.
  • 1957 Moves to New York with his family.
  • 1973 Leaves Motown Records to start real estate career.
  • 2005 Son Andrei dies in a car crash.
  • 2007 Pleads guilty of failing to disclose foreign bank accounts to the IRS.
  • 2012 Loses $1.7 billion claim for damages against UBS.
  • 2013 Acquires office complex in Irvine, California for $73.5 million.
  • 2014 Found guilty of copyright infringement.