LA Rams owner Stan Kroenke looks to strike $120 million deal in Malibu after reported interest
Stan Kroenke is one of the NFL's wealthiest owners as he possesses a net worth of nearly $13 billion. It comes as no surprise that the 75-year-old is interested in acquiring more land as he owns millions of acres across the United States. This time, Kroenke is seeking to purchase the Malibu Village shopping center in the Malibu area for $120 million.
The Rams owner created a company named Malibu Village LLC, hinting at a possible move for the land. He has already shown interest in Malibu with the Malibu Colony Plaza among the properties in his massive portfolio. He also has a home in Malibu.
Kroenke is adding to his assortment of real estate holdings, having doled out $ 325 million to buy a mall in the San Fernando Valley last December. This was before he bought a mall and office block in the Woodland Hills area.
He has also supervised the expansion of the Hollywood Park residential site in Inglewood, California.
How Stan Kroenke became the owner of the Rams
He purchased a stake in the Rams in 1995 to help then-owner Georgia Frontiere in moving the team from Los Angeles to St. Louis. Following Frontiere's death in 2010, Kroenke invoked his right to purchase the remaining 60% of the team in a $750 million agreement.
The city of St. Louis, St. Louis County, and the Regional Convention and Sports Complex Authority first filed a lawsuit in 2017. It was filed because the parties felt that the team breached the duties and standards presiding over team relocations by moving the team.
In the end, his choice to move the team from St. Louis back to Los Angeles cost him $571 million atop everything else he paid for.
SoFi Stadium is now open for business as #LARams owner Stan Kroenke cuts the ribbon, alongside #Chargers owner Dean Spanos & Inglewood Mayor James Butts https://t.co/hPLdvNpYBx
In September 2016, SoFi Stadium was privately funded in terms of construction, which reportedly cost over $5 billion to build. The home of the Los Angeles Rams officially opened on September 2020.