The ‘reclusive’ billionaire who owns the LA Lakers and Coachella is also the richest man in Colorado — here’s how Philip Anschutz makes and spends his $11.4 billion fortune

He's been called “the man who owns LA.” Despite the fact he lives in Colorado, Philip Anschutz is deeply embedded in California's largest city.

Through his company the Anschutz Corporation, and one of its subsidiaries, Anschutz Entertainment Group (AEG), the 79-year-old billionaire owns the Los Angeles Kings hockey team and one-third of the Los Angeles Lakers basketball team, as well as both teams' home arena: Staples Center.

AEG operates more than 90 clubs and theaters around the world and produces or supports more than 25 music festivals, including the wildly popular Coachella Valley Music and Arts Festival, which drew more than 100,000 attendees per day in 2018.

Anschutz has an estimated personal fortune of $11.4 billion, according to Forbes.

Anschutz's company did not respond to Business Insider's request for comment on his behalf for this story.

Take a look at how the billionaire makes and spends his fortune.

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