Haute 100 Los Angeles Update: Michael Milken

Our Haute 100 list details the accomplishments of the most influential people in each of our markets—MiamiNew YorkLos Angeles, and San Francisco. These people continue to make moves, so rather than waiting for the next Haute 100 issue to come out, we thought we’d provide you with regular updates on those Haute 100 members who are making headlines. The former junk-bond king, who enabled a spree of leveraged buyouts in the ’80s that put many of the Forbes 400 on the list in the first place, now puts his brainpower into education, medical research, and prevention in health reform.

Michael Milken

Category: Billionaires

Company: Milken Family Foundation, Milken Institute, Melanoma Research Alliance

Industry: Finance, Philanthropy

What Made Him Haute: Responsible for creating the market for junk bonds during the 1970s and 1980s, this financier spent a brief stint in prison for finance-related charges, and since his release has donated more than $1 billion to medical research.

What Makes Him Haute Now: No. 488 on the Forbes Billionaires List for 2010, Michael Milken still holds on to a net worth of $2 billion. In late July, Milken Institute, Milken’s independent economic think tank that focuses on human, financial and social capital, released a positive U.S. economic forecast, giving Americans hope for sustainable growth in GDP and labor markets.

At the height of social season, the Hamptons will welcome the Charles Evans PCF Pro-Am Tennis Tour benefiting Milken’s Prostate Cancer Foundation, the world’s largest philanthropic source of support for prostate cancer research, for its fifth year from Aug. 20-22. The round robin tournament pairs 20 amateur tennis players with a current member of the ATP Tour or with one of the legends of tennis for a day of competition, amid a weekend of cocktails, dinner parties, private luncheons, auction, and other entertainment. The tour will continue with a tournament at the Breakers Hotel in Palm Beach from Nov. 19-21. The tournaments have raised more than $12.5 million to date, and Milken has been a past celebrity amateur, as have Matthew Perry, Donald Trump, Wayne Gretzky, Wayne Newton, Michael Bolton, Michael Buble, Janet Jones, and Eric Braedon.