The Rise and Legacy of Alan Casden: From Accounting to L.A. Real-Estate Powerhouse

A figure as complex as he is accomplished, Alan I. Casden stands out among American real-estate magnates — a man whose ambition, sharp accounting mind, and willingness to take on risk reshaped the urban housing landscape in Los Angeles. This is the story behind his net worth, his personal life, and the milestones that turned a former accountant into a real-estate legend.

A Path Redefined: From Numbers to Neighborhoods

Alan Casden was born on February 14, 1946.  Although he began his undergraduate studies in history, his interests shifted toward finance and accounting — a move that proved foundational. After transferring from UCLA to University of Southern California (USC), he graduated cum laude from the Leventhal School of Accounting, earning both a Bachelor of Science and an MBA. 

Casden then joined the accounting firm Kenneth Leventhal & Company, which specialized in servicing large real-estate developers. He quickly distinguished himself — founding the company’s San Francisco office in 1969.

The accounting background gave him a unique understanding of real-estate finances — and eventually, the confidence to strike out on his own. In 1975, he partnered with developer Robert Mayer. With backing from the Canadian Belzberg family, Casden took control of the firm — and by 1980, bought out the Belzbergs entirely, rebranding the business as Casden Properties, LLC. 

Under his leadership, Casden Properties focused on multi-family housing — especially apartments. Using savvy knowledge of U.S. tax incentives and urban-planning strategies, the company developed tens of thousands of units, including many low- and moderate-income apartments, as well as luxury apartments in Los Angeles.

Building a Vast Housing Empire — And a Fortune to Match

Over decades, Casden built one of the most significant portfolios of multi-family properties in the Western United States. His firms reportedly developed over 90,000 multi-family apartments since the 1980s, and owned around 3,100 luxury apartments in Los Angeles.

The turning point came in 2002, when he sold the majority of his real-estate portfolio to Apartment Investment & Management Company (AIMCO) — a major real-estate investment trust (REIT) — in a deal reportedly worth about US$1.1 billion (in a mix of cash, AIMCO stock, and assumed debt). 

This massive transaction re-affirmed his status as a self-made real-estate billionaire. At various times, his fortune has been estimated in the range of US$1.2 billion. 

That said — as is so often the case in real estate — fortune has ebbed and flowed. After a protracted breakup with investing partner Cerberus Partners, a New York private-equity firm, Casden’s net worth was reportedly adjusted downward by about US$700 million in some estimates because lenders discounted certain properties amid legal disputes. 

Still, even with those corrections, Casden remains a towering figure in the world of real estate — a testament to decades of high-stakes dealmaking, foresight, and relentless determination.

Tenacity — and Controversy — on the Path to Success

Casden’s journey wasn’t without friction. He gained a reputation for being tenacious — some would say combative. His bold real-estate moves often sparked legal fights and public disputes.

For instance, when he proposed a high-profile mixed-use complex near UCLA (the Palazzo Westwood), critics — including community groups — pushed back. But Casden persevered, negotiated with the neighborhood, made concessions, and eventually won approval. 

He has also been involved in lawsuits with business partners — including a long-running feud with his own brother over alleged unpaid dividends in one of his firms. 

Casden himself once confessed that the real-estate business is “a very difficult, arduous business to be in, with great risk and not always good rewards.” But he also defended his approach as necessary — insisting that in a world of shifting regulations, tangled investments, and community opposition, only someone with resolve and steering-wheel control could steer the projects to completion.

One failed bid in particular made headlines: Casden once tried to purchase Los Angeles Dodgers from then-owner News Corp., envisioning new stadium plans and housing developments around the site. Though he reportedly had one of the highest offers, lingering legal concerns and his combative reputation ultimately disqualified him — a rare loss for a man otherwise accustomed to winning. 

Life Beyond Deals — Family, Faith, and Philanthropy

Alan Casden’s personal life reflects his roots and values. He comes from a Jewish family — his father was a liquor wholesaler, and his family was active in the community. 

He is married to Susan Dedmon Casden, and together they have five children.  The family’s home base has long been in Beverly Hills, California. 

Philanthropy plays a major role in Casden’s identity. Over the years, he has donated generously to educational causes, especially to his alma mater, USC. He contributed US$10.6 million toward the establishment of a real-estate economics forecasting program and to endow a dean’s chair — reinforcing his long-term commitment to education and community development.

His charitable work also extends to Jewish and cultural institutions. He served on the board of advisory groups, supported cultural centers, and was appointed by former U.S. President George W. Bush to the U.S. Holocaust Memorial Council — a role that highlights his dedication to heritage and remembrance.

Why Alan Casden’s Story Still Matters

Alan Casden’s story resonates not just because of skyscrapers or unit counts — but because of how he leveraged technical accounting skills, bold risk-taking, and a willingness to challenge norms to build something lasting. He doesn’t represent the sanitized silhouette of a fix-and-flip investor; rather, he embodies the messy, hard-fought world of urban real-estate development — complete with legal storms, personal drama, and high ambitions.

For anyone watching the evolution of housing in Los Angeles, Casden’s legacy casts a long shadow. Tens of thousands of families have lived in apartments he built or managed. Neighborhoods were reshaped, low-income housing became part of the urban fabric, and policies around development and zoning were tested and, in some cases, rethought.

His net worth — while a headline figure — feels almost secondary to the broader narrative: a story of tenacity, creativity, and staying power in a cutthroat business.