OC'S WEALTHIEST

Orange County Business Journal, Aug 9-Aug 15, 2004 by Padilla, Mathew, Lyster, Michael, Simons, Andrew, Cruz, Sherri, Bellantonio, Jennifer

Olen Properties also owns more than 10,000 apartments in Las Vegas, Phoenix and South Florida.

Olenicoff recently cashed out of a big project in Colorado, where he had teamed with Hadi Makarechian of Newport Beachbased Capital Pacific Holdings Inc. to develop a masterplanned community on 24,000 acres in Colorado Springs. Last month, Olenicoff sold his stake in the project for $90 million, according to newspaper accounts and a source familiar with the deal.

Olenicoff made a fortune here after he and his family fled Soviet Moscow and landed in America by way of Iran in 1957. He's regarded as a shrewd businessman who knows how to get around obstacles to get his projects done, including using other entities to buy land.

Son Andrei is playing a bigger role in the company.

Olenicoff worked his way through the University of Southern California, where he graduated with four degrees-bachelors in finance and engineering, a master's of business administration and a master's in statistics and quantitative analysis.

-Mathew Padilla

No. 10

JAMES JANNARD

Founder, chairman, chief executive,

Oakley Inc.

Estimated worth: $700 million

Jim Jannard's money manager likely is cringing.

Jannard already owns 64% of Foothill Ranch-based Oakley Inc. Now he wants more.

Last month Jannard said he plans to buy another 2 million Oakley shares to go with the 43 million he already owns.

"Oakley's stock is undervalued and represents an attractive investment at current market prices," he said.

Jannard's Oakley stake was worth about $440 million at recent check. Since 1996, Jannard has foregone a salary while buying stock.

We conservatively estimate Jannard at $700 million, factoring in past stock sales, including $170 million during the company's 1995 initial public offering and $200 million worth in 1996.

As with Donald Bren, we split with Forbes on Jannard, though in the opposite direction. Forbes valued Jannard at $1.1 billion this year and has ranked him as high as $1.4 billion in recent years. Based on stock sales, other assets and spending on hobbies, we feel comfortable with our number.

Jannard lives and breathes Oakley. The company's name comes from his favorite dog breed, Oakley English Setters. He shows up at stockholder meetings wearing Oakley shorts, a T-shirt and athletic shoes.

But he's got a challenge on his hands. Oakley recently warned its 2004 earnings would come in lower than estimates due to slower sales of sunglasses, clothes and shoes, and production glitches with new sunglasses.

The company's shares have slided downward since late June, erasing all of the gains of the past 12 months.

But Jannard-a blunt, cigar-smoking University of Southern California dropout-says he's undaunted. Shoppers have been digging new sunglasses, which have "forced our in-house manufacturing operations and third-party vendors to scramble to respond for demand," he said.

The company also is betting on a deal that would see Circuit City Stores Inc. order "a large number of new Thump sunglasses featuring a built-in digital music player.