[4] The founder and former chief executive officer of Caruso, an American real-estate company,[5][6] he is also the chair of the board of trustees at the University of Southern California.
[7] His father, Henry Caruso, was the founder of Dollar Rent-A-Car and owner of many car dealerships in the Los Angeles area.
[8] Caruso received a Bachelor of Science degree from the University of Southern California in 1980 (where he was a member of the Sigma Alpha Epsilon fraternity and the Trojan Knights); and a J.D.
He initially purchased parking lots that his father agreed to lease for Dollar Rent-A-Car which he sold when the property rose in value.
[14][15] His projects include The Grove at Farmers Market in Los Angeles, the Americana at Brand in Glendale, the Commons at Calabasas, the Promenade at Westlake, The Lakes at Thousands Oaks (leased from the City of Thousand Oaks),[16] Waterside Marina del Rey, Palisades Village in Pacific Palisades and the Rosewood Miramar Beach in Santa Barbara.
[19] That initiative passed but a subsequent referendum overturned it and required a public vote – Measure A.
[20] In 2016, the Los Angeles Times reported that Caruso, his affiliates and family, had given more than $476,000 to L.A. city officials over the past five years; during this time Los Angeles City Hall approved numerous building projects.
[21] Caruso's company was accused of suppressing free speech over the rejection of an advertisement for a documentary about the Armenian Genocide at the Americana at Brand in 2015 and in 2017.
[27][28] In August 2001, Caruso was appointed by Mayor James K. Hahn to the Los Angeles Board of Police Commissioners[29] and was elected its president.
[60][61] In the wake of the January 2025 Southern California wildfires, Caruso became a prominent critic of his former mayoral opponent Karen Bass's response to the Palisades Fire and advocated for greater firefighting resources.
[62][63] On January 12, 2025, Caruso and his wife pledged $5 million to the Los Angeles Fire Department Foundation.