Hollywood Welcomes New Wealthy Players
Hollywood is buzzing about its latest influx of wealthy individuals, reminiscent of the past when tycoons like Howard Hughes and Jeff Bezos made headlines. Bezos notably purchased MGM in 2022, showcasing how the rich are often drawn to the entertainment industry.
One name creating quite a stir is Todd Graves, the founder and CEO of Raising Cane’s, which is known for its chicken fingers. He started his successful business at just 22 years old in Baton Rouge, Louisiana.
Now worth around $22 billion, as reported by Forbes, Graves recently acquired a mansion for $23 million in cash. This new home is conveniently located right next door to friend Leonardo DiCaprio in the exclusive Bird Street area of the Hollywood Hills. The sale initially received little fanfare when it was revealed by the real estate site North Hillcrest last August.
The home previously belonged to Sam Nazarian, the CEO of SBE, which is behind the trendy SLS hotel chain, known for its past as a celebrity hotspot like Hyde. In fact, Hyde Sunset was the place to be in Los Angeles, frequented by stars such as Paris Hilton and Lindsay Lohan. A 2006 article in the LA Times playfully noted, “Trust me, there’s no way you’ll be on the list.”
Interestingly, Graves’ new residence once appeared on HBO’s “Entourage,” and there’s talk that it will soon host lavish events fit for A-listers.
As America’s richest restaurateur, Graves operates 900 Raising Cane locations in 42 states. He has had quite a journey, even reportedly working as a boilermaker and welding equipment attendant at an oil refinery in L.A. before his success. Although he hasn’t sponsored any films, he’s known to have a hand in crafting his chain’s advertising. As a child, he imagined moving to Hollywood and realizing his dreams in the film industry.
Graves also seems to have cultivated a network full of celebrity friends. He recently took on the redesign of a hotel in preparation for a Super Bowl weekend event in San Francisco, which saw guests like Alix Earle, Jessica Alba, and Cardi B, among others. His five customized Raising Cane Super Bowl suites also hosted stars like Jamie Foxx and Kevin Costner.
In a nod to the past, Graves organized a fun event where celebrities received custom merchandise from a “Letterman Jacket Gift Station” and exclusive hats and shirts. Some celebs, including Teyana Taylor and Halle Berry, have also been spotted visiting his restaurants after major events like the Oscars.
Historically, Hollywood has attracted several billionaires, such as Sidney Kimmel and Ron Burkle, with Burkle even owning Michael Jackson’s notorious Neverland estate for a time. It seems Todd Graves has emerged as the industry’s latest figure of interest.
