A billionaire's open house

Billionaire Ernest Rady's home in La Jolla had no locked gates, security guards or guard dogs. All it took an intruder was buzzing the intercom and saying he had documents for "Mrs. Rady" to sign. When the wife and a housekeeper opened the door, the suspect pulled out a gun and forced his way in. They were bound up - as was Mr. Rady when he arrived two hours later. Here's Robert Frank's take in the WSJ's Wealth Report:

What really surprises me is that this kind of thing doesn’t happen more. In my research on the wealthy, I’ve been amazed at how open their homes, cars, and toys are to the public. Once in Palm Beach, I went to interview a couple who lived on Billionaire’s Row and mistakenly went to the wrong mansion. There was no gate, the door was unlocked and I walked into the entry way without anyone noticing. Eventually a house staffer arrived and politely told me I had the wrong address. Similarly, people in the Hamptons, Aspen and other high-end haunts often leave their keys in cars for valets and chauffers. The most-glaring security flaws are home-security systems. Wealthy people often spend tens of thousands of dollars or more on electronic home-security systems. Yet many have admitted to me that the systems are too complicated to use, often broken or too prone to false alarms. So many simply leave them off.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Siri versus Hawaiian pidgin (video)
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook