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 doesnít happen more. In my research on the wealthy, Iíve 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 Billionaireís 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.

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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
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