My weekly business chat with KPCC's Steve Julian looks at the expected resignation of Ray Irani as CEO of Occidental Petroleum, and the somewhat improved market for ultra-luxury homes. Available at KPCC.org and podcast (Business Update with Mark Lacter). Transcript is after jump.

Steve Julian: On Tuesdays we talk about the latest business stories with Mark Lacter. Mark, L.A.'s highest paid CEO may be leaving his job?

Mark Lacter: No official word, Steve but it's looking as if Ray Irani, the chief executive of Occidental Petroleum, which is L.A.'s largest publicly held company, will announce plans to step down, perhaps as early as next month, and it'll be considered a victory for those who believe that CEOs make way too much money. Irani was a lightening rod when it came to executive pay - last year he made more than $52 million, and over the past 10 years he's received $857 million (that includes salaries, bonuses, and stock options). But there's another side to this: Between 1999 and 2009, Occidental had an investment return of more than 800 percent, more than eight times higher than Exxon Mobil. So Irani has made this company very successful.

Julian: How'd he do it?

Lacter: Big jumps in oil prices certainly helped, but oil prices have also gone done - and yet Occidental has held its own and shareholders have benefited. The problem is that Irani has run the place as if it were a fiefdom - the board of directors has signed off on most everything he's wanted, including almost $1 million last year for personal benefits - stuff like security services and financial planning. The board has also allowed Irani to stay on by waiving the company's mandatory retirement age of 75 - and there's no succession plan in place.

Julian: How unusual is that for public companies?

Lacter: A few years ago not that unusual. You had two other local executives, Angelo Mozilo of Countrywide Financial and Bruce Karatz of KB Home both being paid tens of millions of dollars a year. Well, Countrywide pretty much imploded because of the mortgage meltdown, and Karatz was pushed out in a scandal over backdated stock options (he's waiting to be sentenced). Corporate America is just considered way too greedy, so maybe it was inevitable that Irani would be eased out. And that's apparently happening. In any event, it's a real sea change.

Julian: Speaking of big money, Candy Spelling is downsizing - her mansion is up for sale.

Lacter: It's the Spelling Manor, I'll have you know. Candy Spelling, of course, is the wife of the late Aaron Spelling, the television producer, and the place she's selling sits on almost five acres of land in Holmby Hills. A few other particulars: 56,000 square feet, 123 rooms, 14 bedrooms, 27 baths, bowling alley, restaurant-quality kitchen, and a professional florist refrigerator. Asking price - are you ready Steve? - $150 million. Mrs. Spelling is putting the place on the market because she's about to move into a 16,000-square-foot penthouse in Century City.

Julian: I had a hard time going to sleep last night, wondering how that end of the market was moving...

Lacter: Well, this sort of property only has a limited number of buyers. In general, the the luxury home market has seen a modest recovery, perhaps because asking prices have come down. Remember that 2008 and 2009 were pretty much washouts because of the recession (people were scared to buy and financing was very tough), so there's been pent-up demand at the high end. That's a plus for the economy because high-income households represent a disproportionate share of overall consumer spending.

Julian: Are these tea leaves?

Lacter: To some extent. The luxury retail market in general has been picking up so that's a good thing. That's one reason there's the debate over whether to extend the Bush tax cuts for the wealthy. Right now, rich people are one of the few things the economy has going for it.

Julian: Thanks Mark

Lacter: Thanks Steve

Julian: Mark Lacter is a contributing writer for Los Angeles Magazine and writes business blogs at LA Observed.com and at kpcc.org.