Hadi Makarechian

Hadi Makarechian was born in Iran in 1948. His family, one of the wealthiest in Iran, owned a construction and development firm that was instrumental in carrying out the Shah's ambitious program to build new infrastructure, military projects, and thousands of homes.

Makarechian attended private schools and came to the United States, at age 16, to attend the State University of New York. While a student, he met and married his wife, Barbara. After graduating in 1972, they returned to Iran, where Makarechian immersed himself in his family's various enterprises and enjoyed his position among Iran's privileged upper class. In describing his life, he wrote, "I had no concept of financial insecurity or want. In terms of wealth and lifestyle, our lives were regal in a way that is difficult for native-born Americans to really understand."

Yet this privileged world came crashing down with the Shah's exile, with Ayatollah Khomeini's return in January 1979, and with the subsequent Iranian revolution. The new Islamic regime blacklisted companies and individuals who had worked for the Shah's government or for the United States.

Within a short time, Khomeini's soldiers seized the Makarechian family's holdings literally at gunpoint. They were branded as puppets of the old regime and as CIA agents and were targeted for execution. In fact, the revolutionaries killed Makarechian's cousin while on his way to work. Execution orders were then issued for other family members. Makarechian was able to flee with his wife and children to the United States, but they left virtually everything behind.

Makarechian recalls that he went from a life of immense wealth to "living with my in-laws, without a job, without a car, and with no prospects." He saw three options for the future: to wait for the Shah's return, to wallow in depression, or to count his blessings and act as if he were just starting out after college. He chose the third option and started working with his hands while taking construction, painting, and landscaping jobs to provide for his family. "We scrimped and saved and got by," he recalls. "The most important thing was that we were safe and together as a family."

After a time, Makarechian got the chance to help develop a 54-unit oceanfront condo project. As part of the agreement, he received ownership of six units when the project was finished. This started a chain of acquisitions that were leveraged for greater acquisitions.

As he continued to prosper, Makarechian moved his family to Washington, D.C., and then later on to California, where he established a few development companies. In less than two decades, one of his companies has built and sold more than 30,000 homes in California and the Southwest. Another of his companies developed Banning Lewis Ranch, a massive 23,000-acre planned community of 75,000 homes and 75 million square feet of office, shopping, and industrial space in Colorado Springs.

Makarechian became chairman of Makar Properties, which is run by his two sons. Makar is a construction and development company based in Newport Beach with assets located throughout California, Texas, Florida, and Colorado and with more than $10 billion in development projects. Makar creates amenity-rich communities and destinations such as the five-star, 400-room St. Regis Monarch Beach Resort & Spa that is in Dana Point, California, and is located on 172 acres. That resort includes the oceanfront Monarch Beach Golf Links.

Makarechian's philanthropic interests include Chapman University, where he serves on the board of trustees, and the State University of New York at Buffalo, where he is a member of the SEAS Dean's Council and recipient of the 2005 Distinguished Alumni Award and Delta Society. He has also provided ongoing charitable support to many organizations, including Habitat for Humanity, Boys and Girls Clubs, Miocean, HomeAid America, and the Boy Scouts of America.

Makarechian is a certified turbo jet pilot and a member of the Orange County Sheriff Aero Squadron and the Sheriff Reserves program since 2004.