No L.A. Mayoral Run for Caruso

Rick Caruso, owner of the 14-acre Miramar Hotel property in Montecito, has decided against a run for mayor of Los Angeles in 2009.

Because of his considerable wealth, Caruso, a Republican, was considered the one man who could realistically challenge the city’s current mayor, Antonio Villaraigosa, in the March election. Villaraigosa already has millions stacked up in his campaign coffers, and is known as a furious campaigner.

The well-connected Caruso had been teasing media outlets in L.A. for months about his decision. He finally announced Friday, a day before the deadline to enter the race. At one point, he reportedly had said that running for mayor was not a question of if, but when.