George Argyros: From working retail to ambassador to Spain

Jennifer K Mahal

From Metro Pointe to South Coast Repertory’s newest theater, the

influence of self-made billionaire George Argyros can be felt

throughout Costa Mesa.

“His biggest contribution to Costa Mesa is his enthusiasm,” said

Bob Wilson, historian and former Costa Mesa mayor. “He’s a tomorrow

person.”

Argyros, owner of Arnel Development Company, first came to Orange

County in 1955 to attend what was then Chapman College.

“Chapman was my first introduction to Orange County,” Argyros said

in an interview with Wilson for the book “From Goat Hill to City of

the Arts: The History of Costa Mesa.” “I supported myself through

college and worked 50 hours per week (in supermarkets) during my

junior and senior years.”

He graduated from Chapman in 1959. The current ambassador to Spain

started selling real estate, which would prove to be his making, in

1962. He also married his wife, Julianne, that year. The couple

rented a small apartment in Anaheim while Julianne finished the last

semester for her bachelor’s in speech therapy at Cal State Long

Beach. Today, the couple have three children and several

grandchildren.

“We literally had nothing when we got started,” George Argyros

told Wilson. “To begin in the real estate business, I borrowed $1,200

from Union Bank so I could live by drawing $300 a month for four

months.”

By age 25, he had received his securities, insurance and real

estate licenses. With a friend, Argyros opened a real estate

brokerage office in 1963. Within a year, he started developing land,

always reinvesting his profits into the business.

In 1967, Arnel Development Company was founded, and Argyros

started to develop apartment buildings. Today, Arnel Management is

the largest apartment owner in Orange County. In 2001, Arnel settled a $1.5 million consumer fraud lawsuit in which former tenants accused

the company of keeping their security deposits for unneeded repairs.

In 1976, Argyros began the process to develop what is now Metro

Pointe, buying 50 acres of land at Bear Street and what is now the

San Diego Freeway from Gene Kawamura. It took two years and 43 public

hearings for the company to get approval to use 50% of the land for

patio homes and 50% for apartments. However, that agreement did not

last long. The City Council put an initiative on the ballot to zone

the property to all single family use. Arnel lost the vote, but went

to court over the legality of the initiative. It took four years and

a trip to the California State Supreme Court before the initiative

was invalidated. Eventually, office space, apartments and the Metro

Pointe retail complex across from South Coast Plaza were built. The

whole process took 20 years.

Argyros is the former owner Air Cal and the Seattle Mariners

baseball team. He is also past chairman of Apria Healthcare in Costa

Mesa.

Argyros, who lives in Spain and Newport Beach, made a reputation

as a Republican fundraiser through his support of various campaigns,

including those of presidential nominee Bob Dole and President George

W. Bush. His efforts to help get an airport at El Toro Marine Base

got him the nickname “King George” on anti-airport Web sites.

Argyros was confirmed as the United States ambassador to Spain in

2001. That same year, he and his wife contributed $5 million to SCR

for a new theater. The Julianne Argyros Stage opened in October.