How a billionaire mall magnate pulled ahead in the Los Angeles mayoral race

For decades, billionaire Rick Caruso has quietly wielded influence and curried political capital in one of the nation’s most sprawling and diverse metropolises. Now, he wants to cash in that clout for the top job in city hall.

At 63, Caruso has spent most of his adult life as a Republican, developing some of Los Angeles’ most iconic luxury shopping centers and helming several influential city commissions — all while keeping an eye on the mayor’s office. His polished persona and powerful connections make him an obvious candidate for political...