Billionaire Rick Caruso has spent $80m of own money on LA mayoral race, records show

In contrast to the real estate developer with a net worth of around $5.3bn, his opponent Karen Bass raised only $6m as of September

Billionaire real estate developer Rick Caruso has now poured more than $80m of his own fortune into the race to become the next mayor of Los Angeles, according to campaign records.

Caruso's spending is unprecedented in the race to lead America's second most populous city, political experts have said, but the luxury mall developer has not yet broken the record of New York City billionaire Michael Bloomberg, who spent $102m to win his third term as mayor in 2009.