48 Hours Season 16, Episode 38 : Rich Kids

48 Hours Investigates reports on Mary-Kate and Ashley Olsen, Frankie Muniz, Eric Trump and L'il Romeo -- Lifestyles of the young and rich. Rich Girls: The Olsen Twins: Even in Hollywood, where rich girls are a dime a dozen, these two 17-year-olds stand out. Mary-Kate and Ashley Olsen aren't just rich and ambitious, they're mini-moguls. And they're already worth, by some estimates, $40 million each and counting. Frankie Muniz: Hollywood Star: Actor Frankie Muniz has not only won fans -- he's made a fortune playing geeky teenage characters. On TV, he's the awkward, brainy middle child in the sit-com "Malcolm In The Middle." On the big screen, he's agent Cody Banks, a not-so-suave junior James Bond. In a few short years, the kid with the cute face and sparkling blue eyes has become one of Hollywood's most bankable teens. His salary for "Agent Cody Banks" was somewhere around $2 million – pretty good for Muniz, who just turned 18 this month. Correspondent Maureen Maher reports. Eric Trump: American Royalty: Eric is a prince to the manor born, part of that peculiar type of American royalty, who grows up behind the headlines with a gold-plated last name. Eric Trump, 19, is Ivana's baby boy and Donald Trump's youngest son. Correspondent Jane Clayson reports. Lil' Rome: Hip-Hop Star: Even in his wildest dreams, 14-year-old Percy Romeo Miller III never imagined a life like this. "Dreams can come true. Like Martin Luther King said, 'Have a dream,'" says Lil' Romeo, a pint-sized, platinum-selling, hip-hop superstar. In just two years, Lil' Romeo has sold an astonishing 20 million CDs. Now, he says he has $50 million in savings. This eighth grader stars in movies, cartoons and even runs a clothing company. When he's not shooting films, he's shooting hoops as a Junior Olympic basketball player. It must be a great life. "I mean Romeo's got cars, man," says his father, rapper Master P. "I'm, like, he can't even drive!" Lil' Romeo gave Correspondent Harold Dow a tour of his luxurious home, his home studio and even his customized Mercedes. Rich Kids: The Fertitta Family: On an $8 million yacht in the Gulf of Mexico, it's spring break for four of the luckiest kids in America. The captain of the ship, Tilman Fertitta, is a man worth over $200 million. "First thing you have to do is work hard and win," says Tilman, 46, the CEO of Landry's, a billion-dollar empire of amusement parks and family eateries based in Houston. "It's a dream, but it was able to happen." A few years ago, Kemah, Texas, was a run-down fishing village. But Tilman turned it into a playground that two million kids and parents now visit every year. Did he use consultants? "We don't use consultants at Landry's," says Tilman. "We're our consultants." He may not have consultants, but he does consult people - quite literally his own people. While designing his restaurants and other businesses, he finds some of his biggest money-making ideas in the family room, where he has his own personal group of experts. Who are they? His children - Blake, Blayne, Patrick and Michael. Correspondent Richard Schlesinger reports.

Previous Episode Next Episode