Real Estate Personalities

Paper Summary:

Over the past years, several real estate moguls have become household names, linked to fortunes, fame, glamor and in some cases, scandal, fraud and deceit. This paper follows the lives and real estate careers of several of these personalities, including Donald Trump of the famous Trump hotel and casino chain, Charles Keating whose fraudulent sales of phoney real estate led to investors losing millions and "Queen Mean" Leona Helmsley.

From the Paper:

"In 1987, Larry Silverstein completed his addition to his commercial empire, "a 47 story block called World Trade Center 7, with 2 million square feet of space" (Duke 2002). After lusting for years after the prize of all prizes, in 2001, he won the bid to "become the leaseholder on the World Trade Center Twin Towers, with 10 million square feet of office space " (Duke 2002). He began constructing his offices on the 101st floor of the WRC I. Silverstein had become one of the largest commercial landlords in New York City (Duke 2002). While debates abound regarding what to do with the most prized real estate in Manhattan, Silverstein declares, "My lease requires me to pay $130 million a year for 99 years. I only have 98 years to go. And my lease obligates me to rebuild. . . . So with the insurance money coming to me, I' m going to take those proceeds and rebuild the Trade Center and fulfill my obligation under the law" (Duke 2002)."

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