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¶ … Real Estate Personalities
There have been many real estate moguls throughout history. Fortunes have been made and lost on the value of land. Several of these real estate tycoons have left their mark on the landscape, for better or worse. Moreover, during the past few decades, some have become household names, linked to fortunes, fame, glamour, and in some cases, scandal, fraud and deceit.
Donald Trump is perhaps the most flamboyant real estate tycoon of the latter part of the 20th century. In 1971, he moved from his homestead in Queens to Manhattan, where he became involved in large building projects and influential people. In the late 1970's, he signed an agreement with Hyatt Hotel Corporation for a downtown hotel, and after renovation on the building, became known as the Grand Hyatt. This set Trump on the high road to success and fame (http://search.biography.com/print_record.pl?id=20210).Trump Tower, a monumental, 58 story apartment-retail complex, with a 6 story atrium with pink marble and an 80-foot waterfall opened on Fifth Ave in 1979. In 1980, Trump turned his attention to Atlantic City, New Jersey. Partnership with Holiday Inns Corporation led to the opening of Harrah's at Trump Plaza, later named Trump Plaza Hotel and Casino.
The purchase of the Hilton Hotel, led to Trump Castle, which eventually led to the purchase of the Taj Mahal, the largest hotel-casino in the world (http://search.biography.com/print_record.pl?id=20210).In New York...
When the market declined in 1990, it reduced the value and income of his empire, sending his net worth from $1.7 billion to $500 million. However, by the end of 1997, his worth had risen up to $2 billion. (http://search.biography.com/print_record.pl?id=20210).
Charles Keating was "convicted of aiding and abetting the fraudulent sale of bonds issued by American Continental Corp. (ACC), the parent of the Irvine, California, based Lincoln S & L" (Fed 1999). When Savings and Loans were deregulated by President Reagan, many people were "free to attempt more ambitious projects with the federally insured deposits" (http://ronbell.tripod.com/keating.htm).And none were more ambitious than Keating, taxpayers assessed so far $500 billion for the S&L looting with $2.1 billion due to Keatings dealings alone. "After providing less than a dozen home loans, Keating set out to build THE PHOENICIAN, a $300 million luxury resort hotel financed 55% by his newly acquired S&L, LINCOLN SAVINGS, and 45% by the King and Queen of Kuwait" (http://ronbell.tripod.com/keating.htm).The state case against Keating involved some 23,000 investors who had lost roughly $250 million on fraudulent sales of junk bond by ACC. The federal case involved the failure of Lincoln, which left "taxpayers with a record $3.4 billion in losses" (Feds 1999). "Keating was accused of using…
Works Cited
Charles Keating and the S&L crisis." Monetary and Economic Review. http://ronbell.tripod.com/keating.htm.(accessed 12-12-2002).
Duke, Lynne. "At Ground Zero, A Tall Order for The Developer; Larry Silverstein,
Determined To Fill a Very Empty Space." The Washington Post. November 20, 2002.
Feds Want to Retry Keatings." United Press International. January 11, 1999.
Helmsley, Leona. Biography.com. http://search.biography.com/print_record.pl?id=15752.(accessed 12-12-2002).
Trump, Donald." Biography.com. http://search.biography.com/print_record.pl?id=20210.(accessed 12-12-2002).
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