Series of Famous Real Estate Personalities

¶ … 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 City, the 1980's saw Trump renovate the Barbizon-Plaza Hotel, renaming it Trump Parc and in 1988, he bought the famous Plaza Hotel. 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 phony buyers of raw land in Arizona to post bogus profits, then fooling outside auditors about the deal" (Feds 1999).

Leona Helmsley started out working as a model, then as a receptionist at Pease & Elliman, a New York real estate firm. She rose through the ranks, opening her own real estate firm. She married the real estate mogul, Harry Helmsley in 1972. In 1980, she became president of Helmsley Hotels, Inc. And was thereafter portrayed as a ruthless businesswoman, becoming known as the 'Queen of Mean' (http://search.biography.com/print_record.pl?id=15752).In 1988, Helmsley was convicted of tax evasion and received a four-year sentence the following year. She was incarcerated in 1992, served 21 months, and released in 1994. Her husband died in 1997, leaving Helmsley in control of all the real estate holdings (http://search.biography.com/print_record.pl?id=15752).

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).