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July 22, 2011
Casinos, gaming and horses, oh my!
Real estate moguls look to win in a new field
The Real Deal
by Michael Stoler
Becoming successful in real estate is not easy. Not only does it take a stomach for risk, it also takes the ability to bounce back from failed projects -- as many are trying to do now.
But once real estate executives achieve a certain level of success, they often seem to branch out to other areas of business.
...Over the last decade, a number of successful real estate leaders have also been investing in their hobbies -- which include big moneymakers like baseball and football. Fred Wilpon, head of real estate investment firm Sterling Equities Associates (and more recently, a Madoff victim), is the principal owner of the New York Mets. In February 2008, Related's Ross famously purchased 50 percent of the Miami Dolphins football team, its venue Dolphin Stadium and the surrounding land from Wayne Huizenga for $550 million. A year later, he completed his purchase of 95 percent of the franchise for $1 billion.
Meanwhile, Bruce Ratner is the minority owner of the New Jersey Nets, after heading up an ownership group that paid $300 million in 2004.
NoLandGrab: Yes, Bruce Ratner was investing in his hobby, alright — his hobby being subsidy- and land-grabbing.
Posted by eric at July 22, 2011 9:38 AM