My first experience with real estate placed me at the epicenter of high-powered deal making. I recall being seated at the head of the deal table, negotiating the sale of a property to an aggressive buyer. The buyer was keenly focused on developing the property by building first houses and then hotels. Negotiations were heated, and things got ugly when he realized financing was not an option, a problem compounded by the fact that his other properties were plagued by low rents. Compromise was not an option as it became clear that this was a winner-take-all scenario. Things reached a breaking point when he walked away from the deal, leaving me with Park Place (he kept Boardwalk).
This chapter will discuss the following:
- Real estate ...