America's 10 Highest-Paid CEOs of 2011 (and How They Earned It)
The Richest Woman in the World: How Gina Rinehart Earns her BillionsAccording to The Wall Street Journal, New York real estate mogul Harry Macklowe's real estate empire is in serious trouble. After purchasing seven New York buildings from Equity Office Properties Trust for $6.8 billion, Macklowe's company, Macklowe Properties, has $5.1 billion in debt that must be paid off by February.
The state of the credit markets is making refinancing very difficult, and because of the tiny down payment ($50 million), the properties are not generating positive cash flow.
Macklowe's people are, of course, expressing confidence, and many observers believe that Macklowe will pull through. But maybe Macklowe has nothing to worry about, even if it does end badly. After all, wiped out real estate moguls don't disappear, they just ...
Get their own reality shows, have epic feuds with Rose O'Donnell, sell real estate seminars through late-night infomercials, and have their own brands of water.
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