Many people are puzzled over Sam Zell's highly leveraged $8.2 billion purchase of the Tribune Co. in light of the decline in the newspaper business. One of the diamonds in the deal, however, is the Chicago Cubs, and indications are that he intends to quickly mine that gem for all it's worth.

According to the Los Angeles Times, the Tribune Co.'s (NYSE:TRB) avowed intention to sell the Cubbies may be considerably more complex than most franchise sales. The Tribune owns not only the ball club, but also the ballpark, and 25% of the cable TV network that carries its broadcasts, and could choose to sell them separately.

The Cubs, despite a century-long title drought, continue to draw capacity crowds to legendary Wrigley Field, over three million last year alone. This year, to the surprise of most prognosticators, the team is fighting for the NL Central pennant, great timing for the sellers. According to Forbes, the team alone is currently worth $592 million, on an operating income of $22 million.

Why do they call billionaire Sam Zell the "Grave Dancer"? It's simple. Sam Zell is in the habit of taking dying cash cows and reviving them. He's been well-rewarded for his efforts, and justly so. You just have to respect a man who is willing to grab up a limp handed property interest and make it viable again. Second only to our federal government, Sam Zell via EOP, could be considered the single largest property holder in the United States.

Sam Zell is chairman of Equity Office Properties (NYSE:EOP) This real estate investment trust owns and manages more than 600 office buildings in about 16 states. EOP focuses on metropolitan areas as its target regions for acquisitions. Equity Office was founded by Sam Zell in 1976 in the form of a real estate management and acquisition organization. The company was taken public in July 1997.

Equity Office has continued to grow in size through acquisitions. Since 1997 EOP has added to their stable; Beacon Properties Corporation, Cornerstone Properties and the Spieker Properties Inc. among others.

On Nov. 19, 2006, Equity Office Properties Trust announced a merger agreement that states they shall be acquired by Blackstone Real Estate Partners, in a transaction valued at over $35 billion. Blackstone agreed that, after the merger, it will liquidate the surviving corporation in the merger into a Blackstone affiliate.

EOP stated in a press release: "In the liquidation, each holder of a share of the 5.25% Series B Cumulative Preferred Stock will receive $50.00 per share in cash plus any then accumulated but unpaid dividends, and each holder of a share of the 7.75% Series G Cumulative Redeemable Preferred Stock will receive $25.00 per share in cash plus any then accumulated but unpaid dividends."

The Blackstone Group, founded in 1985, is focused on investing in office buildings, hotels and other commercial properties.