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Paul Reichmann, the man who blew $10 billion, dies.


VersaillesinNY
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Another tycoon just passed away, the famous real estate developer and gambler Paul Reichmann.

The remainder of his empire can be found in Brookfield Office Properties. His family story is interesting and well documented.

 

Extract

"With brothers Albert and Ralph, Reichmann built Olympia & York into “the greatest property development company in Western history,” according to Anthony Bianco, a former Businessweek writer who wrote a book on the family. Before its 1992 bankruptcy filing, the company was the largest private owner of commercial property in New York City.

Forbes magazine calculated the brothers’ cumulative net worth at $9.2 billion at its height in 1988, making them among the world’s richest people"

 

The saga

http://www.bloomberg.com/news/2013-10-25/paul-reichmann-olympia-york-family-s-idea-man-dies.html

 

Faith and fortune

http://www.businessweek.com/stories/1997-01-19/faith-and-fortune

 

The man who blew $10 billion - Fortune magazine

http://money.cnn.com/magazines/fortune/fortune_archive/1993/05/17/77850/index.htm

 

Recommended Book: The Reichmanns: Family, Faith, Fortune, and the Empire of Olympia & York

By Anthony Bianco

 

---------

"You build on cost and you borrow on value."

Paul Reichmann

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Another tycoon just passed away, the famous real estate developer and gambler Paul Reichmann.

The remainder of his empire can be found in Brookfield Office Properties. His family story is interesting and well documented.

 

Extract

"With brothers Albert and Ralph, Reichmann built Olympia & York into “the greatest property development company in Western history,” according to Anthony Bianco, a former Businessweek writer who wrote a book on the family. Before its 1992 bankruptcy filing, the company was the largest private owner of commercial property in New York City.

Forbes magazine calculated the brothers’ cumulative net worth at $9.2 billion at its height in 1988, making them among the world’s richest people"

 

The saga

http://www.bloomberg.com/news/2013-10-25/paul-reichmann-olympia-york-family-s-idea-man-dies.html

 

Faith and fortune

http://www.businessweek.com/stories/1997-01-19/faith-and-fortune

 

The man who blew $10 billion - Fortune magazine

http://money.cnn.com/magazines/fortune/fortune_archive/1993/05/17/77850/index.htm

 

Recommended Book: The Reichmanns: Family, Faith, Fortune, and the Empire of Olympia & York

By Anthony Bianco

 

---------

"You build on cost and you borrow on value."

Paul Reichmann

 

short answer too much leverage ?

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