The poster child real estate deal of the last market boom…

by Dave on October 29, 2009

is likely to go into default…on a $3 billion first mortgage.

The property was purchased in 2006 for a record $5.4 billion.  If it’s worth $3 billion today, the lenders ought to consider themselves lucky.

I could write pages on the underlying story here but I’d rather not bore anyone.

Comments on this entry are closed.