Word: auctioner
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Movie moguls basking by the pool at the Beverly Hills Hotel are on the set of a deal so big and racy that it could inspire a screenplay. The 74-year-old pink-and-green landmark has been sold at auction by the feuding family of Wall Street's most notorious insider trader, Ivan Boesky. The buyer: Tycoon Marvin Davis. The secretive Denver oilman, 61, submitted the winning bid of about $135 million to Boesky's wife Seema and her sister Muriel Slatkin. The sisters have not spoken in years, partly because Seema, who held 52% of the property...
...during the past two weeks as the speculative fever of Wall Street moved uptown and into the high-rent district. At Manhattan's two premiere bidding houses, the art market set almost hourly records, culminating last week in sales of some $120 million, the most lucrative week in auction history...
...Auction fever has also been fueled by the stock boom, which has created a new class of mega-rich Americans, some of whom are doubtless more interested in the prestige that comes with the ownership of art than they are in the art itself. "A few years ago, there was only a handful of people who could bid $1 million," says Art Dealer Richard Feigen. "Today you have unlimited billions, and at every one of these sales there are new faces...
When the final gavel thumped down at the auction up at John Connally's 7,300- acre spread near Floresville, Texas, last Saturday, 126 of his prized Thoroughbreds and quarter horses had been sold off for nearly $400,000. Two of the latter were the progeny of a proud champion, Dash for Cash. The . stallion's name was apt, for the auction came at a time when Connally himself is making a run for money. Numerous creditors are pursuing the former Texas Governor and U.S. Treasury Secretary for millions in unpaid loans on a host of flailing ventures. Connally...
...dropped from $32 a barrel to $9, the Texas economy went dry -- and just about everything that Connally and Barnes touched turned bad. Their $14 million, 14-story office building in Houston, 80% vacant, was foreclosed on and sold at auction. A swanky housing development, Triple Crown condominiums in Ruidoso Downs, N. Mex., is the target of a foreclosure suit. More than a quarter of the 212 lots in Austin's plush estates of Barton Creek sit unsold. A creditor has sued to foreclose on four shopping centers; a fifth has already been lost...