Word: galbreath
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Dates: during 1950-1959
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Married. John Wilmer Galbreath, 57, Ohio real estate tycoon and president of the Pittsburgh Pirates baseball club; and Mrs. Russell Firestone, fiftyish, widow of the second son of Harvey S. Firestone, founder of the Firestone Tire & Rubber Co.; both for the second time; in Miami...
When Ohio Realtor John W. Galbreath offered to buy six buildings in Cleveland's downtown Terminal Tower Group for $7,800,000 last spring, Railroader Robert R. Young, who owned the majority of the stock, thought the deal was solid. But when the time came to pass the cash, Galbreath wanted to change the sale conditions. Twice Bob Young granted extensions; twice Galbreath asked for new terms, and the contract grew to 100 pages...
Last week, after Galbreath had presented his latest conditions, Bob Young, who likes his deals simple, had had enough. Young announced he was selling the buildings to someone else for $200,000 more...
When slim, silent John Galbreath heard that Railroader Robert R. Young and others wanted to sell most of Cleveland's 35-acre Terminal building group, success still beckoned. Built by. the buccaneering Van Sweringen brothers for $100 million in the 19203, the Terminal group had collapsed with the rest of the brothers' empire, and had been picked up by Young for peanuts, and recently have been good moneymakers...
...Galbreath flew his private plane to Young's Greenbrier Hotel in West Virginia to clinch the deal. Last week, only twelve days after he got on the Terminal trail, Galbreath bought the group for an estimated $6,000,000 in cash from Bob Young's Pathe Industries, Inc. Galbreath thus got control of six buildings (including the 52-story Tower) worth an estimated $30 million and with a net income (before taxes) of about $2,250,000 a year. For Bob Young, who needed the cash badly for his money-losing Eagle Lion movie company, the transaction...