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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (37056)	9/13/2005 6:16:08 PM
From: RealMuLan	Read Replies (2) \| Respond to of 116555

--Trump Loses--Yes, Loses--Atlantic City Auction Greg Levine, 09.13.05, 5:55 PM ET EBay (nasdaq: EBAY - news - people ) users with dial-up connections? Donald Trump knows your pain. The consummate dealmaker bid Tuesday for the 2.5 acres of beachfront property in Atlantic City--the hallowed spot where the Trump World's Fair Casino once stood. The real-estate magnate once proposed building a 62-story gambling resort on the site. But earlier this year, his company Trump Hotels & Casino Resorts entered bankruptcy protection. He then agreed to auction off the land, forking over the proceeds, plus $17.5 million in cash, to his creditors. In July, the billionaire won the right to start the bidding at $14.2 million--almost 100% more than the land's $7.5 million appraisal. It all would have been so tidy. Trump bid $25 million. Bruce Toll bid $25.15 million. The latter is vice chairman and a co-founder of Toll Brothers (nyse: TOL - news - people ), a firm that might have a little extra in the coffers these days, as it specializes in building luxury single-family and "resort-style golf" housing. (Apparently its margins aren't too narrow, either, as we reported Friday, in "Bravissimo: Toll Brothers Sponsors NYC's Met") Like the aforementioned eBay players condemned to the purgatory of a slow Internet connection, Trump lost. But leave it to the irrepressible tycoon to spin the dross into gold: He told reporters that he did not regard it as a loss outbid as losing. "Whether I got it or not was not that important to me. ...I'm really happy, because I wanted to get a really good price for the stockholders," Trump said. And that, students, is why a businessman who flirted with bankruptcy multiple times is the sage of General Electric's (nyse: GE - news - people ) NBC smash, The Apprentice--and is starting a school for wheeler-dealer aspirants. forbes.com