realestate billionaire, is buying gold for the first time in his life.
It’s enough to make us sit up and take notice. Sam Zell is a real estate billionaire many times over. His Wikipedia entry repeatedly uses the word “largest” to describe Zell’s accomplishments.
His company, Equity Group Investments, Wikipedia tells us, “was the genesis for three of the largest public real estate companies in history, including: Equity Residential, the largest apartment owner in the United States; Equity Office Properties Trust, the largest office owner in the country; and Equity Lifestyle, an owner/operator of manufactured home and resort communities. With their entry onto the public markets in the 1990s, Zell became recognized as a founding father of the modern real estate industry. In addition, Zell has created a number of public and private companies in various other industries.”
“In 2006, the Blackstone Group announced the purchase of Zell’s Equity Office Properties Trust for $36 billion, which was the largest leveraged buyout in history at the time.”
Now Sam Zell is buying gold.
In a Bloomberg TV interview a few days ago, Zell observed that “the amount of capital being put into new gold mines is a most nonexistent. All of the money is being used to buy up rivals.”
“Supply is shrinking and that is going to have a positive impact on the price,” he said.
“For the first time in my life, I bought gold because it is a good hedge.”