Billionaire Stephen Ross Believes in South Florida—and Is Spending Big to Transform It
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
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The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Real estate brokerage stocks tumbled Thursday on waning expectations for Federal Reserve interest-rate cuts, and as a disappointing earnings release raised concern about the sector’s outlook.
Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
A South Florida office skyscraper from Related Cos. landed new finance tenants, including a John Paulson business and a private equity firm that counts Mark Bezos as a founding partner.
Oracle Corp. is moving its headquarters out of the city. Tesla Inc. is pulling back after a rapid expansion. Almost a quarter of commercial office space is vacant, and nowhere in the country have residential real estate prices fallen further from their pandemic peak.
Mar 2, 2021
Bloomberg News
,(Bloomberg) -- Stephen Bannon already avoided criminal prosecution for fraud with a last-minute pardon by Donald Trump, but he’s still pushing for a judge to dismiss the charges because they’re mucking up the title to property he owns in the chic seaside enclave of Laguna Beach, California, records show.
As a condition of bail after Bannon was charged in August, a $1.75 million lien was placed against the Laguna Beach home, according to a Feb. 18 letter his lawyer sent privately to U.S. District Judge Analisa Torres in New York. It was filed publicly as part of the case on Tuesday.
Bannon’s lawyer asked Torres to dismiss the charges as part of a request to lift the bail conditions so the lien can be expunged and Bannon and his co-signors can be freed of their obligations. Prosecutors have agreed to lift the bail conditions but object to dismissing the charges, saying the pardon doesn’t mean Bannon has been exonerated. Both sides are scheduled to file briefings on the issue in the coming weeks.
Trump’s onetime political adviser was charged alongside three others with defrauding donors to a foundation that was privately funding construction of a wall on the U.S.-Mexico border. Bannon is no longer a defendant, after getting his pardon in January. The case against the other three defendants remains.
Bannon’s lawyer Robert Costello didn’t immediately respond to a request for comment.
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