Donald Bren $12 bil Real Estate. Newport Beach, Calif. 77.  Orange County real estate tycoon's fortune flat despite meltdown thanks to new information previously unavailable. Attended U. of Washington on skiing scholarship; dropped Olympics bid after injury 1956. Joined Marines, then built first house on $10,000 loan 1958. Planned and developed 10,000-acre Rancho Mission Viejo in California, sold to Philip Morris 1967. With partners, bought 145-year-old real estate master planner and developer Irvine Co. for $337 million 1977. Became firm's principal owner 1996. Developed central Orange County, Irvine and half of Newport Beach. Today owns 475 office buildings, 115 apartment communities, 41 retail centers, resort properties, new housing communities in Orange County, San Diego, Los Angeles, Silicon Valley. Has permanently protected more than half of 93,000-acre Irvine Ranch, creating public parks and trails.  Richard LeFrak & family $4 bil Real Estate. New York City. 64.  Grandfather Harry began developing real estate 1901. Father, Sam, expanded in New York City and New Jersey; built LeFrak City in Queens 1959. Richard joined family business 1970s, became chairman after dad died 2003. Today portfolio includes 5,000 apartments in LeFrak City and a $3 billion investment in 16-million-square-foot commercial, residential, retail complex in Newport, N.J. "Mini-city" with Westin hotel, 10 residential towers for 30,000 residents, marina. Invested in oil and gas wells. Wants government to give green cards to immigrants willing to buy houses.  Henry Ross Perot $3.5 bil Perot Systems. Dallas. 79.  Henry Ross Perot Jr. $1.25 bil Perot Systems. Dallas. 50.  Legendary Texas magnates have lost a combined $2.45 billion in past 12 months. Family's $2.5 billion Parkcentral Capital Management hedge fund went bust last fall; now facing $753 million lawsuit from creditor JPMorgan Chase. In April debt woes reportedly forced family's real estate firm, Hillwood, to cede stake in high-profile Dallas development to German investment partners. Sr.: cotton broker's son served in Navy, salesman for IBM before founding Electronic Data Systems 1962. Sold to General Motors for $2.5 billion 22 years later. Used proceeds to fund data processing firm Perot Systems, 2 failed presidential bids. Jr.: sold Perot Systems for $3.9 billion in September; Dell paid 68% premium for IT services firm.  Samuel Zell $3.8 bil Real Estate, Private Equity. Chicago. 68.  Property baron in bankruptcy bind. Took control of Tribune Co. 2007 in $8.2 billion deal done with newspaper giant's employees. Colossal debt, declines in ad revenue forced firm into bankruptcy in December. Bondholders claim property maven is responsible, demanding investigation. Made first fortune buying and selling real estate from distressed owners with partner Robert Lurie (d. 1990). Sold Equity Office Properties to Blackstone for $39 billion cash 2007. Still owns stakes in Equity Residential and Equity Lifestyle REITs. Other investments: affordable housing in Egypt, shopping malls in Brazil, homes and warehouses in China. Raised $625 million fund in August; capital to be used to buy real estate, corporate debt.  Paul Milstein & family $3.8 bil Real Estate, BANKING. New York City. 87.  New York City magnate reeling as the 2 pillars of his fortune--property and banking--falter; lost $1.2 billion in 12 months as real estate market crumbled, bank valuations fell. Father, Morris, founded Circle Co. 1919; laid hardwood floors and carpeting for Madison Square Garden, Rockefeller Center. Paul took over Circle; brother Seymour (d. 2001) ran a tile manufacturer. Sold Circle 1968, built New York real estate empire. Succession issues threatened to split business; two sides agreed to settlement 2003. Today Milstein Properties owns apartment towers and offices throughout Manhattan. Acquired New York City's oldest savings bank, Emigrant, for $90 million 1986; today assets exceed $14 billion. Son Howard oversees operation.  Leonard N. Stern $3.6 bil Real Estate. New York City. 71.  Joined father's Hartz Mountain Pet Products at the age of 21; sold company for $350 million in 2000 to private equity firm J.W. Childs. Plowed proceeds into burgeoning real estate empire: today owns 38 million square feet of commercial, residential, retail property in New Jersey and New York. In July started construction on Edison Towne Square, 98-acre mixed-use redevelopment of the former New Jersey Ford plant; project slated to include retail, restaurants, a hotel, entertainment venues, office space. On the prowl for cheap real estate. Son Emanuel oversees family's real estate empire, including hip Manhattan hotels Soho Grand and Tribeca Grand. Gave $30 million to alma mater NYU 1988; business school now bears his name.  Ty Warner $3.2 bil Beanie Babies. Chicago. 65.  Toy tycoon dropped out of college, took to road shilling plush toys. Sold first line of stuffed animals 1986. Made fortune with Beanie Babies; bean-stuffed darlings spurred collecting frenzy beginning in 1993. Popularity waned; Ty Inc. now focused on toys that allow for online interaction, including Ty Girlz and Beanie Babies 2.0. Real estate portfolio includes slew of high-end hotels and resorts. New York City Four Seasons Hotel home to the Ty Warner Penthouse Suite, the most expensive suite in the U.S.; nightly rate: $35,000. Reopened the Coral Casino Beach & Cabana Club in Montecito, Calif. last September after a 3-year, $65 million renovation. Recently announced $40 million renovation of Montecito Country Club to create Jack Nicklaus-designed golf course.  Theodore Lerner $3 bil Real Estate. Washington, D.C. 83.  Borrowed $300 from wife, founded real estate developer Lerner Enterprises 1952. Made fortune building massive shopping malls in the suburbs of Washington, D.C.: Tysons Corner Center, Tysons II, Wheaton Plaza, Landover Mall, Dulles Town Center, White Flint. Today owns millions of square feet of commercial and retail property, thousands of apartments. Focused on new developments near area's Dulles airport and Tysons II. Owns pro baseball's Washington Nationals; fans of the worst team in baseball complaining team is poorly managed. Runs franchise with son and 2 sons-in-law.  John A. Sobrato $2.5 bil Real Estate. Atherton, Calif. 70.  Real estate portfolio worth 30% less this year as technology companies consolidate into fewer buildings and vacancy rates soar. "Silicon Valley has paralysis." Largest clients: Yahoo, Nvidia. Began selling real estate as U. of Santa Clara student. Today Sobrato Development owns and manages 7.7 million square feet of commercial office space, 7,600 residential units, 350 vacant acres in Silicon Valley. Has donated more than $300 million of office space in past 3 years, including $135 million building in San Jose to Silicon Valley Community Foundation.  Donald Trump $2 bil Real Estate. New York City. 63.  Yes, the Donald is a billionaire. No, he's not worth what he says he is: "My brand alone is worth $5 billion." Son of Brooklyn developer invaded Manhattan mid-1970s, borrowed heavily, talked tough, built big, got rich. Nearly lost it all in 1990 real estate crash. Learned lesson; claims he tries not to personally guarantee loans. Prized New York City properties: Trump Tower, 40 Wall Street, 1260 Avenue of the Americas. Today several Trump buildings are erected by other developers who pay him a hefty licensing fee to use his name; reaps big money only after buildings are completed, apartments sold. Recent duds: Dubai, Tampa, New Orleans. Has earned more than $100 million in salary, royalties since The Apprentice debuted on NBC 2003. In November won zoning rights to develop 2,000 acres of land in Scotland into golf resort; still squabbling with locals over 50 acres.  Alan Casden $1.85 bil Real Estate. Beverly Hills. 63.  Property poobah's personal balance sheet down $550 million in 12 months as real estate values crumble. Studied accounting at USC; joined multifamily housing firm 1975, bought out partners 15 years later. Renamed Casden Properties; borrowed big, built empire of commercial, residential real estate. Sold majority of firm to Aimco for $2.4 billion 2002; today portfolio includes more than 200,000 square feet of office space, 3,100 luxury apartments. Halted development of White City Tower in Tel Aviv. Collects Jewish antiquities.  Jerry Speyer $1.8 bil Real Estate. New York City. 69.  Father fled Nazi Germany. Jerry studied German literature at Columbia, later joined father-in-law Robert Tishman's realty firm. Divorced the daughter, but Speyer and Tishman continued to work together; created Tishman Speyer 1978. Today owns stakes in New York landmarks Chrysler Building and Rockefeller Center. Bought Stuyvesant Town and Peter Cooper Village apartment and retail complexes in Manhattan for $5.4 billion from MetLife 2006. Complex now believed to be facing risk of default due to faltering rental income. Also reportedly struggling to refinance debt on CarrAmerica portfolio, a collection of 28 buildings in the Washington, D.C. area.  Sheldon Solow $1.7 bil Real Estate. New York City. 81.  Owns 9 West 57th Street, one of New York City's best commercial addresses; building is home to several high-profile corporate tenants. Longtime tenant Bank of America vacated building last October when lease expired; space not yet completely filled. Received approval last March for $4 billion plan to redevelop 9.2 acres of land formerly owned by Con Ed along Manhattan's East River. No development so far; in December Citibank sued him, claiming he defaulted on a loan that was to be used to finance the project. Also owns several apartment buildings on Upper East Side. Dragged into Marc Dreier scandal after reports that Ponzi-scheming lawyer accused of stealing millions from hedge fund managers once posed as his representative.  George Argyros $1.5 bil Real Estate. Newport Beach, Calif. 72.  Detroit-born property baron studied business, economics at Chapman U. in Orange County. Sought first fortune in grocery stores, eventually moved to real estate. Today privately held Arnel & Affiliates owns, manages 5,500 apartments and 2 million square feet of commercial space in southern California. Also owns private equity outfit West Star Capital; invests in health care, aerospace, consumer products. Former owner of pro baseball's Seattle Mariners also major donor to Republican Party; served as ambassador to Spain under President George W. Bush.  Neil Bluhm $1.5 bil Real Estate. Chicago, Ill. 71.  Chicago real estate titan's gamble on casinos paying off despite sour economy. Opened Pittsburgh's Rivers Casino in August, handled $14 million in wagers on opening day. In December won coveted license to build new gambling joint outside O'Hare airport; plans to share revenues with downtrodden neighboring towns. Former lawyer founded JMB Realty with U. of Illinois roommate 1970, grew into one of nation's largest developers. Also partner in Walton Street Capital; firm plans to invest $1.5 billion in real estate.  Brad Kelley $1.5 bil Tobacco, Real Estate. Nashville, Tenn. 52.  Farmer's son founded Commonwealth Brands 1990, made fortune with discount cigarettes. Left advertising budget sparse; outperformed big brands by keeping prices low. Sold for $1 billion 2001. Reinvested in real estate: owns 1.7 million acres in New Mexico, Florida, Texas. One of the 10 largest landowners in U.S. Net worth down $100 million from last year; claims to have taken defensive position in Treasurys, avoided market meltdown last fall.  Igor Olenicoff $1.5 bil Real Estate. Lighthouse Point, Fla. 67.  California property tycoon suing UBS and others for $500 million, alleging the banks broke promise to invest his cash in only conservative securities. Pleaded guilty to tax felony 2007 for stashing more than $350 million in Europe; paid $52 million in fines, sentenced to 2 years probation and 120 hours community service. Today his Olen Properties owns more than 6.4 million square feet of office space, nearly 12,000 residential units in Las Vegas, Arizona, Florida. Opened restaurant in honor of son Andrei, who died in a 2005 car accident. Daughter Natalia insisted on green food. Olenicoff: "I'll have to find an organic vodka."  Richard Peery $1.5 bil Real Estate. Palo Alto, Calif. 69.  John Arrillaga $1.4 bil Real Estate. Palo Alto, Calif. 72.  Property partners began buying up tracts of California farmland and converting to office parks in the 1960s. Today they oversee more than 14 million square feet of land and office buildings in and around San Jose. Spent past 4 years selling off half their portfolio; sold 5.3 million square feet of office and R&D space 2006 for $1.1 billion. Fortunes down a combined $600 million in past year amid slumping real estate market. Dearth of venture capital deals pushing up vacancy rates in Silicon Valley buildings.  Edward Roski Jr. $1.5 bil Real Estate. Los Angeles. 60.  Net worth down 40% in past year as property values plummet. Vietnam vet's Majestic Realty one of country's largest commercial builders: 60 million square feet in Los Angeles, Denver, Las Vegas, Dallas. Built Staples Center arena in Los Angeles with Philip Anschutz; also owns stakes in pro basketball's L.A. Lakers, hockey's L.A. Kings. Wants to build a 75,000-seat football stadium outside of L.A. in hopes of luring a team back there for the 2011 NFL season; reportedly settled lawsuit brought by residents complaining over stadium's environmental impact. Two daughters joined business in December. USC grad donated $23 million to alma mater's fine arts school 2006.  Mortimer Zuckerman $1.5 bil Real Estate, Media. New York City. 72.  Son of Montreal tobacco and candy seller cofounded Boston Properties 1970 with Edward Linde; public 1997. With partners, company bought Manhattan's GM Building for $2.8 billion last May; highest price ever paid for a building. Mort investing $200 million on 3 new printing presses for his New York Daily News: "I didn't go in media to maximize my profit." Also owns U.S. News & World Report; former weekly recently cut production, now comes out once a month. Claims to have anticipated market turmoil; moved nest egg to shortterm bonds early last year. Has donated hundreds of millions of dollars to cancer research; charitable foundation ripped off by Madoff.  Alfred Taubman $1.4 bil Real Estate. Bloomfield Hills, Mich. 85.  Mall tycoon trying to lure Hollywood to Michigan. Backing Raleigh Michigan Studios, movie studio complex housed in former GM truck plant in Pontiac, Mich. Net worth crushed with shares of Taubman Centers falling 30% in 12 months as real estate values drop, consumers shun shopping. U. of Michigan dropout founded Taubman Centers 1950; today firm owns 25 malls in 16 states. Son Robert joined 1976, chief executive since 1990; son William chief operating officer. Bought Sotheby's auction house 1983; took private, then public again 1988. Served 9 months in jail for price-fixing 2004. Shares of Sotheby's down 35% in past 12 months. Large contemporary art collection losing value as overheated market cools.  Tamir Sapir $1.4 bil Real Estate. New York City. 62.  Manhattan real estate mogul pleaded guilty, through a holding company, to illegally importing rare animal parts into the U.S.; a slew of animals and parts--including zebra-skin rugs, bar stools made from python skins and a stuffed lion--were discovered on his 150-foot yacht Mystere at Port Everglades 2007. Paid $150,000 in fines for violating the Endangered Species Act. Claims he believed he was exempt from the act because it has a provision for specimens held in private homes; he lives on the yacht nearly full-time. Emigrated from Russia 1973; started driving a cab. Borrowed against his taxi medallion to open electronics store catering to Soviet diplomats and officials. Invested in Russian oil, then Manhattan real estate during 1990s recession. Today owns commercial and residential buildings in Manhattan.  Carl Edwin Berg $1.3 bil Real Estate. Atherton, Calif. 72.  Real estate titan investing millions of dollars each month in medical research outfit Cytotech, which is studying treatments for cancer. Former vending machine repairman worked night shifts to pay his way through U. of New Mexico. Bought real estate investment trust Mission West 1997; turbulent holdings have sent stock down 30% from last summer's highs. Net worth down $400 million in a year. Portfolio includes 8 million square feet across 100 properties; counts Microsoft, Apple among Silicon Valley office tenants.  Leon Charney $1.3 bil Real Estate. New York City. 68.  Times Square tycoon's stable tenant base and aversion to debt shielding him from worst of commercial real estate meltdown; fortune down $200 million in 12 months. Father was a notions (sewing supplies) salesman who died young, left family broke. Saved up by singing in synagogues; put savings toward tuition at Brooklyn Law School. Considered career as vocalist, became entertainment lawyer instead. Became a political advisor for Jimmy Carter; helped broker Camp David Accords between Egypt and Israel 1978. Bought first property--One Times Square--hours after Carter conceded race to Reagan. Today owns 1.5 million square feet of commercial office space including 38-story skyscraper 1441 Broadway. Tenants include Tommy Hilfiger, Liz Claiborne. Hosts The Leon Charney Report, weekly political talk show aired on NYC TV. Claims to be nation's largest individual trader (by volume) of Ginnie Maes--a mortgagebacked security guaranteed by U.S. government.  Edward DeBartolo Jr. $1.25 bil Real Estate. Tampa, Fla. 62.  Shopping-mall mogul father bought NFL's San Francisco 49ers 1977; garnered 4 Super Bowl Championship rings between 1982 and 1990 while Edward Jr. was at helm. No longer owns team; forced to swap his share with sister Denise for hefty stake in industry giant Simon Property Group following federal bribery conviction in 2000. Today owns 14.8 million SPG shares worth $1 billion; stock down 30% in past 12 months, but up 60% since March. Also owns stake in Famous Famiglia pizza joints, DeBartolo Sports & Entertainment.  Jeffrey Greene $1.25 bil Investments. Miami Beach, Fla. 54.  Became a billionaire shorting subprime credit 2007. Fled to cash; personal balance sheet shed just $150 million in past 12 months as real estate values fell. Worked telemarketing gig selling circus tickets while studying at Johns Hopkins U.; saved up $100,000 by eating at Pizza Hut buffet, living out of car. Invested in Boston real estate while earning Harvard M.B.A. Moved to L.A., bought and developed apartment buildings.  Herbert Simon $1.25 bil Real Estate. Indianapolis. 74.  Brother and business partner Melvin died last month. Siblings became billionaires covering country with shopping malls. Today Simon Property Group is the largest publicly traded real estate investment trust in the U.S.; firm owns or has interests in 263 million square feet of leasable space at 387 properties in North America, Europe, Asia. Shares down 25% in past 12 months. Sole owner of Indiana Pacers; recently welcomed seventh child with third wife, a former Miss Universe.  Walter Shorenstein & family $1 bil Real Estate. San Francisco. 94.  Left U. of Pennsylvania for military in WWII. Moved to San Francisco with pregnant wife and $1,000. Started as salesman for commercial real estate firm. Became partner 1951, president and owner 1960. Built up portfolio of office properties, including the Bank of America Center in San Francisco. Benefited from real estate price hikes during Silicon Valley dot-com era. Onetime owner of 20% of city's office space started selling after tech bubble burst. Building office space in Portland, Ore. Son, Douglas, is chairman. Daughter, Carole, has won 5 Tonys as a Broadway producer.
Scathed but still standing. The bubble has burst, but these real estate titans have empires built to last.