Business & Finance: Happy Westerner

Another U.S. landmark, Los Angeles' Biltmore Hotel, changed hands last week. Its buyer: Dallas Real-Estate Man Leo F. Corrigan, 57, whose holdings stretch from coast to coast (TIME, Jan. 27,1947). Corrigan estimates he controls more than $500 million worth of buildings and land. Among them: 14 office buildings, 40 apartment projects, 55 shopping centers, and 15 hotels.

As usual, Corrigan got the Biltmore, which cost $13 million to build and furnish in 1923, at less than cost. Of the $12.3 million purchase price, he paid $9.4 million in cash. Corrigan himself put up $2,000,000, the Equitable Life Assurance Society the rest.

The Biltmore...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!