REAL ESTATE: The Grand Scheme

Sunset International Petroleum Corp. is a lively, California-based oil company which operates wells in eight states, and has ambitions to grow bigger fast—thanks to a quirk in the tax laws. Sunset, headed by Morton A. Sterling, 34, last week was branching out into the real estate business. It purchased Tavares Development Co., a huge. San Diego real estate firm that helped build the state of Washington's Chief Joseph Dam, Los Angeles' $20 million Hyperion sewage system, has built nearly 15% of all San Diego residences, and is currently developing suburban San Carlos,...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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