Britain: A Gain for Rayne

When it was built on Manhattan's Fifth Avenue and 58th Street in 1927, the $18 million Savoy Plaza became one of the world's most luxurious hotels. A favorite of aristocrats, diplomats and cinema stars, it has been host to the likes of the King of Nepal, Adlai Stevenson, William Scranton, Prince Bernhard of The Netherlands and Groucho Marx. The Savoy also captured the fancy of a darkly handsome British real estate tycoon named Max Rayne. Two years ago he bought one-third of the hotel from William Zeckendorf, later bought the whole thing when Zeckendorf became even harder pressed...

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