Real Estate: Broke in a Big Way

REAL ESTATE

If nothing else, onetime Real Estate Tycoon William Zeckendorf Sr. managed to go broke in a big way. By the time his Manhattan-based Webb & Knapp, Inc., collapsed in 1965, Zeckendorf had succeeded in enlisting an army of creditors, including some of Wall Street's leading financiers, to lend him a helping hand. Late last week, as he petitioned for an arrangement with creditors under the Federal Bankruptcy Act, Zeckendorf listed personal liabilities of $79,076,100 against assets of $1,885,620.

At the height of Zeckendorf's career, Webb & Knapp had assets of nearly $300 million, owned hotels, office buildings, shopping centers and...