REAL ESTATE: The Mobile Mogul

Even by some of the U.S. housebuilding industry's more bulldozer-prone members, mobile-home parks are looked down on as defoliated eyesores crammed with aluminum boxes and propane-gas tanks. But to Arthur Carlsberg, a 39-year-old California builder who piled up a $305 million financial empire by sniffing new trends in real estate development, mobile-home parks are the hottest thing going in residential real estate. Carlsberg is cutting back on the ventures that made his fortune —housing subdivisions, shopping centers, apartment complexes and office buildings—to become the nation's largest developer of mobile-home sites. Since...

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