Sale of The Century

The S & L bailout will saddle the Government with a huge hoard of real estate that could rattle the market unless regulators unload carefully

FOR SALE: 6,000-acre spread in the rolling hills north of Dallas. Includes two country clubs, a lake and beach, several small parks. Semioccupied. All this for less than $100 million.

FOR SALE: Continental Regency Hotel in Peoria, Ill. A city landmark with 333 rooms. Needs work. Anxious owner asks just $4 million.

FOR SALE: First-class polo complex in Selma, Texas. Features corrals, paddocks, barns, apartments, tennis courts. Will consider all offers over $7.5 million.

The reluctant owner of these properties, and tens of thousands more, is the U.S. Government. A federal stockpile of distressed real estate holdings is suddenly growing to...

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