REAL ESTATE: The Baron Of Boardwalk

The Baron Of Boardwalk

With the yen so strong against the dollar, Japanese investors have been snapping up prime pieces of U.S. real estate from Honolulu to Manhattan. None of these acquisitors is quite like 36-year-old Ikuo Hiyakuta. He gobbles up entire city blocks like so much cardboard. Then he builds row upon row of houses and hotels until his rivals are driven into bankruptcy.

Fortunately, Hiyakuta's ruthlessness is all in good fun. Last week in London he became the first Japanese to win the world's Monopoly championship, defeating 29 players from 28 countries. His final challenger: 13-year-old Ken Shabtay, an Israeli. Hiyakuta was breathless...

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