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'World's Most Deeply Indebted Developer' Ordered to Liquidate

China Evergrande has more than $300B in liabilities and can't repay its debts, per judge

(Newser) - A court in Hong Kong on Monday ordered China Evergrande to be liquidated, in a decision that marks a milestone in China's efforts to resolve a property industry crisis that has rattled financial markets and dragged the entire economy down, per the AP . Here's what happened and what...

Developers Find Resistance to Tearing Down Capone House

One opponent doesn't see how a McMansion is an improvement

(Newser) - Some of the arguments about whether to tear down the old Capone place in Palm Island, Florida, sound like they could have been part of a debate about a hit a century ago in Chicago. "It's not worthy of being saved because it's lived its life,"...

Church Wants Developer to Pay $19M Over Shadows

Boston landmark says it would use most of the money for low-income housing

(Newser) - A historic Boston church is asking a developer to pay $19 million to compensate for shadows cast by a proposed tower, per the AP . Old South Church claims the proposed Back Bay Station project will cast shadows on the 142-year-old church that will cause moisture damage and darken stained-glass windows,...

Apple's 'Embarrassing' New Show Features Celebs Judging Apps

Gwyneth, will.i.am, Jessica Alba are involved

(Newser) - Apple is coming out with an original reality show ... about apps. The world got its first look at Planet of the Apps this week at Recode's Code media conference, Quartz reports. It's basically a combination of Shark Tank, the reality show in which would-be entrepreneurs pitch their business...

Found Inside Home Set for Demolition: Entire Log Cabin

Texas developer, town trying to figure out how to preserve it

(Newser) - It's not unusual for developers to find relics of the past tucked inside the walls of home they're getting ready to tear down, but this particular discovery has stopped demolition in its tracks for now. It's a log cabin dating back to around 1850s and thought to...

Owner of Citizen Kane Castle Shot in Head

Long Island developer Gary Melius expected to recover

(Newser) - Long Island police have a high-profile shooting on their hands: Gary Melius, a well-connected developer, was shot in the head as he got into his Mercedes near the castle he calls home, reports the New York Post . Yes, castle. In fact, if you've seen Citizen Kane, you've seen...

Ancient Pyramid Torn Down by Developers: Peru

Firms face criminal charges

(Newser) - Peruvian authorities say a pair of real-estate developers have ruined a 4,000-year-old pyramid, and they're facing criminal charges, the BBC reports. "Irreparable damage" was done to the 20-foot-high pyramid, says an archeologist. The El Paraiso complex, near Lima, had 12 pyramids; the companies tried to tear down...

Irish Bank Sues to Foreclose on Chicago Spire

Ireland could own under-construction skyscraper

(Newser) - It's supposed to be one of America's iconic skyscrapers, but Chicago's problem-plagued Spire is a step closer to being Irish-owned today after a lender filed to take possession of the under-construction project, the AP reports. Anglo Irish Bank has filed a $77 million foreclosure lawsuit against Irish developer Garrett Kelleher,...

Abe Pollin, Owner of DC Sports Teams, Dies at 85
Abe Pollin, Owner of DC Sports Teams, Dies at 85
OBITUARY
Nov 24, 2009 6:23 PM CST

Abe Pollin, Owner of DC Sports Teams, Dies at 85

Developer, philanthropist brought NBA, NHL to capital

(Newser) - Abe Pollin, the son of Russian immigrants who parlayed success in housing development into the ownership of Washington’s NBA and NHL franchises, died today of a rare neurological disease; he was 85. Pollin’s philanthropic efforts boosted many of the capital’s poorer areas, and he put $220 million...

Facebook Wants Your Friendship and Your Money

Site rolls out payment system aimed at getting profit from apps

(Newser) - Facebook is breaking an age-old business rule: Never do business with friends. In a bid to achieve profitability, the social-networking site is testing an internal payments system that allows its 300 million users to purchase credits redeemable for virtual goods, from Facebook itself or third-party applications. “Over time, this...

Leona's Mansion Makes History: Price Drops $50M

(Newser) - The asking price for the late real estate magnate-cum-jailbird Leona Helmsley’s Connecticut mansion has been slashed by $50 million, the Wall Street Journal reports. The 40-acre Greenwich property is now offered for $75 million, down from $125 million. Insiders think it could be the largest cut ever for a...

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