Singed by his highly leveraged 2007 buyout of Tribune Co. (owner of this magazine)—which has been mired in bankruptcy since 2008—the fiery billionaire is back to what he does best: buying and selling real estate around the world. A new bauble: Chicago’s $95 million Elysian Hotel, which he hopes to turn into a Waldorf Astoria.
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Photograph: Charles Osgood/Chicago Tribune