That's the market value of the city-owned parcel near Disney Hall that officials are thinking of giving to Eli Broad at $1 a year for his art museum and offices for the Broad Foundation. A real estate consultant also noted that the museum will be a boon to the values of nearby properties. "Proponents have praised the plan to display Broad's top-notch art collection on public land, saying it will generate interest in downtown Los Angeles and draw tourists," says Tibby Rothman at the LA Weekly. "Opponents call it a giveaway to a billionaire during a recession."
Also at the Weekly: A case study of the sinister, criminal side of the real estate boom — and crash — "and the easy-money mania behind it all." Torture, Lies and Louis XIII Cognac