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Barter Plays Major Role In Large Residential Real Estate Deals

Financier Gary Winnick is in the news again out in Los Angeles. (Winnick, you may recall, was the founder of Global Crossing years ago.) This past week he has quietly placed his Bel-Air mansion on the market for $225 million.

John Karevill of the San Diego real estate information company DataQuick says any sale will certainly include a major barter component. �It would be incredibly shocking if somebody actually walked up to the table and wrote a check for that amount.� Karevill says any such home sale would include a barter offer such as land or properties, stocks, car collections, jewelry or racehorses.

Editor�s Note: In 1998 former President George H.W. Bush made a speech in Tokyo to a group of Global Crossing executives. At breakfast the next morning, Global Crossing�s founder Gary Winnick offered President Bush an opportunity to acquire pre-IPS stock in the company in lieu of the $80,000 speaking fee. Bush accepted and subsequently sold the stock for $14 million several years later.

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