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Losing Bidder Files Suit in GM Building Auction

NEW YORK CITY-Real estate investor Leslie Dick has filed suit against a number of players, including mega investor George Soros, involved in the 2003 auction of the General Motors Building.

By Tom Sosnowski | Updated on July 12, 2006

NEW YORK CITY-Real estate investment firm Leslie Dick Worldwide Ltd. filed court papers in New York State Supreme Court citing a bid rigging fraud conspiracy by a group controlled by billionaire investor George Soros in the sale of the 50-story General Motors Building at Fifth Ave and 59th Street. Dick’s offer of $1.5 billion was shunned for Macklowe Properties’ $1.4 billion bid in Septmber 2003.

The seller, Conseco Inc., was the majority owner and executed the sale in order to raise cash after declaring bankruptcy in 2002. When Conseco and Donald Trump bought the building in 1998 they paid $800 million, or $500 per square foot, which was then one of the highest prices paid for a New York office tower.

Dick’s complaint, filed June 21, says Mr. Soros gave Macklowe $350 million, including the $50 million deposit Macklowe made, “essentially making Soros the real purchaser of the building.” Macklowe spokeman Howard Rubenstein told GlobeSt.com the $750 million lawsuit is “devoid of all merit and totally absurd.”

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