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Helmsley’s death could put properties on market

The death of Leona Helmsley, who held properties worth at least $2.5 billion, could put some marquee buildings on the market. Helmsley, who died yesterday at 87, owned the Park Lane Hotel and controlled the Empire State Building. Four advisers, led by real estate sage John Codey, operated Helmsley Enterprises, and Codey was expected to be one of her will’s executors, who will have power to control her holdings. After her husband Harry died in 1997, she sold properties worth almost $5 billion, including towers at 230 Park Avenue and 140 Broadway in New York. After 2000, as her mental capacity began to decline, so did her willingness to sell, and her complex real estate partnerships were difficult to wind down. Her executors are expected to evaluate whether her properties should be sold. more [WSJ]

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