The Real Deal New York

Real estate heavyweights eye purchase of LA Clippers

Developers Don Peebles, Rick Caruso join Larry Ellison and Oprah on list of potential suitors

May 02, 2014 11:00AM

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From left: Don Peebles, Clippers, Rick Caruso and Oprah Winfrey

Developer Don Peebles’ the Peebles Corporation, a major African-American-owned firm that broke into the New York City real estate market last year, is among several real estate heavyweights considering buying the besieged Los Angeles Clippers.

Although the team is not technically up for sale, owner Donald Sterling might opt to sell it or be forced to do so by the NBA, amid fallout over Sterling’s recent scandal.

Peebles said he is interested in forming a group of female and minority investors to acquire the Clippers. At the right price, he said, the “Clippers are a good business opportunity.” If it goes on the block, the franchise could potentially fetch between $500 million and $750 million, Peebles told CNBC.

Los Angeles-based billionaire real estate developer Rick Caruso – along with David Geffen, Larry Ellison and Oprah – have shown interest in acquiring the team. Peebles has been vying for a bid to develop the Long Island College Hospital in Cobble Hill.

Earlier this week, Sterling was hit with a lifetime NBA ban and a $2.5 million fine after a recording of racist remarks was made public. He has also been battling cancer, ESPN reported today. [CNBC]Mark Maurer

  • walt dennehy

    how do you not mention that Peebles is in the 2nd position for the LICH redevelopment project, and could very well be awarded the project pending today’s court decision ?//

  • Steven Cohen

    Oprah should buy team; could she make a spot for Dennis Rodman as a scout.

  • Steven Cohen

    Donald Trump should be our next President.

  • Steven Cohen

    Jim Brown was greatest athlete of last century.

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