Wednesday, September 5, 2007

The queen of realtors

Ivanna Trump has a dream. She wants to put up the tallest habitable structure in Las Vegas - the Ivana Supertower. With 80 stories reaching 923 feet, the project looks like one giant lipstick case. The building will be capped by a 20,000 sq. ft penthouse with a $35 million price tag. Mmmmm, that doesn't sound overpriced.

Australian developer Victor Altomare launched the project with the motto "In Vegas, Size Matters" - a vulgar start to a tasteless project. For her part, Ivana said "real estate is a good bet for anyone. I always felt very secure and very safe with real estate. Real estate always appreciates". If she was a Wall Street investment advisor, the SEC would have nailed her dainty little feet to the floorboards for saying that. However, realtors can mislead investors with impunity in this country.

But what of Ivanna, the realtor for this project? According to her booking agency, Ivana "is a perfect example of professionalism, motherhood and ambition. She believes that hard work and faith can get you anywhere. Ivana Trump is the ultimate symbol of strength, glamour and worldliness. She has been in the spotlight for over 20 years and has always held her ground. From her athletic competitions as a child to her business ventures today, Ivana always comes out ahead. " That is funny enough by itself. I've nothing to add to that.

But will the Ivana ever be built? The market in Vegas is already bloated with overpriced empty condos. In reality, the project is about two years too late. Indeed, size does matter when it comes investing poorly conceived, miss-timed and badly marketed real estate projects. Big white elephants leave a lot of red ink on the balance sheet.

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