Ex-Soros Partner Surfs Argentine Crisis With Real Estate Empire
- Elsztain has built an empire of farmland, offices and malls
- Shopping mall earnings soar even as Argentina enters recession
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Sitting on a table in Eduardo Elsztain’s office in Buenos Aires is a glass sphere filled with $1 million in shredded, out-of-circulation US bills. The artwork, the real estate mogul says, is a constant reminder of the worthlessness of fiat currency.
That lesson is nowhere more true than in Elsztain’s native Argentina and has led the protege of George Soros to build an empire of shopping malls, farmland, office space and even gold mines. The rule is clear: land, bricks and mortar.