Fortune Magazine is running a story on Tom Barrack, described as "the world's best real estate investor".

He runs a $25 billion portfolio of trophy assets, from the Raffles hotel chain in Asia to the Aga Khan's former resort in Sardinia to Resorts International. Barrack has done deals with Saudi princes, Texas oilmen, a Caribbean dictator, even with Donald Trump. He bought the Fukuoka Dome, Japan's Yankee Stadium. He bought and sold New York City's Plaza hotel, turning a fast $160 million profit, as well as London's tony Savoy chain, netting another $270 million.

The Donald himself admits, "Tom has an amazing vision of the future, an ability to see what's going to happen that no one else can match."

So what does Tom think about the future of real estate in America?

In short, it's bad. His advice? Europe.

Read the full article. Or, skip past the fluff, and read the good part.

Photo by Alan Levenson