In April debt woes reportedly forced family's real estate firm, Hillwood, to cede stake in high-profile Dallas development to German investment partners. Family's $2.5 billion Parkcentral Capital Management hedge fund went bust last fall now facing $753 million lawsuit from creditor JPMorgan Chase. Legendary Texas magnates have lost a combined $2.45 billion in past 12 months. Wants government to give green cards to immigrants willing to buy houses. "Mini-city" with Westin hotel, 10 residential towers for 30,000 residents, marina. Today portfolio includes 5,000 apartments in LeFrak City and a $3 billion investment in 16-million-square-foot commercial, residential, retail complex in Newport, N.J. Richard joined family business 1970s, became chairman after dad died 2003. Father, Sam, expanded in New York City and New Jersey built LeFrak City in Queens 1959. Grandfather Harry began developing real estate 1901. Richard LeFrak & family $4 bil Real Estate.
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