In 2007, Sam Zell made the deal of a lifetime when he sold his Equity Office Properties real estate portfolio (573 properties in all) to private equity giant Blackstone for $39 billion. Zell, nicknamed “the Gravedancer,” is notorious for selling at tops and buying at bottoms. In other words, if he’s selling, you probably don’t want to be buying.

Of course, with easy financing, and willing buyers, Blackstone bought the property and immediately flipped hundreds of buildings, recouping $27 billion. Now, the 16 investors who still own Zell’s buildings are stuck with enormous debt, empty office space, and buildings worth less than their mortgages.

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