NEVADAN AT WORK: Developer builds fortune with four steps: buy ... - Las Vegas Review - Journal
Flores sold a 20 percent interest in the property to Ralph Engelstad, the late owner of Imperial Palace, for $1 million and had the 0.6-acre parcel zoned for a time-share hotel.
Both parties sued and got into a 10-year "pissing match," Flores said.
"I guess it was personalities," the 65-year-old real estate investor said at his makeshift office in a condo unit at Fremont Manor Townhomes. "It started when I read in the R-J where he called me a 'schmuck.' I guess that's Jewish for 'prick' and I wasn't very pleased with that."
A reporter stuck a microphone in his face one day and Flores blurted, "Steve Wynn is to the good-neighbor policy what Jeffrey Dahmer is to dining etiquette."
From his first duplex to the Villa de Flores apartments to his latest endeavor, Fremont Manor Townhomes in downtown Las Vegas, Flores has bought and sold rental income property for 35 years and made a small fortune at it.
By his own estimate, Flores has grossed $100 million in sales transactions on 28 properties, generally in the $4 million to $5 million range.