Gerald Guterman
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Gerald Guterman is a real estate developer and investor.
He is the founder of Patriot American Investors, the company that purchased the largest portfolio of office buildings and hotels in the history of the Resolution Trust Corporation and its successor, the Federal Deposit Insurance Corporation (FDIC). He was Chairman of Hanover Companies, Incorporated, The Titan Group and Sovereign Construction Corp. Beginning in the 1980s and through the 1990s, he became one of the largest property managers in the United States, with over 60,000 apartments in over 250 communities. He is one of the largest condominium converters in the United States, converting over 11,000 rental apartments to condominium ownership. Today, his firm, Hanover Companies, LLC, is one of the largest condominium companies in America with properties from Florida to California and his mortgage company, Patriot Mortgage Fund, LLC provides mortgage loans in seven states.
Between 1976 and 1989 he built a collection of old master paintings that culminated in a sale (required by a divorce order) at Sothebys in 1989. The sale brought twelve world records for price. A number of the paintings were exhibited at the National Gallery in London, The Metropolitan Museum of Art in New York and the Getty Museum in California. Several were bought by the Getty Museum. In 1989, he placed his Stanhope Hotel (purchased in 1985 for $19,600,000) into Chapter 11 and immediately sold the hotel to Tobishima (a property company from Japan) for over $79,000,000 which was, at the time, one of the highest prices per room ever paid for a hotel.
Gerald Guterman served as a trustee of The Metropolitan Museum of Art, Adelphi University, New York City Opera, Dallas Opera, Young Men's Philanthropic League, Ripowam Cisqua School, and Harvey School. He also served as a Commissioner of the United States Romania Action Commission under the sponsorship of the United States Center for Strategic and International Studies, as well as Chairman of its banking and financing committees. Guterman served as personal financial advisor to the Minister of Privatization, Government of Romania.
