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Josh Kosman

Josh Kosman

 Business
on the money

Alfred Taubman’s grandson’s huge blunder with family money

By
Josh Kosman
Published May 14, 2016, 10:15 p.m. ET

The late billionaire real estate titan Alfred Taubman’s grandson, Jason Kalisman, made a big miscalculation in one of his first investments of the family’s money, a source close to the situation told The Post.

Last fall, SBE Entertainment Group and Ron Burkle made a roughly $6-a-share offer to buy Morgans Hotel Group, in which Kalisman’s OTK Associates had a leading 13 percent stake, the source said.

The Morgans investment committee recommended the deal, but Kalisman, who has battled Burkle for years over control, balked over the offer for the Ian Schrager-founded boutique hotel chain.

“Jason blew it up and said he would sue,” the source told our Josh Kosman.

So despite the fact that the interest rate on a $75 million loan Burkle had made to Morgans in 2009 was scheduled to jump to 20 percent in 2016, the company declined the offer — but had no means to pay off the loan.

SBE and Burkle last week reached a deal to buy Morgans for $2.25 per share.

“The last deal was worth $6 a share, and he killed it,” the source said.

Morgans and Kalisman did not return calls.