I do not see a "ton" of real estate ownership based on my careful review of the annual report. a townhouse or two in new york and some half completed retirement community homes complex in cali. of course half ownership in pru-douglas elliman is the crown for which they recorded a net profit of $14mil, i think or maybe 21mil. so there!!!!!!!!!!!!!!
This company is a cash cow plain and simple the realestate in my opion means nothing as the economy gets worst and it will till the next election people are going to smoke like chimineys and buy the cheapest smoke they can buy! Buy in my opion its the low interest rates keeping the divis coming I look at VGR as a bond I do believe Icahn will take this company private in time but will have to pay a premium I am no expert but I always go with my gut and its usually not wrong! Discloseure I have been a share holder since 2006! Any constructive comments welcome! Good luck VGR investers! Buy on dips!