CBS Evening News for Tuesday, Apr 18, 1978
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(Studio) California's lure to people over years noted. Report is on another group lured there at present.
REPORTER: Roger Mudd
(Beverly Hills, California) Attraction Beverly Hills has for foreigners who want real estate there described. Ex. cited is that of Arabian Sheik Mohammad S.A. al Fassi,who has recently bought and begun redecorating of 48-room mansion for family while he attends UCLA. Description of decor at mansion given. [WOMEN - state views on sheik's use of plastic flowers as decoration.] Influx of wealthy people from places like Iran, West Germany, S. Korea and Japan stated. [Chamber of Commerce spokesperson John GLICK - knows of some Iranians waiting for places to buy at present.] Biggest inroads in area noted as having been made by Mideasterners, especially Iranians. Iranian busman.'s plans for estate once owned by late comedian Harold Lloyd and other purchases in area by Iranians reported [Realtor Mike SILVERMAN - says people come in with shopping bags or small valises containing-stacks of 100 dollar bills.] Realtors' developing of foreign market in Beverly Hills detailed. [Realtor Marty TRUGMAN - says real estate is safe investment since owners know government can't take property away from them.] Econ. aspects and advantages of foreign ownership in US, in view of United States dollar valuations, outlined.
REPORTER: Don Kladstrup
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