From legendary short seller to god of American capital

Chapter 347 Second Visit: Signing of the Performance-Based Contract

Chapter 347 Second Visit, Signing of the Performance-Based Contract

At 3 p.m. the next day, the sun was high in the sky, and the scorching summer heat seemed to burn like flames. In front of Henry Astor III's mansion on 42nd Street, Larry was blinded by the gilded railings and windows.

"Summer is starting in New York City! This is the hardest time of the year for me." Goldman took out a handkerchief and wiped his face, but sweat still kept pouring out from his forehead.

Larry laughed and said, "The problem is with you. Why are you wearing a three-piece suit in this heat? Why don't you just wear a shirt like me?"

At this moment, the two stood side by side. Larry was only wearing a shirt, while Henry Goldman was wearing a three-piece suit, which covered him up completely.

Goldman shook his head and said seriously, "I'm not like you, Larry. We service workers have to ensure that our attire is impeccable."

Larry smiled without saying a word, instead watching the large-scale renovation and reconstruction taking place in front of Astor III's residence.

Workers carried building materials in and out, while four Italian stonemasons stood on the grass, wiping a newly made Roman statue of the god of war with a soft cloth.

"What a massive construction project!" Larry exclaimed.

"Who told him to get the land?" Goldman sighed softly. "He's eager to liquidate the land because he wants to spend money on himself, but the banks won't lend him money. His reputation is already ruined on Wall Street."

Just then, Henry III's butler came out. Goldman had arranged to visit him at 3 p.m. that afternoon.

The butler still had that same sharp and sarcastic look, always looking down at everyone as if he were the master.

Halfway there, a foreman-like man timidly emerged from the greenhouse, carrying an account book, and blocked his way. "Sir, the final payment for the stone materials is six weeks overdue. We need to pay the workers—"

The butler didn't even stop walking; he simply waved him aside rudely, like shooing away a fly. "Mr. Astor said that payment will be made after all the renovations are finished. If you don't want to continue working, there's a carriage right outside to take you back to the docks."

The foreman was speechless, but dared not stop the housekeeper any longer. He spoke from behind him, "But we need to pay wages!"

The housekeeper didn't even turn his head, simply saying, "Don't expect to get paid until the project is finished. If you don't want to work, you can get out!"

The foreman's lips trembled, but he dared not argue any further.

The butler walked up to Goldman and Larry without stopping and asked, "Hey, Goldman, is this the guy you were talking about who's willing to lend money to the master?"

"Yes! This is Mr. Larry Livingston." Goldman took off his hat and waved to Larry.

The butler glanced at Larry and said sarcastically, "—I think I've seen you before. Hmm, at the White Shoes Law Firm. You're a friend of King Astor IV? Oh, I see, you're probably a loan shark, and you probably gave King Astor IV money too, right?"

The butler had met Larry before at the Astor family's division of assets.

Larry smiled slightly and said, "I'm willing to show up wherever a big shot needs money."

The butler glanced at Larry and simply said slowly, "Come in with me."

The three walked through the courtyard and entered the vast and luxurious mansion. Under the three-story-high living room, the Bohemian-style crystal chandelier still shone brightly, and in the corner of the hall, there was a pile of unopened Persian carpets.

The new goods have arrived, and the old items are discarded like green leaves. On the bearskin rug in front of the fireplace, a few crumbs of caviar bread are scattered, and a fat dog lies there fast asleep.

"They're renovating—ever since King Astor III received his land, he's been living a lavish lifestyle."

"Gorman said to Larry in a low voice."

Larry nodded silently.

The butler told the three of them to wait in the living room while he went in to inform Astor III.

After a while, four maids helped the obese King Astor III out of the inner room. Today, King Astor III wore a scarlet velvet morning robe, sleekly tied to his waist. He was playing with a Gosher ruby ​​in his left hand and leaning on a diamond-encrusted cane in his right.

Without even glancing at the two people standing in the living room, King Astor IV plopped down in the large main seat, drank the refreshing beverage offered by a maid, and then looked at Larry and Goldman.

"It's you two again—one minute you're saying you want to buy land, the next you're saying you want to lend me money. Why are you two so troublesome?"

""

Goldman stepped forward and replied with a smile, "Mr. Astor, I have informed Mr. Livingston of your sale of the land. He visited the site to see the progress—but he believes it would be a great pity to sell this project, which belongs to the Astor family, in parts."

"Hmph!" King Astor III scoffed. "I doubt he can come up with that much money at all. Six million dollars isn't something any random nouveau riche country bumpkin can afford—"

Larry showed no emotion upon hearing Astor III's open mockery.

Goldman quickly said, "No, sir. Actually, such large plots of land are usually developed jointly, and Mr. Livingston has the resources to organize a development salon. But he truly admires the Astor family's reputation, and he was particularly disappointed when he heard that the old gentleman had personally planned the opera house on that plot of land."

Aster III still wore a mocking smile. "Oh? Is that so? There are actually some people with conscience on Wall Street now. That's as rare as finding a saltwater crocodile in Manhattan."

This time, before Goldman could answer, Larry said loudly, "Mr. Astor, your land is indeed priced very high—it's not something ordinary people like us can afford, but have you considered selling it to bankers or other giants? Selling it to smaller clients is more troublesome."

Larry's question startled King Astor III. He paused for a moment before saying, "—I don't want to get too involved with them. I hate their hypocrisy."

Larry laughed. "Perhaps you're more worried about what happens when you try to sell them the land. They'll make sure you pay off your debts first—and as far as I know, you can't borrow a single penny on Wall Street anymore, can you?"

King Astor III was speechless again, and after a while, he said, "This is none of your business! If you want that land, it's $600 million! Not a penny less. This time, unlike last time, those two properties and five street-front shops won't be sold to you so cheaply—"

"I can provide a loan of $150 million," Larry suddenly raised his voice.

"And the interest rate? How much? There are plenty of people lining up to borrow money from me," King Astor III said coldly.

"6% annual interest!" Larry said.

Annual interest rate — 6%?

King Astor III could hardly believe his ears; money was extremely tight. Regular bank lending rates were already above 12%, and private channels were offering rates exceeding 24%—

This guy actually said it would be 6% annual interest?

King Astor III was silent for a few seconds, then sneered, "Don't treat me like a fool. How could something so easy be possible? You're definitely up to no good—"

Larry smiled. "To be precise, it's a gamble. Someone as particular about appearances as you is certain you'll continue developing the Astor Opera House, after all, it's the face of the Astor family."

King Astor III looked at him suspiciously, but still said, "Of course! After my two brothers died, their two children were just wasting their lives. The only one who can truly uphold the family honor is me. I'm short of money—or I would have developed the Astor Opera project myself."

"Yes, I never doubted it," Larry replied.

King Astor III frowned and continued to ask with a cold laugh, "What do you mean by 'in the past'? Does that mean you no longer have confidence in me?"

""

"While waiting during my visit, I discovered that you still owe wages to the construction workers—naturally, I wonder, if you borrowed money to build a palace but can't even afford bread for the workers who clean the statues, wouldn't such development be considered disrespectful to the investors?"

The living room fell into a deathly silence. Goldman turned to look at Larry, his face filled with surprise.

Astor's smile froze. He knew, of course, that he was behind on his workers' wages, but he couldn't admit to a country bumpkin that he was having cash flow problems.

King Astor III abruptly stood up, slamming his cane heavily on the ground, his face contorted with rage.

"Respect? What respect are you talking about to my face? When my grandfather bought all of Manhattan, your grandfather was still picking clams on the Boston waterfront—and you dare to lecture me with the word 'respect'?"

With that, King Astor III raised his cane, pointing it at Larry's face. "Get out! Before I have the guards throw you into the East River!"

Goman's face turned pale. Just as she was about to offer some words of comfort, she saw Larry slowly raise his hand.

He actually clapped twice lightly.

"Excellent!" Larry said with a smile. "Mr. Aster is just as rumored—frank!"

Larry then took a document from his pocket and handed it to Henry Goldman beside him, but his eyes remained fixed on King Astor III, whose face was flushed red.

"Mr. Astor, since you're so confident, how about we try a different game?"

Gorman, having already understood, took two steps forward and handed the document to Astor III.

Astor took the document with a suspicious look, glanced at it briefly, and his brows gradually relaxed.

文件上面写着：本人愿无息借款150万美元，用于亨利·阿斯特三世在34街地块的开发。若阿斯特先生于1893年12月31日前，完成阿斯特歌剧院的开发。贷款即可转为无偿赠与。

However, if the project is not completed by then, the land will be sold back to the lender at 60% of the appraised market value.

"A free gift??" Astor repeated the word several times, a complex expression on his face, then looked at Larry. "What do you mean by that?"

"A performance-based contract," Larry stated frankly. "To be honest, I also want to uphold the honor of the Astor family—"

But after careful investigation, I discovered that your reputation isn't very good. How can I trust you to develop this land on time? So, this is a bet—I bet you won't be able to finish the Astor Opera project within the remaining year and a half—if you do, I'll give you the money for free.”

Astor III glanced sideways at Larry, his eyes blazing with ecstasy. He could almost see himself standing in the heart of the brightly lit Astor Opera House, being looked up to by all of New York.

"Young man! You probably know nothing about real estate projects. As long as you have enough money, a year and a half is more than enough to complete this project. With your $150 million, I'm sure I can build that house within a year."

"Then I'll honor my bet—the $150 million is yours," Larry replied readily.

Astor III, laughing heartily, said, "Alright, we'll do it your way. I'll make it the most dazzling community in all of America within ten months!"

King Astor III even took a few steps closer, walked up to Larry, lowered his voice, and spoke with the arrogance of a victor.

"Once I finish building the opera house, I will reserve the first box for you—so you can see for yourself what the real Astor family is all about."

Larry remained calm, bowed deeply to King Astor III, and said sincerely, "Then I await good news, sir!"

The two signed a performance-based agreement and had a lawyer witness it.

The specific procedural issues and betting details were agreed upon by the housekeeper, the lawyer, Larry, and Goldman.

Astor III stared at Larry with a mocking expression throughout. Only after all the contracts were signed did he smile and say, "On behalf of my father, I want to thank you for your generosity. Mr. Livingston—it was you who sponsored him to fulfill this wish."

Larry put away the copy of the contract and said to him with a smile, "It's my pleasure!"

Astor III continued, "Do you know that $150 million is more than enough to complete this project? Or are you being misled by something? Do you really think I'm just a pleasure-seeker? Let me tell you, I was a famous construction contractor when I was young. I was forced to become excellent by my father."

"That would be great! If $150 million can buy me the title of Larry Livingston's donor, I'd accept it!"

"Larry answered seriously."

As I stepped out of the mansion, the setting sun had already stained the gilded railings blood-red.

-

The two walked out of the mansion's courtyard. Goldman couldn't help but ask, "I really don't understand why you didn't just buy the land directly. Why set up this gamble? You have to know he's telling the truth; $150 million is enough to complete this opera house project—"

Larry looked at the renovation site in the courtyard, a smile on his face, but said nothing.

Larry knew there would be a crisis next year, but Goldman didn't, and neither did the old spendthrift.

When the crisis hits next year, everyone will face temporary hardship. For someone like that spendthrift, whose finances are so tight that no one is willing to lend him money—next year will be his death day!

When credit tightens, that's when its financial chain breaks down.

After thinking for a moment, Larry answered Goldman's question, "What did you hear her say just now? When we left, he yelled at the butler, 'Throw away all those old statues and replace them with new ones! I'm going to recast the God of War in gold!' — How could such a wasteful person possibly finish on time?"

Larry paused, then continued, "I want him to hand the land to me himself, and I want him to think it's a gift from him."