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Real estate mogul Harry Macklowe made the worst business decision of his life in 2007 when he agreed to spend $7.25 billion to acquire a collection of office buildings in Midtown controlled by Steve Schwarzman's Blackstone Group. (Blackstone had acquired the buildings in 2006 as part of its buyout of Sam Zell's Equity Office Properties.) It's been a long, hard road for Macklowe since then. Creditors have since reclaimed 11 of the properties that Macklowe's real estate firm once controlled, including the iconic GM Building and, as of last week, Worldwide Plaza. The Observer surveys the carnage today, if you're interested in reading about Macklowe's misery in more detail. The good news, if there is any, is that Macklowe hasn't had to sit at his desk and watch his empire unravel over the past few months. He handed over control of the firm to son Billy Macklowe last year, so Billy's been the one with that super-fun job. [NYO]