Black Arts: The $800 Million Family Selling Art Degrees and False Hopes

Black Arts: The $800 Million Family Selling Art Degrees and False Hopes

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Elisa Stephens and her family built an $800 million fortune converting student loans into questionably valuable art degrees and pouring the profits into San Francisco real estate. Now, after two decades of blistering growth, her empire of false hopes is finally facing regulatory glare.

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