In New York and Los Angeles, Power teamed up with Donald Trump, and in the case of the latter city, forged a plan to redevelop the Ambassador Hotel, the place where Bobby Kennedy had been assassinated
Buoyed by his success in the UK, in 1987, Power brought his company, the Power Corporation, to the stock market. The flotation at 110p per share valued the company at £50 million. The company raised funds from shareholders to increase its British portfolio and to move into the US property market, buying prime properties in New York, San Francisco, Los Angeles and Palm Beach in Florida.
But the Power Corporation was pushed into a precarious financial position as property values in the US and Britain slumped and its partners ran into difficulties. The shares, which peaked at 215p in 1990 and had fallen to 27p by late 1992, and were suspended at 1½p in October 1995. Power resigned from the company to facilitate its restructuring, and with personal debts of £8 million – money he had borrowed to buy company shares.