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Last year, he explained, he sold a project to HBO, but the deal collapsed over the issue of how much freedom he could have.
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Typically, he said a struggling developer will try to sell a project or form a venture with another developer to complete it.
Participants will be ineligible the next year, though an ensemble might conceivably sell a project involving more than one concert in a given year.
There were 19 fellows, and each tried to sell a project to the director Maurice Marable and Evan Shapiro, president of IFC TV and the Sundance Channel, as well as the Ghetto Film School's chairman of the board.
It is common for artwork and even test footage to be used to generate interest in a film, but this is the first time I have heard of a piece of bronze being used to sell a project.
"I pride myself on my tenacity as well as my ability to sell a project.
It hurts when you sell a project you love and then suddenly the project you really cared about will never see the light of day".
Last month it sold a Brazilian nickel project.
Later that year an entity controlled by Mr. Hoffmann's father, Rolf Hoffmann, who died last October, sold a mixed-use project in Miami he had developed.
The decline came as the company sold a number of projects to help pay for the Gulf of Mexico disaster, which offset the recent rises in crude price.
Net income was $242 million, or 21 cents a share, including one-time gains like income from selling a hydroelectric project.
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