Many sports teams come to mind. Pretty much any F1 team that exists is now worth a lot more on paper than it was purchased for. A few EPL teams come to mind too.
[1]
“ The Glazer family’s acquisition of Manchester United remains controversial to this day.
Their £790m takeover in the summer of 2005 came by way of a leveraged buyout: when a significant amount of borrowed money is used to fund the acquisition of a company, with the debt secured against that company itself.”
