Hearst's crusade against Roosevelt and the New Deal, combined with union strikes and boycotts of his properties, undermined the financial strength of his empire. Circulation of his major publications declined in the mid-1930s, while rivals such as the New York "Daily News" were flourishing. He refused to take effective cost-cutting measures, and instead increased his very expensive art purchases. His friend Joseph P. Kennedy offered to buy the magazines, but Hearst jealously guarded his empire and refused. Instead, he sold some of his heavily mortgaged real estate. San Simeon itself was mortgaged to "Los Angeles Times" owner Harry Chandler in 1933 for $600,000.