Upbeat Sabey keeps faith in art of the deal. (Sabey Corp.'s owner David Sabey)

David Sabey likes living outside the limelight these days -- it's giving him a chance to rebound from the roller-coaster ride he's been on for the past few years.

He was once dubbed the "Donald Trump of Puget Sound" -- the implication being that during the '80s, at least, everything Sabey touched turned to gold.

Sabey's knack for picking up undervalued assets and turning them into winners was well-respected in the real estate industry.

But those skills haven't transferred quite as smoothly into his non-real estate operations:

* Frederick & Nelson has closed and major creditor Citicorp is nearly done selling off its assets.

* Sun Sportswear is working with an investment banking firm to find a way to "enhance" its stock value.

* Burlington Environmental Inc. has postponed its initial public offering until market conditions improve.

"Yeah, we're a couple of quarts down, but we're not dead," Sabey said in a recent interview at Sabey Corp.'s Seattle headquarters.

Some people may think the ebullient Sabey has been knocked off his pedestal, but Sabey insists he's happy to be out of the public eye.

"The highest …