True or False: During the Japan Bubble, one sky scraper in Tokyo was worth more than the entire state of california?
Brian is right. The claim was that, if you took the cost per square meter of land area in Tokyo based on market rates, the Imperial Gardens in Tokyo were worth more than California. 

Source: http://articles.chicagotribune.com/1989-11-19/business/8903110641_1_land-prices-national-land-agency-rockefeller-center

Obviously, this is a classic example of a fallacy that arises from extrapolation— if that additional land area had been made available for sale, it would have significantly increased supply and caused prices to drop accordingly.