Luxist

Dubai Says Tiger Woods Development Will Proceed as Planned

Jared Paul Stern — Thu, 17 Dec 2009 14:02:00 EST

Filed under: Sports, Real Estate Developments, Wealth, Crimes and Misdemeanors

Some of Tiger Woods' sponsors and business associates are distancing themselves from the sports star in the wake of his mushrooming mistress scandal; however the Dubai backers of the first ever Woods-designed golf course and housing development say they'll proceed as planned with the megabucks project. The move is surprising given the iffy emirate's recent financial troubles as well as the UAE's extremely strict laws and outlook on sexual misconduct, real or perceived. The company building The Tiger Woods Dubai housing development and golf course said in a statement Wednesday it remains committed to completing the course, a 60,000-square-foot clubhouse, an 80-suite boutique hotel for VIP guests, 300 luxury villas, 20 mansions and a community retail area, all bearing the increasingly dubious Tiger Woods brand. The developer, part of the Dubai Holding conglomerate owned by the city-state's ruler, says "progress continues" on the project but gave no specifics, the AP reports. As we reported the other day, Woods' travails are likely to end up preventing him from becoming the world's first billionaire athlete, a goal he had nearly attained.

Dubai Says Tiger Woods Development Will Proceed as Planned originally appeared on Luxist on Thu, 17 Dec 2009 14:02:00 EST. Please see our terms for use of feeds.

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More Jewelers Fall Victim To Gold-Selling Scams

Deidre Woollard — Wed, 16 Dec 2009 21:03:00 EST

Filed under: Jewelry, Crimes and Misdemeanors

With gold's high prices more and more people have been selling off gold. In some ways that has been good for jewelers but it has also meant that gold-related frauds are on the rise. JCK Online reports on the findings of the Jewelers' Security Alliance which has received over 28 reports of gold-related frauds committed against retail jewelers in 2009. That number doesn't sound like a lot but last year saw just six scams.

There have been two major types of fraud, a bait and switch in which the seller shows the jeweler a gold item and then switches it with a lookalike fake, and a scenario in which the jeweler buys a piece that tests positive as gold but is instead a heavily plated item. Jewelers are advised to be aware of the proliferation of fake items and to test it as much as possible. Both buyers and sellers should be aware of the possibility that even if a piece is stamped as gold that does not mean it really is.

Gold sellers are also warned to be cautious. Check the daily prices and be aware that while any jeweler or gold dealer will also take a share of the profits it pays to shop around because the percentage may be different and different stores may offer varying prices for pieces. Depending on the value of the piece it may also be advisable to have it evaluated by an independent appraiser before shopping your jewelry around that way you know the range that it could fetch.

More Jewelers Fall Victim To Gold-Selling Scams originally appeared on Luxist on Wed, 16 Dec 2009 21:03:00 EST. Please see our terms for use of feeds.

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Tiger Woods' Troubles Will Cost Him Billionaire Status

Jared Paul Stern — Fri, 11 Dec 2009 18:01:00 EST

Filed under: Sports, Wealth, Crimes and Misdemeanors

Back in 2008 we reported that Tiger Woods was set to become the world's first billionaire athlete, with earnings on target to cross the billion-dollar mark, which they did in October. In order for his net worth to follow suit however, he would need to continue the momentum for at least another year, given the taxes and management fees he has to pay, to be considered a bona fide billionaire. Now in the wake of his fateful car crash and ongoing mistress revelations, along with the looming prospect of one of the most expensive sports divorce settlements ever and now news of his lucrative advertising revenue stream drying up, it seems Woods may never reach that goal. The golfer's $110 million in annual income from endorsements and tournaments, as estimated by Forbes magazine, hinges on his standing with consumers, which is currently at an all-time low. Sorry, Tiger, looks like you'll have to be content as a mere multimillionaire several times over - at least until that divorce goes through. For God's sake please don't end up like Lenny Dykstra.

Tiger Woods' Troubles Will Cost Him Billionaire Status originally appeared on Luxist on Fri, 11 Dec 2009 18:01:00 EST. Please see our terms for use of feeds.

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Stolen Cartier Jewels Recovered

Deidre Woollard — Wed, 09 Dec 2009 20:01:00 EST

Filed under: Jewelry, Crimes and Misdemeanors

Often after a jewelry store robbery the jewels are broken up and disappear into the black market never to be seen again. But police in Lyon, France got lucky. The AP reports that they have recovered nearly 800,000 euros ($1,181,900) worth of jewels stolen which were taken last month from the Cartier jewelry store in the southeastern French city. The jewels were stolen in a smash and grab on November 26 in which thieves rushed in during business hours, used a sledgehammer to break open reinforced glass and then grabbed handfuls of jewelry and watches. Police were searching the apartment of a suspect in another jewelry theft when they came upon the treasure trove of stolen loot. The suspect has not been caught.

Stolen Cartier Jewels Recovered originally appeared on Luxist on Wed, 09 Dec 2009 20:01:00 EST. Please see our terms for use of feeds.

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Colorado Governor's Mansion TP'd!

Annie Scott — Fri, 27 Nov 2009 18:02:00 EST

Filed under: Crimes and Misdemeanors

Thursday morning, Colorado Governor Bill Ritter and his wife woke to a yard blanketed in white -- not snow, toilet paper!

"State officials said it was the first time that happened to the 101-year-old landmark," reports Yahoo of the 1908 Georgian revival home.

The Ritters are showing a good sense of humor and, according to ABC News, they think it's funny.

Was it his stances on the issues? Probably not; the Ritters have teenage kids, and it was most likely aimed at one of them.

If we were the first family of Colorado, our concern would now be safety. I mean, nice security, guys! They don't have a camera to see who did it? No guards patrolling the area? And now the whole world knows it? Yikes.

[via Yahoo]

Colorado Governor's Mansion TP'd! originally appeared on Luxist on Fri, 27 Nov 2009 18:02:00 EST. Please see our terms for use of feeds.

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BMW Reportedly Defrauded in Formula One Sale

Noah Joseph — Wed, 25 Nov 2009 01:01:00 EST

Filed under: Wheels, Sports, Crimes and Misdemeanors

Back in 2005, BMW shocked the Formula One racing world by announcing it would leave its longtime partner Williams F1 in order to acquire its rival Sauber. But after four years of racing, the economy tanked and the coffers ran dry. BMW announced it would withdraw from the sport, leaving Sauber to look for a new investor.

A new investor was found, but reports now indicate that the deal could have been an elaborate fraud. The buyer was identified as Qadbak Investments, a mysterious Swiss firm that had recently acquired a football club in England and which was supposedly backed by wealthy Middle Eastern investors who preferred to keep a low profile. After an exhaustive chase of paper trails and dummy companies, it now appears that Qadbak is nothing but a front for one Russell King, a British national based in Dubai previously convicted of fraud.

According to the report, King was planning on using Sauber as a means to tap into the revenue sharing scheme in Formula One, worth tens of millions of euros.

BMW Reportedly Defrauded in Formula One Sale originally appeared on Luxist on Wed, 25 Nov 2009 01:01:00 EST. Please see our terms for use of feeds.

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Madoff's Debts Still Snowballing - Enter the Legal Fees

Annie Scott — Mon, 23 Nov 2009 18:02:00 EST

Filed under: Crimes and Misdemeanors

According to Reuters, today, "Bernard Madoff's bankruptcy trustee and the law firm employing him submitted a $22.1 million legal bill covering five months of work."

Baker & Hostetler LLP wants $21.28 million, and court-appointed trustee Irving Picard, the partner at Baker & Hostetler who is overseeing the liquidation of Madoff's professional and personal assets (that includes the auctions), wants $835,605 separately. Picard has "recovered $1.4 billion of assets, just 7 percent of the $21.2 billion of investor losses he had found."

When lawyers want their clients to get paid, that's one thing. When lawyers their own paycheck, it's another entirely. What do you think? Should they only get 7 percent of their bills paid? Perhaps that would reinvigorate their desire to find out, while liquidating, where the money really went.

[via Reuters]

Madoff's Debts Still Snowballing - Enter the Legal Fees originally appeared on Luxist on Mon, 23 Nov 2009 18:02:00 EST. Please see our terms for use of feeds.

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Joe Francis Owes Nearly $34 Million, May File For Bankruptcy

Deidre Woollard — Thu, 19 Nov 2009 14:01:00 EST

Filed under: Crimes and Misdemeanors

Perennially smiling entrepreneur Joe Francis might not have so much to smile about now. The Girls Gone Wild Founder may owe nearly $34 million in taxes. Francis has been served with a tax lien that says that he failed to pay $17.7 million in 2001, $11.2 million in 2002 and $4.9 million in 2003. Francis told TMZ that he doesn't owe the money and that the lien is "total retaliation for me beating them in court." A couple of weeks ago a judge approved a plea deal letting Francis plead guilty to charges of filing false tax returns and bribing jail workers and sentencing him to time served and a year of probation. Francis is planning to file for personal bankruptcy.

After the jump, check out a video of Francis on the television show "Life of Luxury." It showcases his extravagant spending on yachts, homes, exotic cars, jets, and of course, entertaining beautiful young women.

Continue reading Joe Francis Owes Nearly $34 Million, May File For Bankruptcy

Joe Francis Owes Nearly $34 Million, May File For Bankruptcy originally appeared on Luxist on Thu, 19 Nov 2009 14:01:00 EST. Please see our terms for use of feeds.

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Versace's Former Mansion Caught Up In Ponzi Schemer's Downfall

Deidre Woollard — Wed, 11 Nov 2009 03:02:00 EST

Filed under: Crimes and Misdemeanors

Earlier I wrote about the Scott Rothstein Ponzi scheme in Florida but now another news story indicates that the fallout extends beyond just Rothstein's own properties. Casa Casuarina, Gianni Versace's South Beach mansion, is also caught in the crossfire. Rothstein, who is part owner of the property, has been accused of swindling investors in a Ponzi scheme which took in hundreds of millions of dollars.

Just a few weeks ago executive chef Wolfgang Birk moved from Washington D.C. to South Beach to take over the new Italian restaurant at Casa Casuarina but on Monday he was escorted out of the building by police along with the mansion's other employees. The restaurant was supposed to open this week. The employees are out of work and their payrolls will be hung up in court while Rothstein's complicated legal tangles are sorted out. Rothstein's Bova Group had taken over management of the entire property, including the hotel, restaurant, nightclub, and the private membership club. After Rothstein's illegal dealings were discovered Peter Loftin, Casa Casuarina's majority owner, asked that anything associated with Bova Group be taken out of the property in order to protect his property from anyone coming after Rothstein. An article on the Daily Pulp says that Loftin is looking into bringing in a new management company in order to reopen the property.

Rothstein had $1 million wedding at the property last year with Florida governor Charlie Crist in attendance. He has bought a small stake in the mansion and has left behind hundreds of thousands of dollars in unpaid bills relating to renovations for the restaurant and other areas.

Tony Bova, Rothstein's partner in the restaurant business also managed Bova Prime in Fort Lauderdale and was not part of the Ponzi schemer's machinations. The future of that restaurant is also uncertain and it could end up closing.

Versace's Former Mansion Caught Up In Ponzi Schemer's Downfall originally appeared on Luxist on Wed, 11 Nov 2009 03:02:00 EST. Please see our terms for use of feeds.

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Another Florida Ponzi Schemer Loses His Toys

Deidre Woollard — Tue, 10 Nov 2009 15:01:00 EST

Filed under: Crimes and Misdemeanors

View more news videos at: http://www.nbcmiami.com/video.

Is Florida the home of the Ponzi scheme. NBC Miami brings in the story of yet another Florida Ponzi schemer who has had his toys seized by federal agents. Fort Lauderdale lawyer Scott Rothstein has not been arrested yet but the IRS has filed documents saying that he has been running a scheme since 2005, swindling hundreds of millions of dollars from investors. The filing says that Rothstein and others created false bank records and created legal settlements that did not exist. According to the Sun-Sentinel, the documents show that Rothstein's clients believed they were buying blocks of structured settlements derived from sexual harassment and labor-related cases in which confidential agreements had been reached. As with other Ponzi schemes new investor money was used to pay previous investors.

Federal agents visited Rothstein's $6.5 million mansion and hauled away his sports car collection and yacht and placed liens on several of his properties. The video from NBC Miami shows flatbed trucks taking away hisRolls-Royce Phantom and Bentley convertible. A red Ferrari was taken from his office and his 80-foot yacht Kimberly, named for his wife was sailed off to a collection agency. So far at least one lawsuit has been filed by investors seeking to get back some of the money they have lost.

Another Florida Ponzi Schemer Loses His Toys originally appeared on Luxist on Tue, 10 Nov 2009 15:01:00 EST. Please see our terms for use of feeds.

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Former F1 Driver David Coulthard gets a $33,000 Speeding Ticket

Noah Joseph — Mon, 02 Nov 2009 23:02:00 EST

Filed under: Wheels, Sports, Crimes and Misdemeanors

The truly wealthy never seem to care about tickets. They park where they want and drive how they want, because the penalties never mean much more than pocket change to them. Well they might want to give that a second thought as one extremely wealthy motorist has received an unpredecentedly large speeding ticket in Mumbai.

The fine was imposed on one David Coulthard, one of the most successful Formula One drivers never to win a world title. The Scotsman recently retired from active duty, but still performs from time to time for the Red Bull Racing team he helped form. On a recent demonstration run for 50,000 fans in India, Coulthard reportedly hit a top speed of 162 miles per hour... in a 30 zone. The result was that the local officials withheld the $33,000 deposit put down for the team for the event. Which has to be the biggest speeding ticket ever issued.

Gallery: Red Bull Racing demonstration in Mumbai

Former F1 Driver David Coulthard gets a $33,000 Speeding Ticket originally appeared on Luxist on Mon, 02 Nov 2009 23:02:00 EST. Please see our terms for use of feeds.

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Madoff's Victims To Get $534+ Million in Payments

Lisa Palladino — Thu, 29 Oct 2009 18:01:00 EST

Filed under: Wealth, Crimes and Misdemeanors

The latest in the Bernie Madoff saga is actually a bit of good news for his myriad victims. Reuters reports that they will receive more than $534 million in payouts, according to court-appointed trustee Irving Picard, who is trying to recover Madoff's assets.

The sum is less than one-eighth of the $4.44 billion of claims that Picard has so far deemed valid and is less than 3% of the $21.2 billion of losses suffered by holders of 2,335 Madoff accounts. These losses are up from the $13 billion the government estimated in June, when Madoff was sentenced to 150 years in prison.

Picard, a partner at the law firm Baker & Hostetler LLP, said he has reviewed 2,861 direct customer claims, allowing 1,558 and rejecting 1,303. He said 15,974 customer claims were submitted and noted that he has recovered $1.4 billion of Madoff assets, an amount that should reach $1.5 billion by year end.

Picard has filed lawsuits to recover $15 billion from Madoff investors he calls "net winners." Of the 4,903 accounts at Madoff's firm on December 11, 2008, when Madoff was arrested, 2,568 received more money than they deposited, he said.

Picard also said he will pursue the recovery of $7.2 billion from the estate of billionaire philanthropist Jeffry Picower, who recently drowned in a swimming pool at his Palm Beach, Fla., home following a heart attack.

The Securities Investor Protection Corp, a federally chartered agency that supervises the liquidation of brokerages, has been "the only source of distributed funds" to victims so far, agency president Stephen Harbeck said, adding that the $534.25 million of committed advances is more than in the SIPC's 321 combined prior liquidations since 1970. Federal law limits SIPC protection to $500,000.

Madoff's Victims To Get $534+ Million in Payments originally appeared on Luxist on Thu, 29 Oct 2009 18:01:00 EST. Please see our terms for use of feeds.

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South Florida's Latest Ponzi Schemer May Be The Most Brazen Yet

Deidre Woollard — Wed, 21 Oct 2009 00:01:00 EST

Filed under: Crimes and Misdemeanors

NBC Miami tells the story of another alleged Ponzi schemer. Sean Healy is no Bernie Madoff but he may have walked off with $20 million from his clients most of which seems to have been spent on living an exceedingly lavish lifestyle. Healy and his wife, a former Hooters girl, lived in an extravagant $2.4 million mansion in Weston, Florida. A Ferrari, stretch limousine and several Lamborghinis (a pink-trimmed one for the wife) were parked in the garage and the pair also spent millions on jewelry and tricking out the home (once owned by former NFL quarterback Bernie Kosar, a man with his own financial woes) with a $500,000 home theater. According to a video shot by NBC Miami (embedded after the jump), Healy invested none of his clients money and spent it all on his belongings, inventing big returns out of pure thin air. He is currently under house arrest in New York.

View more news videos at: http://www.nbcmiami.com/video.

South Florida's Latest Ponzi Schemer May Be The Most Brazen Yet originally appeared on Luxist on Wed, 21 Oct 2009 00:01:00 EST. Please see our terms for use of feeds.

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Suspect Charged In Celebrity Break-Ins

Deidre Woollard — Tue, 20 Oct 2009 13:30:00 EST

Filed under: Crimes and Misdemeanors

Lindsay Lohan and Audrina Patridge may have found their man, the man that robbed their houses that is. Nicholas Frank Prugo, an 18-year-old man from Calabasas, California ha been charged with two counts of residential burgulary in connection with the break-ins at the Hollywood Hills homes of reality TV star Audrina Patridge and actress Lindsay Lohan. The LA Times reports that Prugo allegedly stole more than $170,000 worth of jewelry and designer clothes. He had been arrested last month and could face up to six years in prison if convicted on all counts. He is scheduled to be arraigned on November 11. Video footage from both Lohan's home and Patridge's home was used to nab the suspect.

UPDATE: The suspects in this case were also linked to Paris Hilton's break-in. The LAPD were able to return her missing jewelry and other belongings.

Suspect Charged In Celebrity Break-Ins originally appeared on Luxist on Tue, 20 Oct 2009 13:30:00 EST. Please see our terms for use of feeds.

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Kourtney Kardashian Latest Celebrity Burglary Victim

Deidre Woollard — Sun, 18 Oct 2009 18:01:00 EST

Filed under: Crimes and Misdemeanors

Sometimes it seems that young Hollywood has more than its fair share of robberies. Reality television star Kourtney Kardashian joins Paris Hilton, Lindsay Lohan, Orlando Bloom and others in an unenviable club, the burglarized. TMZ reports that Kardashian returned to her Calabasas home on Saturday night to find that hundreds of thousands of dollars in jewelry had been taken. Pieces missing include Cartier and Rolex watches, diamond earrings and vintage jewelry given to her by her late father, lawyer Robert Kardashian. Her townhome is located in a gated community.

Gallery: Jewels Gone Missing

Kourtney Kardashian Latest Celebrity Burglary Victim originally appeared on Luxist on Sun, 18 Oct 2009 18:01:00 EST. Please see our terms for use of feeds.

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Madoff's Long Island Beach Home Fetches $9.41 million

Tom Johansmeyer — Sat, 17 Oct 2009 18:01:00 EST

Filed under: Estates, Crimes and Misdemeanors

The world's most accomplished Ponzi schemer -- right up until he got caught, that is -- finally lost his beach home. Bernie Madoff's Montauk house moved for $9.41 million, according to the U.S. Marshals Service, more than the $8.75 million for which it was listed. It sold on Friday, and the buyer is not being named. It only took a month to make the transaction happen.

Joseph Guccione, U.S. Marshal for the Southern District of New York, calls this "another step forward for the government," and though he didn't mention anything about the victims, one assumes that it's progress for them, too. After all, it would be nice if they got even a taste of this cash.

Several bidders tried to get their hands on Madoff's former home, which measures 3,000 square feet and has four bedrooms and three bathrooms. The losers can have another shot at Madoff glory, though, as properties in New York and Palm Beach, Florida, are listed. The former is on the market for $9.9 million, and the latter is listed for $8.49 million.

Madoff was unable to take a last walk through the halls of the Long Island residence, of course, because he's otherwise ~~detained~~ committed in Butner, North Carolina. But, he's adapting, having already thrown down on the block and earned himself some props.

Madoff's Long Island Beach Home Fetches $9.41 million originally appeared on Luxist on Sat, 17 Oct 2009 18:01:00 EST. Please see our terms for use of feeds.

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The Battle To Sell Off Richard Scrushy's Many Toys

Deidre Woollard — Thu, 08 Oct 2009 20:01:00 EST

Filed under: Wealth, Crimes and Misdemeanors

Earlier this year former HealthSouth CEO Richard Scrushy was ordered to pay nearly $2.9 billion to shareholders, now his belongings are being divvied up in order to begin to help satisfy that ruling. As we've seen in the Madoff case, tracking down a rich man's holdings isn't always easy. Just how much money Scrushy has isn't clear but lawyers have been rounding up his many belongings and fighting Scrushy's legal team every step of the way.

HealthSouth shareholders had filed a lawsuit claiming Scrushy was involved in years of overstating the company's earnings and assets so that it looked like the company was meeting the Wall Street forecasts. He was acquitted in a federal criminal case over related charges and testified in the state civil case that he knew nothing about any fraud but is currently serving a sentence for a 2006 conviction in a separate state government bribery case. The Scrushy saga was also featured in the CNBC show American Greed.

One item up for potential sale is the 92-foot yacht, Chez Soiree. The yacht, which is currently anchored in North Palm Beach, Florida, is supposed to be up for sale this weekend. Scrushy has said he doesn't own the yacht but a Cayman Islands-based firm bearing his middle name, Marin Ltd., does. The Birmingham News says that the Tallapoosa County Sheriff's Department has a November 9 auction date planned for Scrushy's $5 million Lake Martin, Alabama home and all of the contents of it and a hangar on the property, a hoard of hundreds of items including a cigarette boat and jet skis. The Birmingham News has PDFs of the list of belongings up for sale complete with black and white shots of wicker chairs, television sets and bad art. Neighbors had referred to the 14,000 square foot home as "the world's largest La Quinta Inn"

Scrushy's cars, 19 seized vehicles in total, were sold at auction last month. The cars includes a Bentley Azure, a Rolls Royce Corniche, a Hummer and a Porsche 911 and brought in more than $850,000 total. Scrushy's team of lawyers had also tried to delay that sale.

The Battle To Sell Off Richard Scrushy's Many Toys originally appeared on Luxist on Thu, 08 Oct 2009 20:01:00 EST. Please see our terms for use of feeds.

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Estate Owner Puts Faux Church On The Market

Deidre Woollard — Fri, 02 Oct 2009 08:01:00 EST

Filed under: Estates, Crimes and Misdemeanors

This is not a church, but the owner tried to claim it was to avoid paying real estate taxes. The Chicago Tribune's Elite Street column brings in the story of a home in Lake Bluff, Illinois owned by a banker who tried to duck out of around $80,000 in property taxes because he said that parishioners had congregated in his home so that his disabled wife could worship without leaving the house. Neighbors debunked that claim, telling the Tribune they never saw services held at the mansion. Over the summer an independent state administrative law judge for the Illinois Department of Revenue reversed the ruling leaving the banker liable for the tax bill. Now the property has hit the market. The Armenian Church of Lake Bluff is now for sale for $12.5 million, a hefty rise over the $3 million paid for the property in 2004.

The five-acre property is listed through Michael Realty & Associates and has 265 feet of private beach with elevator lifts to the beach. Listing pics are tiny but they show an exercise room, a barbershop with a mural, indoor pool, home theater, and a 12-car heated garage. The property was renovated with a 15,000 square foot addition in 2005. The master suite has a private wet bar, walk-in his and her closets and outdoor balconies overlooking Lake Michigan and an indoor private balcony overlooking indoor pool. The first floor great room has vaulted ceilings with four rain sensored skylights, a full formal dining room with attached butler pantry, with warming drawers and dishwasher, along with fireplace and wet bar. There does not appear to be a chapel.

Gallery: This Is Not A Church

Estate Owner Puts Faux Church On The Market originally appeared on Luxist on Fri, 02 Oct 2009 08:01:00 EST. Please see our terms for use of feeds.

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House's Wedding Rental Causes Controversy

Deidre Woollard — Tue, 29 Sep 2009 18:01:00 EST

Filed under: Crimes and Misdemeanors

If you have an estate and you need to make the rent one enterprising idea might be to rent it out for weddings. Just make sure the neighbors won't mind. The Daily Breeze has the story of a Palos Verdes Estates home which was rented out for weddings. Unfortunately neighbors in the elite Southern California community took issue with the streams of caterers and wedding guests pouring onto the estate each weekend. They complained about the noise repeatedly and city officials were brought in on the case. Now the home's owner could face up to two years in jail and a $4,000 fine in order to deter her from doing it again. The owner, Melahat Uzumcu was arraigned today on charges of violating the zoning code, creating a public nuisance and conducting a business without a license. The home is still listed online through HomeAway.com for 10,000-$12,000 per week or $2,000 per night and listing pictures show a charming large home with an ocean view.

Gallery: Chateau Del Mar

House's Wedding Rental Causes Controversy originally appeared on Luxist on Tue, 29 Sep 2009 18:01:00 EST. Please see our terms for use of feeds.

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Dennis Kozlowski's Real Estate Sell-Off

Deidre Woollard — Mon, 28 Sep 2009 08:02:00 EST

Filed under: Estates, Crimes and Misdemeanors

We've been watching disgraced Tyco CEO Dennis Kozlowski sell off his stuff for a long time. There was a lot of to sell, fine antiques, a classic sailing yacht and of course, some very tempting real estate. Problem is, the real estate isn't moving quite so quickly. Kozlowski's homes have sat on the market for a while despite their obvious charms. Meanwhile, Kozlowski himself sits in a jail cell, convicted in 2005 of crimes related to his receipt of over $80 million in purportedly unauthorized bonuses.

His Nantucket home is one of the island's best. The classic shingled home is a short walk from the beach and has perfect Atlantic views. Kozlowski had a talent for spending money and this home is done with the finest of finishes. The formal living room has a wood burning fireplace with marble surround and opens to casual living space with wet bar, entertainment center and a wall of rounded glass that slides open to the deck and path to beach. The dining room overlooks the deck and another wall of glass doors lead to the barbecue area and outdoor dining. There is both a catering kitchen and a regular kitchen as well as a wine cellar and two laundry rooms. The first floor bedroom suite has a fireplace and sitting area with sliding doors out to the deck and there are two other bedrooms on this floor. Upstairs there is a library with a fireplace and French doors out to the deck and the master suite has two fireplaces and a sitting area as well as a walk-in closet and a sumptuous marble bathroom. The property also includes a guest cottage and a garage that holds a home gym/fitness center with a second floor that has studio living space with a full bath and wet bar. The Wall Street Journal reported last year that the home had been reduced from the asking of $23 million to $16.45 million which is the number the listing still shows.

In my opinion, it's Kozlowski's Boca Raton, Florida place that will be the harder sell. The Real Estalker recently profiled this estate although South Florida Blockshopper shows it has been on the market since July. The eight-bedroom estate takes up a plush 1.6 acre spot in the elite community known at The Sanctuary and includes a tennis court, guest house, pool and over 600 feet of deepwater shoreline.

The Moroccan-inspired style includes long halls framed in pointed Gothic arches, plenty of beige, dark heavy wood, cooling tile floors and wrought iron. It's lovely but there's nothing particularly unique to recommend it except size and bland splendor. it is listed at $24.9 million putting it at the very top of the still-luxurious but sagging Boca Raton market.

My guesses as to final sale prices? I think each home will sell for around $15 million. Leave me your guess in the comments below.

Gallery: Dennis Kozlowski In Nantucket

Gallery: Dennis Kozlowksi In Boca Raton

Continue reading Dennis Kozlowski's Real Estate Sell-Off

Dennis Kozlowski's Real Estate Sell-Off originally appeared on Luxist on Mon, 28 Sep 2009 08:02:00 EST. Please see our terms for use of feeds.

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