(Photo courtesy New York Times)
UPDATE: Find out selling price
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ORIGINAL POST:
After waiting a year for someone to buy his gray-shingled Nantucket home — a ubiquitous sight on Cape Cod — Paul Steinfurth (above) is taking a risky leap in this chaotic, unsettled real estate economy: On Tuesday, he is selling his 7,500 sq ft home via “absolute auction,” which means the highest bid wins, no matter how low that bid is. Steinfurth, who is a real estate businessman in Miami, bought the home in 2004 for $5.4 million. He’s not the only one with a high-end property that is sitting unsold in Nantucket. According to the NY Times article:
About 600 properties, or 6 percent of all those on the island, are for sale, but almost nothing is selling. “The damage is huge,” said Flint Ranney, a real estate broker on the island for 30 years and president of Denby Real Estate.
The estate sounds lovely and could result in a steal for the right person who is in the right place at the right time. It sits on 2 acres and has views of Nantucket and Nantucket Sound (from the widow’s walk), 5 beds, 6.5 baths and a one bedroom/one bath detached guest suite. It also has a heated pool and spa, detached 2-car heated garage, game room, home gym, and finished lower level.
Details of the Nantucket auction reveal that you need a $75,000 certified check to register to bid on the property and then a 10 percent down payment immediately after being declared the winning bid. It doesn’t say whether there is a starting bid.
Also, there’s no need to feel sorry for Mr. Steinfurth. He wasn’t a victim in the Madoff debacle — he already bought a bigger home on the island for $7.8 million and doesn’t want two big homes on Nantucket.
More here:
Nantucket Beauty in Absolute Auction on Tuesday
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Owner Paul Steinfurth, who I called crazy like a fox, bought the property in 2004 for $5.4 million. So, he took a loss, but I’ll bet he’s happy to unload it. What do you think? Good move on Steinfurth’s part?
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New authority takes over real estate oversight from Tuesday …- Homes of Former Tyco CEO Dennis Kozlowski on Market
This must be the year that prime real estate once owned by disgraced businessmen hits the market. We’re talking about former Tyco International CEO Dennis Kozlowski and Ponzi-schemer Bernie Madoff, who are both serving jail time for their acts of fraud and deceit.Luxist reports that Kozlowski’s homes in Nantucket and Boca Raton are both on the market as Kozlowski sits in an upstate NY prison serving 8 to 25 years for, essentially stealing from his own company.
1. Kozlowski’s Nantucket home:
37 Squam Rd, Nantucket, MA 02554
For sale: $16,450,000
Marketing teaser: “Spectacular waterfront estate”
Fun facts: Kozlowski purchased the property in 1997 for $5 million. After Kozlowski’s conviction, it went on the market in 2006 for $23 million. The asking price has since come down. The home has 16 bedrooms and 7,000 sq ft of living space and the nearly 4-acre lot borders a preserve.2. Kozlowski’s Boca Raton home:
4101 Ibis Point Circle, Boca Raton, FL
For sale: $24,900,000
Marketing teaser: “Monumental 1.6+-acre Sanctuary point compound”
Fun facts: The home was put on the market last year as part of Kozlowski’s divorce agreement from his wife, Karen. Moroccan-style design includes 10,701 sq ft, four bedrooms and eight bathrooms, plus 600 feet of deep-water shoreline.Then, there’s Bernie
Ponzi schemer Bernie Madoff was the latest rip-off artist who is serving his 150-year sentence at a federal prison in Butner, NC. All three of Madoff’s homes went on the market last month and the Montauk home is said to have a contract above the asking price.
Continued here:
Homes of Former Tyco CEO Dennis Kozlowski on MarketCategories
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