Sunday, September 25, 2005

10 Bedrooms, 12 Baths, Motivated Seller

A Wall Street Journal article (here) discusses the sale by former WorldCom CFO Scott Sullivan of his palatial house in Boca Raton.  Sullivan was sentenced to a five-year term of imprisonment for his role in the accounting scandal at the company, a significantly lower sentence due to his cooperation with the government.  As part of his settlement of the securities fraud class action suit, Sullivan agreed to turn over the proceeds from the house sale. After first putting in on the market in 2003 for $23 million, the house was sold for $9 million.  There's nothing like a motivated seller to drive down the asking price.

Along the same lines, the Journal reports that Alberto Vilar, the founder of the Amerindo Investment Advisors who is under indictment for fraud, has put his 20-room New York Co-op (6 bedrooms, 9 baths) on the market for $14.5 million.  Information about the apartment is available from the broker here.  Vilar spent almost a month in jail after his arrest earlier this year when he could not make the $5 million bond. Yet another motivated seller, and you know how tough those co-op boards can be in scrutinizing potential purchasers. (ph)

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