Phil Falcone mansions head to foreclosures public sale amid cash woes

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Former high-flying billionaire hedge-fund manager Phil Falcone seems to be near shedding his townhouse on East 67th Avenue in addition to his Hamptons estate.

Newmark’s Dustin Stolly and Jordan Roeschlaub of Newmark have posted an advertisement for an upcoming sale of two entities that personal the properties on behalf of the lender, Melody Business Finance, itemizing an impressive loan steadiness of $74.2 million.

Whereas the advert doesn’t list Falcone because the proprietor of the troubled entities — Croxton 2 LLC and Three-Hundreth Avenue LLC — he and his spouse, Lisa Marie Falcone, purchased the East 67th Avenue house of their names previous to transferring it to the LLC. They’re additionally each listed on the Melody mortgage documents as guarantors.

bidders might attempt to gather the remaining $74,251,646 on the loan or just foreclose on the 2 properties. The sale will happen on April 13 the advertising material states.

The brokers declined comment on the foreclosures sale.

Falcone rose to prominence throughout the 2007-2008 financial crash when he helped his hedge fund Harbinger amass billions betting towards housing — pocketing a $1.7 billion payday for himself within the process.

By 2012, nevertheless, he acquired into hassle with the Securities and Exchange Commission, leading to an $18 million fine, and a multiyear ban regardless of no admission of no wrongdoing.

Now he owes $1.8 million in again taxes to New York City, in line with public information. And final September he whined that he was too cash-poor to pay a virtually $14 million legal tab, in line with a lawsuit filed towards him in Manhattan Supreme Court that’s nonetheless winding its way by the court.

Lender Melody has additionally sued Falcone and his spouse, Lisa Marie Falcone, in the identical Manhattan state court over millions it claims it’s owed, saying the couple has pledged fine art and jewellery as collateral, court documents present.

In an email, Falcone said the foreclosures sale was in response to his legal battle with Melody, “which could eliminate” their loan to him.

The 2 properties on the center of the foreclosures public sale embrace a seven-bedroom townhouse at 22 E. 67 Avenue and a Sagaponack estate at 142 Crestview Drive.

The Manhattan property is listed for sale for $27.5 million by The Modlin Group. It boasts 13,300 sq. feet throughout six tales, plus a lower level with wine cellar and roof deck. The couple bought the home in 2004 for $10.375 million.

The 67th Avenue property is completely different, nevertheless, from the home Falcone and his spouse purchased close by in 2008 from Penthouse magazine writer Bob Guccione for $49 million — spending millions on renovations and an expansion. The couple sold that home in 2019 for a then-record $77.1 million.

They purchased the Sagaponack property for $5.5 million in 2006 and created a shocking 14,000 sq. feet with eight bedrooms. There’s a marble waterfall wall on the entry plus a 4,600 square-foot roof deck bar together with an elevator to the lower level that features screening and billiards rooms, a wine cellar, health club and outside pool.

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