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Foreclosures on New York’s Billionaire’s Row

Of the over 2,000 billionaires in the world, 82 have a residence in New York City.  One57 (aka “The Billionaire’s Building”) is a tower near Central Park.  The identities of the residence of One57 are held secret, but two individuals were revealed because they stopped paying their mortgage.  Billionaires have bills too!

Foreclosure #1 – Mr. LLC

Mr. LLC is named as such because he shielded his identity behind an LLC when he bought a 3,466 square foot condo in One57.  Mr. LLC paid $21.4 million in 2015 for the property.  Apparently, things did not go according to plan.  Mr. LLC had rough couple of years and ended up with a lien on the property for $20.9 million plus fees and taxes.  The owner put the property on the market for $22.5 million, but it remains on the market over 500 days later.

Foreclosure #2 – Nigerian Oil Tycoon

Kolawole Aluko bought a 6,240 square feet apartment on the 56th floor of One57 in 2015.  He paid $50.9 million and $35.3 million of that was borrowed.  He also put up his 213-foot yacht, Galactic Star, as collateral.  The terms of the agreement stated that Mr. Aluko had to pay off the balance by the end of 2017.  The problem?  No one knows where the oil tycoon is.  Many believe he is living on his yacht.  Why?  In 2016, Mr. Aluko was suspected of stealing money from the Nigerian government.  In addition, he is thought to have made much of his money in international money laundering schemes.

Just for Fun

The most expensive residential apartment purchase in New York City history took place in One57.  In 2014, for $100.5 million, Michel Dell, Founder and CEO of Dell Technologies, bought a penthouse.  That penthouse is just under 11,000 square feet and has 6 bedrooms and 6 bathrooms.  Unlike the two afore mentioned billionaires, Mr. Dell is paying his mortgage.

Sometimes paying your mortgage is impossible.  Circumstances beyond your control can put you in a terrible position.  You might be fielding calls and letters from creditors and those communications can feel intrusive and threatening.  If you want the communication to stop, you need help.  Elias Dsouza of Dsouza and Strachan Lawgroup Group has the skills and experience to get you out of creditor’s crosshairs and back on track.  Contact Elias for a free consultation.

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