Kimora Lee Simmons and the Saddle River home

After a second, $3.3 million price reduction, Kimora Lee Simmons’ Saddle River, NJ, home is on the market for $16.5 million. The Baby Phat designer and ex-wife of Russell Simmons is reportedly looking to acquire a Manhattan residence once she sells the 35,000-square-foot, 10-bedroom mansion, set on four acres with a movie theater, indoor and outdoor pools, and three kitchens. The master suite alone is 2,000 square feet. When the home first hit the market last year, it was listed at $23 million. It was then taken off the market and later re-listed at $19.8 million before the most recent price cut. Stephanie Rosken of Prominent Properties Sotheby’s International Realty has the listing. [Post, 1st item]

The federal government has seized the Southampton beach house of
alleged scam artist James Nicholson. Nicholson was recently indicted
for an alleged $150 million Ponzi scheme. He closed on the Hamptons
home for $27 million in January. The oceanfront, 10,000-square-foot
mansion has nine bedrooms, seven and a half baths, a solarium, tennis
court, pool and several fireplaces. The accused scammer also owns an
$8.5 million condo in the Time Warner Center, a $5.75 million house in
Saddle River, N.J.,  a $4.75 million penthouse in Palm Beach and a
$377,500 condo in Montvale, N.J. All of his properties are now worth
less than $40 million combined, but the court receiver said with
mortgages, back taxes, late fees and broker fees factored in, the homes
would only net $13.8 million. Comments

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