The Real Deal New York

Dreier’s UES home to be auctioned

July 06, 2009 03:24PM

alternate textMarc Dreier’s One Beacon Court unit to be auctioned

Disgraced lawyer
Marc Dreier’s apartment at One Beacon Court, between Lexington and Third avenues and 58th and 59th streets, is expected to be auctioned
off on July 21. Dreier pleaded guilty to charges that he defrauded hedge
funds of $700 million. Dreier’s 7,000-square-foot home, which he bought
for $10.4 million two years ago, will be auctioned by David R. Maltz
& Co. with no starting bid. The auction company sold Dreier’s two Southampton
properties last month. Potential bidders must come with a $500,000
certified check payable to the trustee of Dreier’s personal assets. The
check will never be collected or cashed, Maltz explained. “It is just
to guarantee that only serious bidders participate.”

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