The U.S. Bankruptcy Court in Poughkeepsie is putting the rural Millbroook, NY home of former Madison Avenue art dealer Lawrence Salander up for auction. Salander is facing criminal charges over keeping proceeds from illegally-sold works in order to fund his own luxurious lifestyle. Free on $1 million bail, he has been living in the home, which he purchased in 1997 for $1.1 million, since he filed for bankruptcy in November 2007. The 66-acre Deep Hollow Farm property is 90 miles north of Manhattan and is located on a dirt road. The home has an indoor pool, gym, tennis court and garage space for nine cars. Despite two advertised public showings of the property, no prospective buyers have come to see it. In May 2008, brokerage Houlihan Lawrence listed the property for $5.5 million but received no bids after showing it more than a dozen times. However, the Bankruptcy Court has already received a bid on the property of at least $4.6 million from a partnership run by Salanders friend, Michael Lewitt. Salander’s Upper East Side townhouse is also for sale, though it is not part of the auction, which will take place Monday.
Bankrupt Madison Avenue art dealer’s rural home up for auction
TRD New York /
Nov.November 13, 2009 09:31 AM