Foreclosure auction back on for One57 pad

The Nigerian businessman’s penthouse will hit the block next month

New York /
Oct.October 18, 2017 04:55 PM

The luxury penthouse unit at Extell Development’s One57 that belongs to Nigerian billionaire Kola Aluko is once again slated for auction.

The Nigerian billionaire, who is being investigated for money laundering in Nigeria and Europe, defaulted on a $35.3 million mortgage he took on the 79th-floor condominium in 2015.  His lenders moved to foreclose on it, but those plans were put on hold. It was listed last month for $39 million — almost $13 million less than what Aluko paid for it in 2014.

But the auction is now back on, and set for Nov. 8, Mark McKew, the lawyer appointed to handle the sale, told Bloomberg.

The 6,240-square-foot unit has four bedrooms and four-and-a-half baths. [Bloomberg]Miriam Hall


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