Ex-banker with “Wolf of Wall Street” connection tried “pie in the sky” pricing strategy in Tribeca. It didn’t work.

Alan Wilzig sold home for $12.7M, far below original asking price of $44M

New York /
Mar.March 05, 2019 09:30 AM

Alan Wilzig and 7 Hubert Street (Credit: Wikipedia and Google Maps)

Race car-driving ex-banker Alan Wilzig, known for inspiring a minor character in the movie “The Wolf of Wall Street,” has sold his Tribeca townhouse to a wealthy Brazilian family for $12.65 million, well below its original asking price of $44 million in 2014.

Having paid $3.35 million for the property and another $1.5 million on renovation, Wilzig still netted a tidy profit, the Wall Street Journal reported. The $44 million price tag was a “pie in the sky” strategy motivated by aggressive pricing he had seen in the area.

Wilzig told the Journal he wanted to “see if some Chinese billionaire wanted to live in Tribeca bad enough.” Following his divorce in 2017, he lowered the price tag to $20 million, when he became serious about selling. Before that, Wilzig says he wouldn’t have sold “without being paid such a stupid amount of money compared to what it’s worth.”

The ex-banker’s connection to “The Wolf of Wall Street” stems from the fact that his ex-girlfriend Nadine Caridi later went on to become Jordan Belfort’s second wife. Wilzig has objected to his portrayal in the Scorsese film, claiming it made him appear “nerdy” and left out the fact that he was driving a red Ferrari.

The 6,500-square foot home is one of the two townhouses at 7 Hubert Street, built in 2003. In addition to four bedrooms, the property includes a “great room” with an onyx fireplace, an 800-square-foot patio, a media room, spa, and private garage. Jane Powers of Douglas Elliman had the listing.

Wilzig now plans to spend more time at his farm in Taghkanic in upstate New York, where he built a 40-foot-wide Grand Prix racing track in 2010 for $7.5 million. He has retired from professional driving. Wilzig is also an investor and the former CEO of the Trust Company of New Jersey, which was previously owned by his father, oil tycoon Siggi Wilzig. [WSJ] — Kevin Sun


Related Articles

arrow_forward_ios
Hedge fund manager Robert Citrone (Getty)
This “Tiger Cub” hedge funder owns nearly 10% of Compass
This “Tiger Cub” hedge funder owns nearly 10% of Compass
Zynga founder Mark Pincus, Hippo founders Assaf Wand and Eyal Navon, and LinkedIn co-founder Reid Hoffman (Getty, LinkedIn)
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
Opendoor CEO Eric Wu (Opendoor, iStock/Illustration by Alexis Manrodt for The Real Deal)
Opendoor revenue plunged 45% in 2020
Opendoor revenue plunged 45% in 2020
CoStar CEO Andy Florance
CoStar retreats from failed CoreLogic bid
CoStar retreats from failed CoreLogic bid
Jimmy Fallon and Nanvy Juvonen with their penthouse at 34 Gramercy Park East (Photos via Getty/Sotheby's Jeremy V. Stein and Debbie Korb)
Jimmy Fallon lists Gramercy Park penthouse for $15M
Jimmy Fallon lists Gramercy Park penthouse for $15M
In 2018, a Brookings Institution study found homes in majority-Black neighborhoods were undervalued by $48,000 on average. (iStock)
Appraisal Institute taking steps to root out racial bias
Appraisal Institute taking steps to root out racial bias
Jennifer Kalish was Elliman's top individual broker, while Holly Parker led the top team in Manhattan. (Douglas Elliman)
Here are Elliman and Corcoran Sunshine’s top producers of 2020
Here are Elliman and Corcoran Sunshine’s top producers of 2020
Chris Jiashu Xu and Long Island City's Skyline Tower. (Skyline Tower)
Closings underway at Queens’ tallest building
Closings underway at Queens’ tallest building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...