The Seychelles to auction off estate at a discount after diplomat’s divorce

The minimum bid amounts to more than a 60% discount from its recent listing price

TRD TRI-STATE /
May.May 04, 2019 11:00 AM

Lana Zakocela and Justin Etzin in front of their former New Castle home (Credit: Getty, Zillow)

The consul general and tourism ambassador of the Seychelles, an Indian Ocean island nation known for its robust offshore financial services sector, is selling his 7.9-acre estate in North Castle.

Seychelles’ government shelled out $2.2 million in 2016 for the property at 1503 Old Orchard Street on behalf of Consul General Justin Etzin back in 2016, the New York Post reported.

But Etzin, no stranger to tabloid headlines, and his wife, Latvian model Lana Zakocela, recently divorced, and the North Castle estate they lived in will now be auctioned off on June 13. The minimum bid has been set at $2.5 million, a more than 60 percent discount from its recent $6.75 million listing price, according to Daily Voice Plus.

Paramount Realty USA, which is handling the auction, noted in a press release that the diplomatic property has previously been owned by the Hearst and Macy families.

The North Castle property includes an 8-bedroom, 10-bathroom main house, guest cottages, stables, a log cabin, a parking garage and its own lake, according to the DVP.

Attorney and Paramount Realty founder Misha Haghani told the outlet that whoever buys the estate could “choose to gut-renovate or demolish the main house, subdivide the property into three-to-six individual lots, or renovate it as a school, religious compound or other facility.”

As for Etzin, son of hotel magnate Bernard Etzin, he told The Real Deal in a statement issued through a spokeswoman that the “auction process was chosen as a means for our Government to dispose of the Westchester Estate. We do realize that at auctions the real estate often sells at below market price, but we have chosen this selling platform for a sale in an efficient and timely manner.”

Read more Westchester & Fairfield real estate news here.


Related Articles

arrow_forward_ios
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
Marwan Kheireddine (inset), Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Jennifer Lawrence’s Upper East Side PH sold at 37% loss

Jennifer Lawrence’s Upper East Side PH sold at 37% loss
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
111 Leroy Street and 817 Fifth Avenue (StreetEasy, Google Maps)

Luxury deals plummet in Manhattan — again

Luxury deals plummet in Manhattan — again
arrow_forward_ios

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

Loading...