Jho Low’s NYC condos to hit market as part of forfeiture lawsuit

The condos were allegedly bought with money stolen from Malaysian sovereign wealth fund 1MDB

New York /
May.May 30, 2019 10:22 AM
From left: 80 Columbus Circle, Jho Low, and 118 Greene Street

From left: 80 Columbus Circle, Jho Low, and 118 Greene Street (Credit: Getty Images)

A U.S. forfeiture lawsuit is targeting two luxury New York City condos owned by Jho Low, a Malaysian financier who was allegedly the mastermind behind a $4.5 billion dollar scam involving the Malaysian sovereign wealth fund. On Wednesday, U.S. lawyers and lawyers for Low asked a federal judge in Los Angeles to allow them to list two of Low’s trophy properties, a Time Warner Center penthouse at 80 Columbus Circle that he bought for $30 million in 2011, and a condo at 118 Greene Street he bought for $14 million in 2014.

Low was accused of diverting the money from Malaysia’s sovereign wealth fund 1MDB and using it to buy properties in California and New York, a $250 million yacht and jewelry for Low’s onetime sweetheart, actress and model Miranda Kerr.

The sale of the luxury condos is the latest development in the effort to recover the lost funds, Bloomberg reported. The yacht was seized off the coast of Indonesia in 2018 and sold to Genting Malaysia Bhd., a global casino, resorts and cruise lines conglomerate, for $126 million.

“Mr. Low is aware of two further successfully negotiated agreements with the U.S. government,” a Low representative said to Bloomberg in a statement. “This continued ongoing collaboration is crucial in order to protect both the value of the assets and the parties’ legal rights.”

Earlier this month, U.S. authorities listed Low’s mansion in L.A.’s exclusive Bird Streets neighborhood, which Low had bought for $39 million. [Bloomberg] — Georgia Kromrei


Related Articles

arrow_forward_ios
Clinton Street condo edges Park Slope townhouse in Brooklyn sales’ slow week
Clinton Street condo edges Park Slope townhouse in Brooklyn sales’ slow week
Clinton Street condo edges Park Slope townhouse in Brooklyn sales’ slow week
After scandal, Scott Rudin sells San Remo pad for $13M
After scandal, Scott Rudin sells San Remo pad for $13M
After scandal, Scott Rudin sells San Remo pad for $13M
Diane Ramirez
Diane Ramirez, after leaving BHS, joins Berkshire’s HomeServices
Diane Ramirez, after leaving BHS, joins Berkshire’s HomeServices
Related chairman Stephen Ross (Getty, iStock)
Related the latest company to mandate vaccines for employees
Related the latest company to mandate vaccines for employees
HGTV Founder Kenneth Lowe with the ONe57 condo (Getty, Douglas Elliman via Realtor)
HGTV founder buys One57 condo for $12.7 million
HGTV founder buys One57 condo for $12.7 million
45 South Grove St in East Orange (Rendering via Progress Capital)
Hero Construction lands $20M loan to build East Orange apartments
Hero Construction lands $20M loan to build East Orange apartments
90 Morton Street and 212 West 18th Street (Photos via 90MortonSt and JDS)
Walker Tower pad to sell at loss as Manhattan luxury market hits 7-month low
Walker Tower pad to sell at loss as Manhattan luxury market hits 7-month low
Rep. Alexandria Ocasio-Cortez, President Joe Biden and House Speaker Nancy Pelosi (Getty)
Democrats urge Biden to extend eviction ban after House effort falls short
Democrats urge Biden to extend eviction ban after House effort falls short
arrow_forward_ios

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

Loading...