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Bankrupt Art Dealer on How To Sell $25M Townhouses

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Art dealer Lawrence B. Salander, who ran the Upper East Side's Salander-O’Reilly Galleries, is in a bit of a financial pinch. After all, being labeled the "Enron of the art world" is probably not good for business. So, Salander wants to unload his six-story town house at 63 East 82nd Street (right, via PropertyShark) for $25 million, despite having purchased it for just $4.75 million in 2004. The story could end there, but since Salander is currently enmeshed in bankruptcy proceedings, the court has to review the plans, including the "brokers' eight-week schedule for advertising the sale." The Times has the details, and while there's nothing groundbreaking in the way the home will or will not be marketed, it's still a fun read:

In the first week, it called for sending color fliers and postcards to, among others, "roughly 3,000 Upper East Side property owners and Manhattan developers." It also said there would be an open house for brokers "with lunch." Also in the first week, the firm would set up a Web page for the town house and place ads in The New York Times, The New York Observer, Quest magazine and The Times of London. In the second week, the firm promised to begin "direct telephone canvassing of prospective buyers," to hold a cocktail party for other real estate brokers and to run additional advertisements. In all, the plan called for three more open houses for brokers and another cocktail party.Mmm, there's nothing more delicious and intoxicating than a cocktail poured out of sheer desperation. So, think they'd take $20 mil?
· Bankrupt Art Dealer Asks to Sell House for Millions [NYT]