You didn't think we'd roll into the weekend without final word on 2007 Fifth Avenue, better known as the partially renovated townhouse owned by rapper DMX? Fans of celebrity trauma will recall that the place was set to be auctioned off on Wednesday at a sheriff's auction. A Curbed operative reports in with news so completely unbelievable that we'll just cut straight to it: "I just spoke with Daniel Eigerman, Esq., plaintiff's counsel. And holy crap, it sold for $120,000! I'm dying here. Let me write it out. One hundred twenty thousand dollars. Give or take, there's still some finalizing with the sheriff's department, and the full payment/closing takes three business days. As the attorney describes it, that's actually 'barely a whisker above' one-third of the value of the judgment they obtained against X. So he's in the hospital, arrested at Wal-Mart, AND losing $1 million on his townhouse, all within 24 hours. A rough day."
· It's Auction Day for DMX's Harlem Townhouse! [Curbed]
UPDATE: Via our ever-savvy commenters, an explanation of the seemingly low price: "This auction is subject to all prior encumberances, including any mortgage (there appears to be at least one for $400K), takes due, and any other liens or encumberances, which presumably includes various mechanics liens for unpaid partial renovations. So, the $120K is paying only for the remaining equity value net of liens." Says another, "That's exactly right, $120k+$400K+ whatever else its going to take to get the certificate of non-harrassment to covert this from and SRO to market rate apts. A good deal, yes, but lots and lots of work (therefore $$$) before this can make a profit. Oh also those apts have to be renovated." [Curbed Comments]
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