Back when indicted art-world scammer Lawrence B. Salander was just bankrupt art-world scammer Lawrence B. Salander, his brokers' detailed plan to sell his Upper East Side townhouse was submitted to the court for approval. How would the six-story house at 63 East 82nd Street fetch the desired $25 million asking price? Mostly through postcards and cold-calling. Now, the disgraced gallerist is looking at serious jail time and lawsuits galore, so the Observer's Max Abelson takes a moment to update us on how that sales plan worked out:
The tag for 63 East 82nd Street, once $25 million, fell late last month to $15.995 million. The cut came right after Mr. Salander was arrested and charged with a 100-count indictment, which accuses him of, among other things, spending more than a decade selling artwork he didn’t own and pocketing the money. Mr. Salander, who only a year ago was giving high-chinned quotes like “Our society now values a Warhol for three times as much money as a great Rembrandt. ? It’s as if people would rather fuck than make love,” was arraigned in a stained hooded sweatshirt and a stubbly beard.Speaking of getting fucked, the $25 million asking price marked quite the upgrade over the $4.75 million Salander paid for the seven-bedroom house in 2004. After the purchase Salander sunk some serious cash into a renovation, but not quite enough, Abelson reports:He gutted the place and arranged for $2.8 million of work, reportedly putting in green and red Central American marble on the ground floor, which is always an ominous sign; refurbishing the elevator; installing a dumb waiter; and choosing a two-story stained-glass window for the townhouse’s rear. Permit filings with the city even show that he wanted to extend his backyard greenhouse by exactly 17 square feet. But he reportedly only paid $2.3 million, and his contractor eventually sued.Good luck recouping the money!
· Damaged Good Lawrence Salander Slashes Townhouse Price to $15.99 M. [NYO]
· Listing: 63 East 82nd Street [Leslie J. Garfield]
· Bankrupt Art Dealer on How To Sell $25M Townhouses [Curbed]