Although at this point there may not be much face left to save, Arlene Farkas, estranged wife of horrible person Bruce Farkas, has filed for bankruptcy protection thusly thwarting a foreclosure auction on her apartment at the stodgy River House co-op on East 52nd Street. The campaign Farkas has waged to save the apartment, and some shred of dignity, has been epic: after 18 years, Farkas finally wrested control of the large River House pad only to list it around the $8 million mark time and time again, to no avail. More than a few deals fell through, and now it seems more than a few foreclosure auctions will be foiled, too.
The Daily News reports that Farkas filed for bankruptcy protection on Wednesday, just hours before the apartment was to be auctioned off, in a "last-ditch effort to avoid the humiliation of seeing her tony River House apartment hit the foreclosure auction block." The filing has postponed the auction indefinitely. According to a Daily News source, Farkas now has up to 18 months to file a plan with the court to repay her debts, which amount to over $6 million in defaulted-upon mortgage payments.
· Arlene Farkas files for bankruptcy protection in last-ditch effort to save fancy apartment [NYDN]
· All Arlene Farkas coverage [Curbed]
· All 435 East 52nd Street coverage [Curbed]