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One57’s record-breaking foreclosure put on hold

An auction for the city’s largest residential foreclosure has been canceled for now

One of New York’s largest residential foreclosures—possibly the largest in the city’s history—has been postponed for the time being. An auction for one of One57’s pricey penthouses was set to take place today, but according to Bloomberg, it’s been canceled after a new creditor connected to the pricey pad’s owner surfaced.

This new creditor claims that the apartment’s owner, Nigerian oil tycoon Kolawole Aluko, is on the hook for $83 million worth of unpaid gasoline and jet fuel (presumably for one of his three private jets, or perhaps his private yacht). That revelation forcing the Luxembourg-based bank who granted Aluko a $35.3 million mortgage to halt its foreclosure plans.

Aluko purchased the 6,240-square-foot home for $50.9 million in 2015, making it the eighth priciest condo to sell in the supertall skyscraper; but two years later, it’s become One57’s second unit to enter into foreclosure after Aluko failed to repay the mortgage within a year’s time.

According to court documents filed in Florida, debt collectors are attempting to force the registered apartment owners, Earnshaw Associates Ltd. and One57 79 Inc., to file bankruptcy to ensure that the $83 million debt is repaid, per Bloomberg.

The U.S. Department of Justice is investigating Aluko’s business transactions and plans to seize all U.S. property purchased with money from his fraudulent deals, including an $80 million yacht that the billionaire is reportedly hiding out on.


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