A lawyer friend of mine sends this:
Auction was held at 12:00 in the rain. There were four bidders. The winning bid was $3,000,000.00 by Patriot National Bank, which held the second and third mortgages.
Astoria Federal held the first mortgage and bid the amount of the debt of about $1,250,000.
Then another bidder bid and Patriot bid until he backed off and Patriot was declared the winner.
Access to premises was denied , not even in the driveway. The gates to the property were closed and the auction was held in the street, with two police officers monitoring things.
The property had a court appraisal of $5.1m and it will be interesting to see if the court will approve the sale.
I’ve been reporting on Steven Braverman’s woes for a long time. He owed $6.5 million on this dreadful house so it’s no wonder he couldn’t sell it before today’s foreclosure auction made that moot. I don’t usually cheer another’s misfortune so I won’t here, but if I was ever tempted to say a man got what he deserved ….
Final stage for Braverman will be the foreclosure on his last remaining property, 44 Close Road. Unlike his Lake Avenue monstrosity this was very well built (Tommy Hilfiger either had it built or bought it new, I forget which, but never lived here) and finished with taste. But that won’t be enough to achieve a sales price large enough to pay off the massive debt Braverman has saddled this place with, so look for the pending foreclosure to run its course to conclusion.
By the way, Patriot Bank now owns Lake free and clear of all the junior encumbrances, so you could probably buy this from them for even less that they paid today. Not my cup of tea but it is a lot of house. Trying buying something half its size in Riverside for $2.75 million – apples to oranges, I know but still ….
UPDATE: Hah! Duke of Deception, you missed your chance! Looking back at old comments, I see the Duke and I had this exchange in 2009: