Turns out Ruthie Madoff may not be permitted to buy that one bedroom in Spanish Harlem (or whatever the hell you want to call it – the area that isn’t the East Side) after all: Madoff Trustee Irving Picard is suing the bitch for the $2.3 million the feds let her keep, claiming (d’oh) that she was in on the scheme the whole time. I’m all for it – leave her homeless and on the street, but if she wants a step up from that and maybe has some of Bernie’s old watches she can sell, or Madoff Investments paraphernalia, I’d suggest she look into what I used to call Pelenopor but which a reader has beautifully named NoPo – North of Post Road, of course. We got stuff here at prices that’ll knock your socks off, Ruthie. And if you can’t swing that, there’s always Chickahominy.
UPDATE: Here’s more on the suit from The Wall Street Journal. The Trustee’s looking for $44 million, claiming that regardless of whether Ruth knew about or participated in the scam, she benefited from it and lived “a life of luxury” on the proceeds. This theory should cause Walter, Monica and all the filly(ie)s sleepless nights because the Noel clan is, at best, in no better position than Ruth Madoff. Just like her, they say that they knew nothing and who can blame them for living large? But if living a life f luxury on stolen proceeds is the test for restitution, do Round Hill cottages, villa’s in Mustique and $30 million yachts qualify? Why yes, I believe they do. Oh uh, Walt. Go, Irving!
Madoff trustee Picard in settlement talks with Fairfield Greenwich Group. As noted earlier today, Noel’s Fairfield Sentry Fund was dissolved yesterdayin the British Virgin Island, Attorney Boies is just one of dozens of lawyers clawing their way up the road to Walter’s house and, all in all, things look bleak for Walter and the Fabulous Five. Will they discover that “tomorrow is another day”? Will they have to leave Tara? Tune in, as the world turns.
Coming soon to your neighborhood, the best darn little magazine saleswomen in the world!
Ain't they sweet, see 'em walking down your street
Andre will pay the mortgage, right, Andre? Andre?
Victoria Gotti, the Don’s daughter, is losing her mansion to foreclosure.
Word around town is that the Fabulous Noel Girls are bemoaning their fate and weeping that “we’re going to get sued and lose all our money”. The Observer reports that Marisa’s town house, purchased for $13.5 million and carrying a $9 million mortgage, is up for sale, gutted, for $11 million. Good luck with that, girl.
Says one agent:
“I’m trying to get one of my clients to buy it. They apparently did all the demolition but can’t fix it up, or don’t want to,” the broker said. “I told my guy he should offer them $8 million—because it’s still a million dollars to fix this up.” An $8 million sale would mean the couple would lose at least $5.5 million on the house. “It’s literally the kind of thing that inspired me to call people who aren’t in the market for real estate, because people say, ‘If you hear of a really desperate situation, call me.’”
That guy sounds like someone who should be working with Frankie and me.
Waiting for Lorne Greene
Having been forced to sell off his prized horses (thank God Walt was on hand to stop the Fabulous Five from being loaded onto the knacker’s van), Fairfield Greenwich Group partner Jeffey Tucker is now offering to sell the farm itself. Funny thing, I’d have thought the more appropriate expression here would be “buying the farm” but those FGG guys always did have a strange way of doing things.
UPDATE: Okay, I was trying to spare Walt’s feelings but no one was getting the Lorne Greene reference so Walt, avert your eyes.
Manhattan co-op prices drop 22%, volume down 48%. Just when these poor kids need every dime they have to pay lawyers fees, fines and disgruntled victims, here comes the mean old real estate market to drive them further underwater. Jesus weeps.