Phil Falcon leads foreclosure auction amid waste of money

the former High-flying billionaire hedge-fund manager Phil Falcon His Hamptons estate on East 67th Street appears to be close to losing its townhouse as well.

Dustin Stolley and Jordan Rocheloub of Newmark’s Newstream have posted an advertisement for the upcoming sale of two entities that own properties on behalf of the lender, Melody Business Finance, which lists an outstanding debt balance of $ 74.2 million.

While the ad does not list Felcon as the owner of the troubled entities – Craxton 2 LLC and Three-Hundreth Street LLC – he and his wife Lisa Marie Falcon bought the former 67th Street house before transferring it to his name. LLC. They are also listed on Melody Mortgage Documents as both guarantors.

Interested bidders may try to foreclose the remaining $ 74,251,646 on loan or on only two properties. The marketing material will be on sale in the states on April 13.

The brokers declined to comment on the foreclosure sale.

Falcon rose to prominence during the 2007–2008 financial crash when he helped his hedge fund Harbinger Amas Arabs betting against housing – paying $ 1.7 billion for himself in the process.

By 2012, however, he got into trouble with the Securities and Exchange Commission, resulting in a fine of $ 18 million, and a multinational ban despite admitting no wrongdoing.

He now owes $ 1.8 million to New York City according to public records. And last September he said he was too cash-poor to pay the nearly $ 14 million legal tab, according to a lawsuit filed against him in Manhattan Supreme Court, which is still shifting its way through the court .

Lender Melody has also sued Falcon and his wife Lisa Marie Falcon in the same Manhattan state court, claiming they owed it, with the couple presenting fine arts and jewelry as collateral, court documents show Huh.

In an email, Falcon said the foreclosure sale was in response to his legal battle with Melody, “which could have ended his loan for them”.

22 E. in two properties at the center of the foreclosure auction. The seven-bedroom townhouse at 67th Street and a Sagaponk estate at 142 Crestview Drive are included.

The Manhattan property is listed for sale at $ 27.5 million through the Manhattan Group. It boasts 13,300 square feet in six stories, and a lower level with a wine cellar and roof deck. The couple bought the house in 2004 for $ 10.375 million.

The property at 67th Street is different, however, from the house Falcon and his wife bought in 2008 from Penthouse magazine publisher Bob Gukeyon for $ 49 million – spending millions on renovations and an expansion. The couple sold the house in 2019 for $ 77.1 million.

He bought the Sagaponk property in 2006 for $ 5.5 million and built a stunning 14,000 sq ft with eight bedrooms. There is a marble waterfall wall at the entrance and a 4,600-square-foot roof deck bar with a lift to the lower level with screened and billiard rooms, wine cellar, gym and outdoor pool.

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