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Dreier's Hampton Homes Net $10 Million at Auction
New York Law Journal
June 19, 2009
Two luxury properties in the Hamptons seized by prosecutors following the December arrest of attorney Marc S. Dreier were auctioned on Wednesday for more than $10 million, according to Salvatore LaMonica of LaMonica Herbst & Maniscalco, the Chapter 7 trustee charged with liquidating Dreier's estate.
Auctioneer David R. Maltz & Co. sold 111 Dune Rd. in East Quogue, N.Y., for $6.6 million and 109 Dune Rd. for $3.8 million. Mark F. Pomerantz, who acted as receiver in Securities and Exchange Commission v. Dreier, 08 Civ. 10617, previously reported that selling the homes could generate $12.5 million or more.
Dreier, 59, who has pleaded guilty to selling fictitious promissory notes and bilking investors out of hundreds of millions of dollars, remains free on bail until a July 13 sentencing before Southern District of New York Judge Jed S. Rakoff.
Dreier's penthouse at 151 E. 58th St. in Manhattan, which boasts five bedrooms, a 600-square-foot terrace and floor-to-ceiling windows, will be auctioned on July 21 at the Southern District Bankruptcy Court. Interested bidders must present a $500,000 certified check made payable to the trustee.
