Lawyerly Lairs: Marc Dreier's Penthouse Goes for $8.2 Million
A certain big-time lawyer turned big-time fraudster -- Marc Dreier, aka "Mini-Madoff" -- will probably spend the rest of his life behind bars. He must miss his days of house arrest, when he got to hole up in 34C -- not just a great bra size, but also a great apartment -- at One Beacon Court.
That apartment is no longer his. The New York Law Journal reports:
The luxury midtown Manhattan apartment of disgraced attorney Marc S. Dreier was sold at auction for $8.2 million, about $2 million less than the $10.43 million he paid in 2007.The sale of the condominium at 151 E. 58th St. came just one week after Southern District Judge Jed S. Rakoff sentenced Mr. Dreier to 20 years in prison for orchestrating a multi-year Ponzi scheme that fleeced more than $400 million from clients of Dreier LLP and investors to whom he sold bogus promissory notes.
Forty-six bidders registered for the auction held at Southern District Bankruptcy Court. In just five minutes, the price of Mr. Dreier's 3,000-square-foot apartment in the Bloomberg Building at One Beacon Court rocketed to $8.15 million from an initial bid of $3 million.
Eight million isn't chump change. But look at everything the buyer is getting!
The NYLJ sets the scene:
On Monday, as potential bidders roamed through Mr. Dreier's unit admiring the sweeping East River views from its massive terrace, remnants of the now imprisoned attorney's lavish past remained.Photos of rocker Jon Bon Jovi and former New York Giant Michael Strahan, celebrity clients of Dreier LLP, which imploded days after its sole equity partner's December arrest, lined the walls of the entryway....
In the kitchen, one of the auctioneer's employees dumped a bottle of walnut oil down the sink and threw a jar of capers into a large green trash bag. A 2003 bottle of Château d'Yquem and a bottle of Ruinart Champagne Brut Blanc were still chilling in a wine fridge.
A wood-framed mirror occupying nearly a full wall of the master bedroom faced Mr. Dreier's bed. A woman's black camisole was rolled up next to one of the nearly 30 pairs of shoes the attorney left behind in his closet.
Maybe it belonged to a Maxim model?
So who bought Dreier's old place? According to the New York Daily News, the winning bidder was Ajit Jain, who heads reinsurance at Berkshire Hathaway. Jain is often mentioned as a possible successor to the legendary Warren Buffet as CEO of the entire company.
The 3,000 square foot apartment is on the 34th floor of the ultra-luxurious One Beacon Court condominium, home to such celebs as Beyonce and Brian Williams. It has stunning skyline views from a gigantic terrace (over 700 square feet -- bigger than many a Manhattan apartment).
To get a better sense for Dreier's former condo, check out the slideshow below. If you're in a place where you can watch video (i.e., not the office), take a virtual tour of the premises.
Could You Live In A Cave, On Zero Dollars A Day? [Dealbreaker]
Marc Dreier's Luxury Prison Revealed! [Cityfile]
'Mini-Madoff' Marc Dreier's fancy East Side pad sold for $8.2 million [New York Daily News]
Dreier's Apartment Fetches $8.2 Million at Bankruptcy Auction [New York Law Journal via Dealbook]
Marc Dreier's One Beacon Pad Auctioned for $8.2 Million [Curbed]
(51) Comments
Comments
The people who keep cannabis illegal should be in prison with this asshole.
It's a plant, people. It grows wild. Is God a criminal that he makes it grow in the U.S.?
Stop putting people in jail for a drug that is less harmful, by far, then alcohol. This is fucking ridiculous. God Dammit.
#1 - Take a lude.
I wonder if Dreier smoked pot. I wouldn't be surprised.
Thank you for the real estate porn Dave. I've missed this sort of reporting on ATL.
WTF is with all the bathrooms in that place? I swear to God, I think one of the bathrooms has it's own bathroom.
For that kind of money, the square footage seems low.
Why is Lat writing now? No date, Lat? Then again, I'm commenting now. :(
I would much rather live in 15 CPW. One Beacon Court is so.... tacky.
That neighborhood sucks. Thronged with shoppers. Not very residential.
7 - Lat often writes at odd hours. This went up at 4:10 AM:
http://abovethelaw.com/2009/07/mystery_meeting_troutman_sanders.php
And this went up at 3 AM:
http://abovethelaw.com/2009/07/floyd_abrams_ratings_agencies.php
Lat - Insomnia much?
#2,
You're just jealous cause I'm *first*. I've been sitting hear, smoking pot all day for this opportunity.
http://www.youtube.com/watch?v=B91wki_jQf0
5 - Why did his apartment have so many bathrooms?
Because Marc Drier was FULL OF SHIT.
Not a big deal, but cityfile says the place cost Dreier $5.425 and the article above says it cost him $10+. What gives?
Breaking: Marc Drier raped my male chihuahua.
13 - that is a great question.
I think Cityfile is wrong. In addition to the New York Daily News and the New York Law Journal, the New York Times reports the price as $10 million:
"Mr. Dreier paid about $10.4 million for the unit in 2007, city records show."
http://dealbook.blogs.nytimes.com/2009/07/22/dreiers-pad-and-shoes-sold-for-82-million/
Marc Drier is actually female and from Boston thus the need for a bathroom within a bathroom plus an extra bathroom.
What kind of apartment do you think a junior partner at a place like Cravath or S&C can afford?
What a steal. The same apartment in Houston is 500,000. Plus it comes with a 4 parking spaces for your Lexises.
http://search.har.com/engine/dispSearch.cfm?mlnum=67852439&backButton=Y&Address=1616 Fountainview 608
18 - I'd say around $2 million (but with the possibility of "trading up" later).
The kitchen cabinets (slide #6) look cheap.
Drier's better off where he is now than in Houston.
19 - Cool. Does that agent come with the place? I'd hit it.
23 - So funny, I thought the exact same thing. Hot realtor!
19 - WOW, what an apartment. Some associate at a biglaw firm in Houston should (and can) definitely buy that. A third of fourth year would earn around 200K and at that salary a 500K apt is definitely feasible (assuming not much other debt!)...
19 / 25 - That IS a sick apartment. Too bad it's in Houston.
Quinn associates buy $500k apartments all the time. It's no big deal.
12 = win.
Lat: I believe your headline should read:
"Marc Dreier Fraud Has Harvard Law Connection"
10 great idea
3 no, I believed he drank alot
11 thanks - great film
No. 1 They should be in prison with this ass, growing cannabis and otherwise contributing to society.
*casually destroys a first year associate*
-Dave G.
can someone explain or post a link re boston girl and bowels?
One day I hope I can afford a 3,500 square foot wife and a house with a nicely trimmed bush.
I don't think rich people like the asses of others touching their potties. They just like to wipe their own asses with the legal career of others. One potty was likely Dreier's exclusively.
:(
"34C -- not just a great bra size"
Oh, Lat, how would you know?
Whoever took them should be recognized as an incredible photographer. It takes real skill to make an $8 million spread look boring.
Great building.
33 - Re: Boston girls, see the comments:
http://abovethelaw.com/2009/07/ladies_looking_for_love_try_suffolk.php
The commute from Houston to his office on Park Avenue must have been a real chore.
23 - No shit. She must not be a lawyer.
My residence is 1600 sq. ft., but it has 8 bathrooms because it is uber prestigous. You can tell how prestiguous a residence is by the number of bathrooms per square foot.
Does it qualify as cruel and unusual punishment for Dreier to go from 8 bathrooms spread all over his apartment to one right next to his cot?
They should have given ex-Dreier LLP associates the opportunity to take a shit in those bathrooms first before auctioning off the apartment.
Why is Dreier in jail but Dave Gordon getting a raise?
There's one point in the apartment where you would be standing within 5 feet of 4 bathrooms. I'd be afraid that if a Boston female were over there and had an emergency situation, she might be overwhelmed. Not being able to make a split-second decision on which of the 4 bathrooms surrounding her to use, in a moment of indecision she would proceed to accidently shit herself.
Funny story: you could buy an otherwise identical HOUSE in Dallas or Houston for under $600k.
Can someone please explain how this guy only got 20 yrs while Madoff got over a hundred? This guy is a lawyer, shouldn't he have been held to a much higher standard; also, sounds like a much bigger scumbag (as a person) than Mr. Madoff. The only difference I see -- Madoff went to Hofstra, this asshole went to Yale or something like that...
A little late to be reporting on this, Lat.
Check out Dreier's (former) Hampton Homes:
http://online.wsj.com/article/SB124457549001098999.html
47- Yes, but they'd be in Dallas or Houston, not NYC. Location, Location, Location!