Homes of Former Tyco CEO Dennis Kozlowski on Market

October 1, 2009

This must be the year that prime real estate once owned by disgraced businessmen hits the market. We’re talking about former Tyco International CEO Dennis Kozlowski and Ponzi-schemer Bernie Madoff, who are both serving jail time for their acts of fraud and deceit.

Luxist reports that Kozlowski’s homes in Nantucket and Boca Raton are both on the market as Kozlowski sits in an upstate NY prison serving 8 to 25 years for, essentially stealing from his own company.

1. Kozlowski’s Nantucket home:

37 Squam Rd, Nantucket, MA 02554
For sale: $16,450,000
Marketing teaser: “Spectacular waterfront estate”
Fun facts: Kozlowski purchased the property in 1997 for $5 million. After Kozlowski’s conviction, it went on the market in 2006 for $23 million. The asking price has since come down. The home has 16 bedrooms and 7,000 sq ft of living space and the nearly 4-acre lot borders a preserve.

2. Kozlowski’s Boca Raton home:

4101 Ibis Point Circle, Boca Raton, FL
For sale: $24,900,000
Marketing teaser: “Monumental 1.6+-acre Sanctuary point compound”
Fun facts: The home was put on the market last year as part of Kozlowski’s divorce agreement from his wife, Karen. Moroccan-style design includes 10,701 sq ft, four bedrooms and eight bathrooms, plus 600 feet of deep-water shoreline.

Then, there’s Bernie
Ponzi schemer Bernie Madoff was the latest rip-off artist who is serving his 150-year sentence at a federal prison in Butner, NC. All three of Madoff’s homes went on the market last month and the Montauk home is said to have a contract above the asking price.

Originally posted here.

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