The Largest Residential Foreclosure Auction In NYC History Is Back On

Tyler Durden's picture

Back in June, we introduced you to Nigerian oil magnate, Kola Aluko, the mysterious (now former) owner of Unit 79, a penthouse in Manhattan’s ultra-luxury One57 tower, one of several buildings clustered around Central Park that comprise Manhattan's "Billionaire's Row."

Aluko bought the 6,240-square-foot, full-floor penthouse in December 2014 for $50.9 million, concealing his identity with an LLC. At the time, it was the eighth-priciest in the building. But after taking out an unusually large ($35.3) mortgage with an even more unusual (one year) term the following September, Aluko defaulted, and his condo went into foreclosure - what will likely become the largest foreclosure sale in New York City history.

The auction, originally scheduled for July, was delayed when a creditor claimed Aluko owed it about $83 million for gasoline and jet fuel. But on Wednesday, Mark McKew, the New York lawyer appointed to handle the sale, has announced that the auction is back on. The sale will proceed on Nov. 8, Bloomberg reported.


One57

Aluko, who has many celebrity friends including Beyonce and Jay Z. The couple once rented hist yacht for a brief vacation.

But Aluko’s days of loaning out “the Galactica Star” (that’s the name of his 213-foot, $100 million yacht) are probably over, because he’s going to need it to flee from authorities in his home country, and around the world.


Kola Aluko

The one-time billionaire is wanted by authorities in Europe, Nigeria and the US for defrauding the Nigerian government by withholding oil profits and bribing corrupt Nigerian officials to secure lucrative oil contracts

According to various reports, a Nigerian court tried to freeze Aluko’s assets, including his One57 unit, as part of the alleged scheme to defraud the government of oil sale profits.

Foreclosure proceedings were started in January. The unit was put on the market for $39 million, according to Bloomberg, with a StreetEasy listing describing the owner as a “MOTIVATED SELLER!!!”

And of course, that $39 million figure - like Trump’s push for a 15% corporate tax rate - is just an opening offer. Which is great news for for any wealthy real estate investors looking to buy at the market top.
 

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LawsofPhysics's picture

Don't worry, this is Jew York goyim.  No oligarch of the chosen will be harmed during this default.  This rest of the country will be forced to bail them out as per usual...

"Full Faith and Credit"

Barry Madingo-Odongo's picture

I'll buy, enough funds remaining after the uranium deal was made. Thank you America, remember yes we can!

Chupacabra-322's picture

@ Law,

You end your posts with “Full Faith & Credit.”

What do you Men by that.

I interpret it as the Birth Certificate’s which are Securitized bonds / souls of the American People that enable the Criminal Fraud UNITED STATES, CORP. INC. Fraud via the Criminal Federal Reserve to print money off our Slave backs.

Is that what you mean.?

As in past CEO/ Presidents quoting “full faith & Credit of the American People.” is that what they really mean via double speak?

aurum4040's picture

Full faith and credit is a clause, notably utilized in the US Constitution. Equal consideration given in each state for all other states judgements, proceedings, acts, etc primarily based on access to records of said judgements etc...

pickatheweek's picture

What, no pictures of the interior? Where are the lovely views of CP and the FTC windows? Come on Taylor, you never know, there could be a buyer among the posters on this thread...

E.F. Mutton's picture

I hope he sells it soon so he can send me the $40.5 million he emailed me about

Well, he's got my account number just in case...

Dutch1206's picture

Damn didn't see this before I posted.  Great minds think alike

thatthingcanfly's picture

"I go chop your dolla,

I make your money disapeeyah,..."

WTFUD's picture

Long time me no listen dat song. Most Uplifting Beat.

Nunyadambizness's picture

Yeah...  I'd hate to have to suffer through pissing through a billion dollars.  That would be terrible.  

yogibear's picture

Bullish! DOW to be pushed higher by another 2,000 points by the central banksters in this fantasyland economy.

gespiri's picture

UMBORO MUKATO ME BECHE!!!

This is not my sandwich.....!

Calculus99's picture

When will these moron thieves learn that THE worst place to put a single penny is the US as if they want you, they'll get you (and certainly your assets). 

The UK is the place to go as all you've got to do is show them bags full of cash (literally or in digital form) and they're all yours. 

venturen's picture

Buy  the dip!

Didn't you know...with the World's Central Bank's No one loses money on anything stock, real estate, Nigerian Scams....everything is Backed!

truthalwayswinsout's picture

Let me see, I have a theory that all billionaires are crooks and theives. If you don't believe me or want to dispute it just look at Gates.

He stole is base product for $50K from its original designer without telling him he, Gates, had a deal with IBM. Gates made the deal with IBM without owning the operating system. 

Then Gates proceeded to sell the product in many versions over the past 40 years and none of them really ever worked.

Along the way he screwed everyone and anyone that was stupid enough to enter into a business deal with him and he made sure that no one could compete with him.

You become the richest public man in the world and nothing you have ever made has ever worked.

Of course, most people don't know this but Putin is the richest man in the world. He is worth $1 Trillion at least and for every $10 billion in value there is a dead body floating in the Black Sea.

Need I go on about Pappy Warren Buffet who made all his money in insurance and then sucking up to politicians to get those sweetheart off the books deals all the while selling his book on TV to all the suckers that think he is an investing genius.

 

stitch-rock's picture

Master-blaster don't run barter town.

Go up the food chain of debt (including FX markets)
to see who really runs the show...

east of eden's picture

'There is no great wealth without a great crime'

- Voltaire

JustPastPeacefield's picture

I'll write this comment but I'm waiting for my computer to Update and Shut Down. That usually takes only 10 minutes, every 3rd time I use the computer. What a fucking piece of shit. (Windows and Gates, both)

2banana's picture

Thugs and thieves hanging with each other?

++++++

Aluko, who has many celebrity friends including Beyonce and Jay Z. The couple once rented hist yacht for a brief vacation.

Dutch1206's picture

Is this the same Nigerian that keeps requesting my bank account information to wire me $1 billion?

Quivering Lip's picture

At $39,000,000 or $6,250 a square foot that place is a steal. Of course if Trumps new tax plan won't allow me to deduct the 2% in real estate taxes on federal 1040ez form I'm out.

spanish inquisition's picture

Will the rest of the residences will band together and bid up the property to protect their perceived value or let it tank and look for a property tax adjustment?

shankster's picture

I'm sure his rich black American friends will bail him out...don't cha think? Huh? Huh?

shankster's picture

'Broken Windows Theory' case study at billionaires row in NYC.

Calculus99's picture

On that topic about Buffett above, I reckon when he falls of his perch there's going to be LOADS of shit about him and how he operated and none of it is going to be good.

So looks like we're going to see if Buffet was swimming naked when the tide goes out. 

yellowsub's picture

How does he manage to borrow so much under LLC to buy the property?

 

Whoa Dammit's picture

The foreclosures I am concerned about is the rising number of lower middle class homes in good areas that are in arrears. Just take a look on Zillow in your city and you will be surprised at how many there are. And no one is talking about it.

CJgipper's picture

The higher end properties are in FAR worse shape financially.  They're being way overbuilt.

Buck Johnson's picture

Damn, he's running from the law but he has billions so.

 

MrBoompi's picture

It's a nice racket to be involved in.  You just do a couple of keystrokes on a computer and conjure up $35.3 million out of thin air and stick it in someone's account.  But the beautiful thing is when that person defaults, YOU get the property, which you can sell and stick that money into your own account.  And we still believe the Nigerian is the crook.

American Snipper's picture

He took the nigerian scam thing to a whole new level, nice!

moorewasthebestbond's picture

I have more respect for this criminal clown than I do for the oligarch career politicans on Capitol Hill.

thatthingcanfly's picture

If somebody owes you $1,000, they have a problem.

If somebody owes you $50,500,000, you have a problem.

Solio's picture

The crime  involved digits conjujred out of thiin air, at least he didn't spread heavy metals all over the earth that make the place poisoned forever. Not to mention the harm to the genomes.

Greenspazm's picture

Just lost a $10 bet with myself that the N-word would appear within the first 10 comments.

Falconsixone's picture

Will I have to live near jews?

I Write Code's picture

Does that include utilities, maid service, unlimited ice?

just the tip's picture

and bribing corrupt Nigerian officials

that expression reminds me of my junior college days when computer programming was in its infancy.  we had things called "do loops".

1  if a nigerian official is corrupt, then there should be nothing wrong/illegal with bribing him/her.

2  if you bribe the offcial then they are corrupt.

3  if you do not bribe the official they are still corrupt goto 1.

rub is, it's a continuous do loop.  you never get out.