Fraudster’s Former Pad Still Won’t Sell

The former home of notorious fraudster Hassan Nemazee is on the market yet again—for an even lower asking price!

The 770 Park Avenue four-bedroom, five-bathroom co-op, which appears to be striving for a very antique feel (actually, one might call it an “old lady chic” style) is on the market now for $16 million. This comes after originally being listed by Sotheby’s two years ago for $18 million and then taken off the market and relisted for a mindboggling $23.8 million. Then the asking price was reduced even further to a more sensible $17.9 million, before finally coming back at us (several brokers later) with the more palatable $16-million price tag. 

The 15-room duplex, which is in need of some major revamping, actually has some fine features; these include a two-room master suite, chef’s kitchen, maid’s room, and library—all within the old-style luxury building designed by Rosario Candela.  

The place is apparently still plagued by its troubled past, and seems to have problems finding a buyer. Nemazee, an investment banker who swindled banks out of $292 million, went to prison in 2010. The co-op was subsequently taken under the wing of authorities and listed on the market for more than two years. It even found a buyer back in March (who was actually Marina Shields Purcell, the half-sister of Brooke Shields) but now is again on the market. There’s no word why she backed out. 

Will this place ever be matched with a happy buyer? Your guess is as good as ours.