Subprime Mortgage Profiteer Lists Tuxedo Park Mansion
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Location: Tuxedo Park, N.Y.
Price: $2,595,000
The Skinny: Completed in 1886 to plans by Bruce Price, this shingled mansion was one of the first to be erected inside the gates of the blue-blood bastion of Tuxedo Park. Built for Grenville Kane, a society banker and longtime treasurer of the Tuxedo Club, the 7,000-square-foot mansion includes seven bedrooms, seven bathrooms, a terraced swimming pool, a wood-paneled library, and, thanks to the decorating of its current owner, some of the wildest interiors ever seen in this typically staid enclave. The full renovation and eye-popping decor were installed by Goldman Sachs banker Michael Swenson and his Tuxedo Park-born wife, Kristen, who purchased the property in 1998 for $750K and are now asking nearly $2.6M. Swenson is credited with leading Goldman's shorting of the subprime mortgage market, a move that made the firm some $4B in profits but earned him infamy and a seat in front of Congress. All this from the guy who has a square-rigged pirate ship for a chandelier and a bedroom wrapped in blue zebra-print wallpaper.
· 44 Tower Hill Road E [Sotheby's International Realty]
· Goldman's uneasy subprime short [FT Alphaville]
Location: Tuxedo Park, N.Y.
Price: $2,595,000
The Skinny: Completed in 1886 to plans by Bruce Price, this shingled mansion was one of the first to be erected inside the gates of the blue-blood bastion of Tuxedo Park. Built for Grenville Kane, a society banker and longtime treasurer of the Tuxedo Club, the 7,000-square-foot mansion includes seven bedrooms, seven bathrooms, a terraced swimming pool, a wood-paneled library, and, thanks to the decorating of its current owner, some of the wildest interiors ever seen in this typically staid enclave. The full renovation and eye-popping decor were installed by Goldman Sachs banker Michael Swenson and his Tuxedo Park-born wife, Kristen, who purchased the property in 1998 for $750K and are now asking nearly $2.6M. Swenson is credited with leading Goldman's shorting of the subprime mortgage market, a move that made the firm some $4B in profits but earned him infamy and a seat in front of Congress. All this from the guy who has a square-rigged pirate ship for a chandelier and a bedroom wrapped in blue zebra-print wallpaper.
· Goldman's uneasy subprime short [FT Alphaville]
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Maybe they just have too much money, they don't know where to stop?
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