ML-Implode News - Manhattan Version of "European Castle", Facing Foreclosure, Is Going Up for Auction (EXPECTED TO FETCH LESS THAN HALF OF 2012 LIST)

A 37-foot-wide mansion on Riverside Drive on the Upper West Side has been on the market on and off for four years at prices as high as $40 million. Now the owner, facing a threat of foreclosure, is taking a new approach: putting it up for auction to the highest bidder. The auction is scheduled for Dec. 20 and the auction house, Concierge Auctions, estimates that it will sell for $13 million to $16 million.
...
Since 2013, Ms. Kislin has been facing a foreclosure action on a $4 million mortgage on the house. In court filings last year, Ms. Kislin's lawyers argued that the bank negotiated in bad faith, after reneging on an agreement that would have given her reduced payments for two years to give her time to sell the mansion.
... "It is as close as a Manhattanite can come to living in a European castle." [Dexter Guerrieri, president of Vandenberg Inc.] said.

Amusingly, the property was turned from apartments into a single-family home, trophy property -- exactly the the opposite of what should have been done to cater to the strengths in the NYC market (luxury has been first to bomb, with effectively a shortage of "normal-people" apartment rental units).

Relevant:

Manhattan Version of "European Castle", Facing Foreclosure, Is Going Up for Auction (EXPECTED TO FETCH LESS THAN HALF OF 2012 LIST)