Auction of Salander estate Sept. 25

MILLBROOK — Art dealer Lawrence Salander’s 66-acre estate at 482 Deep Hollow Road, with an indoor gym, baseball diamond and greenhouse, will be auctioned off this Saturday, Sept. 25, at noon with a starting bid of $2.99 million. Thomas Genova, the trustee in Salander’s Chapter 7 personal bankruptcy, will conduct the sale and a preview of the property on Friday, Sept. 24, between 10 a.m. and noon, and before the sale on Saturday at 10 a.m.

Salander bought the property in 1997 for a reported $1.1 million and relocated there from his townhouse in Manhattan in November 2007, when he declared personal bankruptcy. He pleaded guilty to 29 counts of defrauding investors and collectors of more than $125 million in March of this year and was sentenced to six to 18 years in prison in August.

The property, listed with Houlihan and Lawrence, originally went on the market for $5.9 million and was then reduced to $4.9 million and finally to $4.49 million, with no takers. Bids will be in increments of $50,000 and all interested bidders must provide a $250,000 deposit. The high bidder will have 30 days to close and there are no financing contingencies.

Asked about the high-profile bankruptcy proceeding, Genova said, “The issues are the same, but the numbers are a little different. Larry Salander has cooperated with me. He’s not a difficult debtor.�

The auction has been advertised in the New York Times and area newspapers and is expected to draw a crowd to Deep Hollow Road, where luminaries like Liam Neeson and Katie Couric have second homes.

If there is no bid above the initial $2.99 million opening price Genova will issue a Notice of Abandonment and turn the property over to the mortgage holders First Republic and Wachovia for foreclosure.

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