NORTH SALEM, N.Y. -- The estate of former North Salem Supervisor Paul Greenwood, who resigned in 2009 after being indicted on federal fraud charges, will be up for auction on Thursday, Nov. 20, according to an official with the company overseeing the sale.
Richard Maltz of family business Maltz Auctions, said the auction will take place at The Ritz-Carlton in White Plains. Registration is scheduled for 6 p.m. and the auction itself is scheduled to start an hour later.
The estate is listed as being more than 15 acres and is made up of three parcels at 14, 16 and 22 Wheeler Road.
The main property includes an opulent mansion perched on a steep hill with a large lawn. It commands sweeping views of the nearby Titicus Reservoir and has several high-end rooms. However, there is hardly any furniture inside.
The mansion, is listed at 9,187 square feet, with five bedrooms and six and a half bathrooms. It is on what is called "Parcel A" and has a suggested opening bid of $1,450,000. It was previously listed at $8 million, according to an announcement from Maltz Auctions.
“The main home is absolutely incredible," RIchard Maltz said at an open house for the estate. "It’s one of the most spectacular, opulent residences I’ve seen.”
The second parcel, called "Parcel B," is listed as having a 2,072-square-foot home that includes two bedrooms, a single bathroom and a rental apartment above a garage. Also listed are a pool and detached pool house. The suggested opening bid for the 4.01-acre site is $460,000. It was previously listed at $1.25 million, according to auction company.
The third parcel is called "Parcel C." It is listed as including a 1,764-square-foot home with two detached garages, three bedrooms, two bathrooms. The site 2.81-acre site has a suggested opening bid of $340,000 and was previously listed for $750,000, according to the auction company.
Bidders can seek the whole estate or separate parcels, according to Maltz.
Bidders must bring a cashier's check of from $50,000 to $300,000, Maltz explained depending on what they want to be qualified to bid for.
Greenwood was indicted in 2009 along with business partner Stephen Walsh. The investment manager was accused by the U.S. Department of Justice of defrauding investors. Greenwood pleaded guilty in 2010 to running a fraudulent scheme, according to the Department of Justice, while Walsh pleaded guilty in April 2014. Greenwood, who resigned as North Salem supervisor, after his arrest is scheduled to be sentenced on Dec. 3, according to lohud.com .
The auction is being directed by a receiver and, according to a notice, is part of litigation initiated by the Securities and Exchange Commission and the Commodity Futures Trading Commission, to repay investors.
Greenwood's legal trouble made headlines following his 2009 arrest. The Wall Street Journal, at the time, noted Greenwood's other local roles in North Salem , including having served as treasurer at a church and for the Ruth Keeler Memorial Library.
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