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The imprisoned ex-chief of Tyco is selling his Colorado retreat to help pay for the fines and restitution debts he incurred in the corporate scandal he helped spawn.
Stephen Taub, CFO.com | US
November 8, 2006
Currently a denizen of Mid-State Correctional Facility, a medium-security state prison in Marcy, N.Y., Dennis Kozlowski is putting his Colorado mountain retreat up for sale for $10 million, according to Bloomberg.
The former chief executive officer of Tyco International Ltd., who is serving an 8 1/3-to-25-year sentence, is selling the 8,627-square-foot mansion to help pay for the fines and restitution debt he incurred in the corporate scandal he helped spawn, according to the news service. An unidentified Texas oil man agreed to buy the house and pay another $750,000 for the furnishings.
The house is said to have a heated driveway and a stuffed mountain lion on a 20-foot-high beam just inside the front door. David Nilges, a Colorado real estate broker not involved in the sale who toured the residence in January, told Bloomberg that some people he talked to thought it wasn't worth more than $8 million, which is what Kozlowski paid for it several years ago.
The ex-CEO is trying to raise funds to pay $167 million in court-ordered restitution and fines for his role in the looting of Tyco, according to the wire service. In August, prosecutors reportedly said that Kozlowski was $59 million short.
Bloomberg also reported that he has agreed to sell another of his boats, a 1999 Hinckley Talaria 44. In September, he sold the famed America's Cup yacht Endeavour for $13.1 million, according to Bloomberg.
Other asset sales have included paintings by Monet and Renoir for $7.8 million and a Beaver Creek condominium for $2 million, plus $15,000 for the furnishings.