KUALA LUMPUR (May 22): A luxury condo that once belonged to fugitive financier Low Taek Jho has been sold by the US government at a sharply discounted rate.
In a May 21 report on property news portal The Real Deal, which focuses on New York City, South Florida and Los Angeles, it was stated that the two-bedroom, second-floor unit at 102 Prince Street — also known as 118 Greene Street — was sold to an anonymous entity for US$7.6 million, citing property records.
The Real Deal said that is down from the US$8.5 million when it went into contract last month, and the US$9.9 million asking price when it was listed last July.
Adam Modlin of Modlin Group had the listing.
The portal reported that Low, who was known for his lavish lifestyle, dropped US$13.8 million on the home in 2014.
It was one of several luxury properties he bought in New York and California.
The properties later became the subject of forfeiture lawsuits mounted by the US government, which accused him of buying them using money stolen from Malaysia’s sovereign wealth fund 1Malaysia Development Bhd (1MDB).
The Real Deal said the Prince Street unit is the second of Low’s forfeited properties to close this year.
The other, a mansion in West Hollywood, was sold in March for US$18.5 million — less than half of what Low paid eight years ago.
The report added that while the latest sale price is a roughly 45% discount from the US$14 million Low paid in 2014, that price was somewhat of an anomaly in the property’s history.
In said in 2003, the unit sold for US$2.7 million, before trading at US$8.9 million in 2012.
When Low purchased the property through an entity two years later, he accepted a jump of US$4.9 million, it said.
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