Mark Phillips Sells Mosler Penthouse For Huge Loss

Penthouse #1 at Mosler Lofts sold two days ago for $1.5 million (we last blogged about this unit in June). This is a significant markdown from it’s original listing price of $1,975,000 and it’s last sale price of $2.3 million in May 2008.

The seller, Mark Phillips, must have been motivated after 155 days on market to off load his amazing 2,398 square foot place to take such a loss.

Curious about who Mark Phillips is, a Google search, turns up dozens of articles about his arrested in March for fraud!

From a TechFlash article at the time, MOD Systems co-founder Mark Phillips arrested for wire fraud:

Phillips stole more than $500,000 from the company and used the funds for personal items such as watches, Salvador Dali prints, furniture and other items.

Wow, what a story behind this sale.

Also, what will this mean for Mark Shuster, Mosler Lofts developer, who is selling penthouse #2? Mark has his unit priced at $1,225/square foot, whereas this penthouse has sold for $626/square foot. That’s quite a difference. Perhaps we’ll see a price adjustment from Mark soon.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Steph

    Mosler owners who got caught in the lien situation because of Mark Shyster might have a word to say about both Marks.

  • http://www.mn-houses.com/white-bear-lake.php White Bear Lake Homes

    Ahhh, surprise, surprise…yet another cae of fraud. Here in Minneapolis, we recently had 2 gentlemen nabbed for similar charges…and their small mansions sold for a big loss. I geniunely feel bad for Mark Shuster in this particular case at Mosler Lofts.

  • http://www.mn-houses.com/white-bear-lake.php White Bear Lake Homes

    Ahhh, surprise, surprise…yet another cae of fraud. Here in Minneapolis, we recently had 2 gentlemen nabbed for similar charges…and their small mansions sold for a big loss. I geniunely feel bad for Mark Shuster in this particular case at Mosler Lofts.