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.