What galls jailed billionaire Allen Stanford even more than having to sit through the court-ordered sell-off of his entire hard-earned real estate portfolio? It’s that it’s all happening in a down market! Stanford’s lawyers have been arguing in court that liquidating the accused huckster’s properties while real-estate prices are depressed isn’t such a smart idea. A good $9 million of the $12.2 million the folks behind the Black Forest Cafe are paying to buy the clunkily ornate former Stanford Financial Group headquarters building at 5050 Westheimer across from the Galleria, for example, will go to pay off the property’s mortgage and back interest. What’s the guy gonna have left to live on once he’s acquitted of all those ridiculous Ponzi scheme charges? But an attorney for the receiver managing the sales says he’s just trying to save money for the estate. Next Stanford property on the block: The former Stanford Aviation hangar (above) at 100 Jim Davidson Dr. near Sugar Land Regional Airport, at an auction this week.
- Selling a ‘Fraud’ Portfolio [WSJ]
- Allen Stanford coverage [Swamplot]
- Also previously on Swamplot: The Black Forest Mix