The bankruptcy trustee tasked with liquidating Prime Capital Ventures founder Kris Roglieri's assets is seeking to hire brokerage Davies-Davies & Associates Real Estate to sell the insolvent businessman's opulent former residence in Queensbury.
If the arrangement is approved by U.S. Bankruptcy Judge Robert Littlefield Jr., the 14-acre North Road property, which includes a 6,100-square-foot, chateau-like mansion, would be listed at $1,999,000, according to the listing agreement.
The court-appointed Chapter 7 trustee, attorney Christian Dribusch, previously suggested in court that attempting to sell the home might not be worth the effort because of outstanding mortgage debt and a state tax lien.
Dribusch told the Business Review he's since determined that a sale of the property near the intended list price could potentially generate a few hundred thousand dollars for the estate. A provision of the bankruptcy code could allow for a reduction of the state's claim, he said.
The state tax warrant against Roglieri totals about $573,000 including penalties and interest, according to Warren County records. The North Road home also secures two KeyBank mortgages worth about $930,000, court papers indicate.
Dan Davies, owner of Davies-Davies, declined to comment because the proposal to hire his firm still requires court approval. The firm, which has an office in Queensbury, sold more than $133 million of residential real estate in the region last year and had the highest average sale price — $839,882 — of any company on the List.
Under the proposed arrangement, Davies-Davies would be entitled to 2.5% of the purchase price, according to court records.
Dribusch said he's winterized and secured the North Road property, which will reduce carrying costs. In court papers earlier this year Roglieri estimated his monthly home maintenance, repair and upkeep expenses to be about $26,500, plus another $2,500 for utilities.
Another, smaller property on the dead-end North Road — a 4,450-square-foot home on a 3-acre lot — that's unrelated to the Roglieri estate was listed for sale last month at $859,900, according to Zillow, which indicates a sale of that property is pending.
Other near-term agenda items for Dribusch as he seeks to offload assets for the benefit of Roglieri's creditors include arranging for the return of a 2018 Ferrari F488 GTB N-Largo from a body shop in Westchester County so that it can be sold through the Saratoga Auto Museum and auctioning off the remaining items inside the North Road home next month.
Prime Capital Ventures, a non-bank lender that Roglieri formed in late 2021, ostensibly to fund large-dollar deals, is facing a separate bankruptcy proceeding initiated last month by Dribusch, who indicated in initial paperwork that the company may have hundreds of millions of dollars in liabilities.
Roglieri last month was indicted on five counts of wire fraud after allegedly defrauding a potential commercial borrower last year out of millions of dollars. He has pleaded not guilty.
Roglieri been held without bail since his arrest in May and recently asked a judge to revisit the subject of his pretrial incarceration. Federal prosecutors haven't yet filed a full response to the request.
https://www.bizjournals.com/albany/news/2024/10/29/roglieri-mansion-queensbury-listing.html
Wow what a mess. If the world would realize giving or going at things with the approach of helping in their heart this world may have a chance.