From the Albany Business Review:
The opulent personal residence of Kris Roglieri, the founder of Prime Capital Ventures who has been detained without bail since his May 31 arrest on a federal wire fraud charge, could soon be sold as his Chapter 7 bankruptcy case heads toward liquidation.
On June 7, attorney Christian Dribusch, the court-appointed trustee in the case, told U.S. Bankruptcy Judge Robert Littlefield Jr. that he “was able to solicit an offer” of around $1.5 million for the Queensbury property.
Dribusch later told the Business Review the following week, on June 12, that the offer did not end up materializing but that “there are a number of other parties who have shown an interest in the property.”
The 14-acre wooded parcel at the end of North Road includes a 6,100-square-foot, castle-like residence as well as a pool, pond and several accessory structures, according to town records.
Participating in the June 7 hearing by phone, Roglieri said a $1.5 million sale price would be “way too low,” given improvements he’s made to the home.
Those projects wouldn’t be reflected in an online real estate website’s value estimate, said Roglieri, who has been representing himself in the proceeding since his bankruptcy counsel withdrew from the case, citing a breakdown in communication.
Town records indicate Roglieri in past years has obtained permits for improvements that include an in-ground pool, stone gazebo and outdoor fireplace. He purchased the home in 2013 for $920,000.
Any sale ultimately would need to be approved by Littlefield, the judge presiding over the case.
Littlefield told Roglieri during the June 7 hearing that the interests of the loan broker and Dribusch are aligned.
“Mr. Dribusch is very much interested in getting the highest possible price for the property,” the judge said to Roglieri. “If and when we get to that point there’d be a motion on notice, and we obviously would be interested in your take on it. You lived there.”
Full Story:
https://www.bizjournals.com/albany/news/2024/06/16/kris-roglieris-queensbury-home-bankruptcy.html
