A luxurious mansion located near Georgica Pond in New York has hit the market for a staggering $38 million, attracting major buyers. The property boasts illustrious neighbors such as legendary film director Steven Spielberg, however, there's a major catch. The new owner won't get to live in the mansion, at least for now.
The sprawling property is legally uninhabitable because it lacks a certificate of occupancy, meaning any new owners won't be allowed to move in, the New York Post reported.
Here's the reason why:
Harry Macklowe, a prominent New York City developer, who owns the property, allegedly engaged in illegal land clearing and construction without proper permits, violating East Hampton Village regulations and endangering the surrounding wetlands.
Although he was slapped with a $2 million fine, Mr Macklowe escaped criminal charges because the city was unable to prove he had ''criminal intent'', Manhattan's District Attorney said at the time.
''It's insane. He ripped out decks and did whatever he wanted. He illegally cleared land and built without permits — just like he did on West 44th Street,'' an inside source said.
''The house is also highly leveraged to the hilt. There is no justification for asking $38 million. The house comes with legal complications and it's not even on the pond. It's worth no more than $12 to $15 million,'' the source added.
The four-bedroom home comes with a pool and is built on 2.7 acres at 64 West End Avenue in East Hampton. Real estate broker Paul Brennan is managing the listing of the property.
See the pics here:
East Hampton Village building inspector Thomas Preiato confirmed to the Post that while Mr. Macklowe can sell the house, no one can legally inhabit it due to the expired certificate of occupancy and outstanding fines.
''He had a certificate of occupancy for the home back in 2017. But it is no longer valid because of all the fines he hasn't paid. He put the wetlands in danger. We have a wetlands code for a reason. It's concerning,'' Mr Preiato said.
