A Cautionary Tale
December 20, 2009
Recently in the Albany NY area there was a mansion overlooking the Mohawk River that had been on the market for several years. The asking price was just under 13 million. Last week it was finally sold for about 2 million dollars! (HT CS9)
Yes, it really is a buyer’s market out there when you can get a place for only 15% of the asking price. But what’s really sad about this is the back story surrounding the place.
The Llenroc Mansion was once owned by insurance magnate Albert Lawrence of “The Lawrence Group.” In 1999 Mr. Lawrence went to jail after he got caught dipping into his employee’s pension fund among other things. He was released just before his death in 2001.
It’s bad enough that whoever owns this place took a big loss in the sale, but Lawrence’s family won’t see a dime of it since they had already filed for bankruptcy.
Now the mansion still sits on a hill overlooking the Mohawk. It will forever stand as a monument to all would be embezzlers trolling up and down the river in their yachts.
“Don’t let this happen to you! Deal honestly with your employees, OR ELSE!!”