Tyco’s Kozlowski selling mountain mansion
Disgraced and imprisoned, former Tyco CEO L. Dennis Kozlowski is still selling assets to help pay $167 million in court-ordered fines and restitution, part of his sentence following his 2005 conviction for looting Tyco.
The latest to go on the block is his Bachelor Gulch house. Kozlowski is looking for $10.8 million.
Listing agent Mac Hodge with Prudential Colorado Properties, said the property is under contract and is scheduled to close later this week. The buyer, a Texan, will also buy $750,000 worth of furnishings that go with the house, according to a sales contract filed as part of the court documents. The buyer’s name was marked out of the court documents filed in New York state court in Manhattan.
The house originally carried an asking price of $11.5 million, locall Realtors said.
Part of the $1 million remodel was a bathroom that looked like an Old West outhouse, a seven-foot carved bear by the door to hold umbrellas, a heated driveway and a stuffed mountain lion on a 20-foot-high beam inside the front door, according to local Realtors.
Last September Kozlowski sold his Beaver Creek Lodge condo for $2 million, along with $15,000 for the furniture. Kozlowski also sold America’s Cup yacht Endeavor for $13.1 million, and paintings by Monet and Renoir for $7.8 million, according to government documents. He unloaded a yacht for $765,000.
Kozlowski is in the Mid-State Correctional Facility in Marcy, New York, where he will spend up to 25 years for his part in looting Tyco, the world’s biggest maker of electronic connectors, industrial valves and security systems. His sentence requires $97 million in restitution to the company and $70 million in fines.
Before prison, Kozlowski lived rent-free in a $31 million apartment on Manhattan’s Fifth Avenue. He bought it with Tyco money, but put it in his own name, federal prosecutors said in court documents. The apartment featured $11 million worth of special touches, included a $6,000 shower curtain in the maid’s room, a $15,000 umbrella stand and a $17,000 traveling toilette box.
Kozlowski and Tyco’s chief finance officer, Mark Swartz, were convicted of grand larceny and securities fraud for stealing $137 million in unauthorized compensation and gaining $410 million more through sales of inflated stock. Swartz, who got the same sentence as his former boss, is in the Oneida Correctional Facility in Rome, New York.
Kozlowski’s wife, Karen, filed for divorce after he went to prison.
The former Karen Mayo met Kozlowski in the 1990s when she was a waitress at a New Hampshire restaurant popular with Tyco brass. He helped her buy a beachfront condominium and bankrolled her restaurant in Florida.
They married in 2001. A month later, for her 40th birthday, Kozlowski spent a $2 million birthday bash on the Italian island of Sardinia. The party featured performers dressed as Roman servants and a vodka bar featuring an ice sculpture of Michelangelo’s David with vodka flowing out of the sculpture’s male member.
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