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Phil Falcone Had A Garage Sale

Phil Falcone Had A Garage Sale

It, like much else recently, didn’t go well for him.

Fpm, CC BY-SA 3.0 <http://creativecommons.org/licenses/by-sa/3.0/>, via Wikimedia Commons

It, like much else recently, didn’t go well for him.

Former hedge fund manager and Halloween enthusiast Phil Falcone is pretty deeply in debt. If you believe the court that froze his assets, it’s somewhere around $100 million, none of which the former billionaire has any intention of paying. If you believe Phil, it’s more like $45 million. In any event, it’s a large enough hole that even the sale of most of his homes couldn’t fill it—so do you really think that an apparently never-used (even by a pig) custom-built white piano, a garish of art, some floor lamps and a leather couch is gonna do it? Don’t be ridiculous, Falcone says in a way only he or his wife could.

“That’s insane,” he said. “I didn’t know the selling of my couch would make news. It’s so retarded. I mean Jesus Christ. I sold it because I moved. It didn’t fit with what we have now.”

After all, as Falcone perhaps unwisely claimed the last time his financial humiliation made the Murdoch press, he’s got plenty of money to cover his bills, in spite of his apparent refusal to pay them. I mean, he runs a penny-stock company, so we’re not exactly talking about a has-been pauper here.

“I’m doing well. I have a public company, Madison Technologies. It’s got a $150 million market cap.”

Still, it has to be said that he’s not doing well at everything, and then when it comes to selling off furnishings, he’s about as successful as when he’s revolutionizing wireless networks or long-term care insurance.

The biggest ticket item on the block was a custom-built, white lacquer Steinway grand piano with a sterling silver frame that Falcone purchased for $180,000 in 2006 yet hardly ever played, according to its new owner, Ronen Segev, who purchased the instrument for $50,000 at Auctions at Showplace in Manhattan on Feb. 20…. Segev also snapped up a huge piece of art… [for] $7,500, a steal considering its list price was $23,500, Segev said…. “I did see overseas that other pieces from the original series were selling for 50,000 to 60,000 pounds ($67,000-$80,000). Just the frame itself is worth more than what I paid….”

Also sold to an anonymous buyer on Feb. 20 was a pair of Italian baroque floor lamps from the Falcone living room that were listed for $7,300 but got just $1,500 at auction, and a contemporary red leather sofa from the couple’s study that was offered for $6,400 and went for $3,750.

But don’t let any of that get you too worried about old Phil. He’s still got that big payday from Apollo Global Management coming.

“It’s a $5 billion lawsuit,” he said. “Do you think that’s worth nothing?”

We don’t know if it’s worth nothing, but if the above track record is anything to go on, it’s safe to say it’s worth a lot less than Falcone thinks.

Fallen hedge funder Phillip Falcone offloads luxe belongings in fire sale [N.Y. Post]

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