Bankrupt Billionaire Sells NYC Mansion for $12M After $74M Price Cut

A significant development has emerged in the case of imprisoned billionaire Miles Guo, also known as Ho Wan Kwok or Guo Wengui. Just weeks before his sentencing for a colossal $1.3 billion racketeering and securities fraud scheme, Guo appears to have found a buyer for his opulent Manhattan apartment. This sale marks a potential turning point in the liquidation of his vast, and often illicitly acquired, assets.

Guo, an exiled Chinese businessman, was convicted in a New York court in July 2023 on a multitude of charges. His arrest the previous year occurred at this very Manhattan residence, a sprawling property occupying the entire 18th floor of a prestigious building overlooking Central Park. The disgraced financier had acquired this expansive home, along with additional residences on the 7th and 22nd floors, for a staggering $67.5 million in 2015.

However, by 2022, this prime real estate became entangled in Guo’s intricate web of alleged financial misconduct. He filed for Chapter 11 bankruptcy, astonishingly claiming to possess a mere $3,850, despite owning a portfolio of luxury assets that included the Manhattan apartment, a historic mansion in New Jersey, and multiple private jets.

Allegations of a Grand Fraudulent Scheme

The unsealed indictment from his March 2023 arrest paints a picture of a systematic operation. Prosecutors allege that Guo masterfully deceived thousands of online followers, luring them into investing in a series of interconnected fraud schemes. The funds generated from these schemes, prosecutors contend, were then diverted to finance Guo’s extravagant personal lifestyle.

The alleged modus operandi involved Guo regularly broadcasting promotional videos on social media platforms. In these presentations, he would enthusiastically tout his latest investment ventures, urging his followers to entrust their “hard earned money” with promises of substantial and rapid returns. Thousands, it is claimed, fell prey to these solicitations, parting with their savings, which Guo then allegedly used to fuel his excessive spending.

A Vast Empire of Seized Assets

Beyond his New York City penthouse, Guo’s alleged illicit gains reportedly funded an extensive collection of high-value possessions. This included:

• A 21-bedroom mansion in New Jersey, which is also currently on the market.
• A $7.3 million mansion in Greenwich, Connecticut.
• Two private jets, valued at over $15 million.
• A $37 million superyacht.
• A $3.5 million Ferrari.

All of these assets were subsequently seized as part of the ongoing federal bankruptcy proceedings. Business Insider reports that the complexity of Guo’s numerous holdings has significantly prolonged the closure of this case, which has spanned several years.

The liquidation process has seen some assets already change hands. Both of Guo’s private jets were reportedly sold back to their manufacturer, Cirrus, for $3.5 million and $12 million respectively. His expansive mansion in Greenwich, Connecticut, was offloaded for $7.25 million in October 2024.

However, official records indicate that both the New York City apartment and the New Jersey estate remain registered to the limited liability companies (LLCs) that Guo originally used for their acquisition.

A Mysterious Fire and a Damaged Residence

The Manhattan apartment gained further notoriety following Guo’s arrest at the premises. Hours after his apprehension, a mysterious fire broke out within the residence while the FBI was still conducting its search. Sources within federal law enforcement agencies at the time suggested the possibility of an intentionally set blaze. One insider, speaking to the New York Post, alleged that the apartment had been “wired” to meticulously record “everything that happened in there,” implying a potential remote ignition. The source further speculated, “The fire was probably not started by a person in the space. It was started somehow remotely, and the whole apartment was wired.”

While the fire caused damage, the property is understood to have undergone extensive renovations since. The current listing makes no mention of any lingering issues stemming from the blaze. However, it does note that the unit has been updated to reconfigure some of the original living spaces. The listing previously described the layout as featuring “five expansive entertaining rooms—all oriented toward the park—including a grand corner living room, a formal dining room, a richly appointed library with wet bar, and a sun-drenched den that accessed both larger terraces.”

A Tumultuous Sales History

Guo’s attempts to sell the Manhattan apartment have been far from straightforward. Shortly after his 2015 purchase, he attempted a quick resale, listing it in 2016 for an ambitious $86 million. However, the market proved unreceptive to such a lofty price. The six-bedroom apartment subsequently spent several years cycling on and off the market, with each relisting accompanied by a significant price reduction.

On February 15, 2022, the same day Guo filed for Chapter 11 bankruptcy, the 7,000-square-foot property reappeared with a drastically reduced asking price of $45 million. This was swiftly lowered to $38.5 million in August of that year before the listing was ultimately withdrawn.

The apartment remained off the market for over two years. It was relisted in September 2024, more than a year after Guo’s incarceration, for $24 million. In April 2025, the price was again slashed by 50%, bringing it down to just $12 million.

Currently, more than a year after that most recent price adjustment, the listing, managed by Sabrina Saltiel of Douglas Elliman, indicates that the property is “pending” sale. This signifies that an offer has been accepted, though the final sale price remains undisclosed.

The Remaining New Jersey Estate

If this sale is finalized, Guo will be left with only one remaining property in his portfolio: an extraordinary New Jersey estate boasting over 50,000 square feet of living space. This palatial residence includes multiple reception rooms, a grand hall, a library, and nineteen full bathrooms.

Guo acquired this New Jersey property for $26 million at the end of 2021, just months before filing for bankruptcy. It has been on the market since January 2025, initially listed at $33 million. However, the asking price has since been reduced to $19 million.

This represents a substantial decrease from Guo’s purchase price, and an even more significant drop when considering the $18 million that prosecutors claim he invested in renovating the estate after its acquisition.

Extravagant Renovation Plans

Among Guo’s alleged extravagant renovation plans were the furnishing and decoration of a separate wing for his wife. He also reportedly purchased a host of luxury decor items, including a $62,000 television, a $53,000 “fireplace log cradle holder,” and Chinese and Persian rugs estimated to be worth $978,000. Furthermore, according to the indictment, he allocated approximately $4.4 million for a custom-built Bugatti sports car, which was housed in the property’s eight-car garage.

The listing for the New Jersey estate, handled by Diane Cookson of Compass New Jersey, does not explicitly mention its notorious former owner. However, it offers a detailed glimpse into the opulence Guo surrounded himself with prior to his arrest, highlighting the exceptional craftsmanship evident throughout the historic abode.

A Gilded Age Masterpiece

Located in Mahwah, New Jersey, the mansion was originally constructed in 1907 for George Crocker, a wealthy widower and heir to a railroad fortune. Crocker commissioned the extraordinary dwelling in 1902, following his purchase of a substantial parcel of land from the Darling family. At the time of its construction, the property, then known as Darlington, was situated at the center of a vast 1,100-acre estate, though this has since been reduced to approximately 12 acres.

Described in its listing as a “rare masterpiece” situated just 25 miles from New York City, the property is lauded for its meticulous restoration over the years. The listing emphasizes its “rare woodwork, exquisite stonework, and unparalleled craftsmanship,” while also drawing attention to the “views of the picturesque Ramapo Mountains.”

The opulent interior features a game room, wine room, movie theater, billiard room, indoor pool, spa, salon, and gym. A “restaurant-style kitchen” is also noted as being “perfect for entertaining.” An impressive antique carved wooden organ stands at the end of the great room, reaching the full height of the two-story space, and several other living areas are adorned with large stone fireplaces.

The exterior amenities are equally impressive, offering a second swimming pool, a large cabana, a tennis court, a guesthouse, a gatehouse, and the aforementioned eight-car garage, catering to car enthusiasts. The listing concludes by stating, “This one of a kind estate offers a lifestyle of unparalleled grandeur and comfort; come own a piece of history.” Interestingly, the listing notes that the accompanying photographs were sourced from a previous listing, providing limited insight into the extent of Guo’s renovation efforts.