$3 Million Frankel Property to be Auctioned Off

January 20, 2003

Martin Frankel, who’s currently awaiting sentencing on 24 charges of insurance fraud, stemming from his widespread scam that bilked companies in several states out of an estimated $200 million, will soon be losing his palatial mansions in Greenwich Connecticut.

The main house and an adjacent property were the site from which Frankel ran his bogus operations for some six years, and were also allegedly the scene of a number of kinky sex parties Frankel indulged in.

According to an AP report the houses are not in good shape. They still show traces of the fires from burned documents, and have suffered from four years of neglect. A local realtor indicated that while the properties themselves would probably be torn down, the land alone was estimated to be worth as much as $3 million.

Any proceeds from the sale will be deposited with the Federal Court in New Haven for eventual distribution to Frankel’s victims as partial restitution for the amounts he stole from the insurance companies and their policyholders.

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