{"id":227627,"date":"2026-05-11T20:12:10","date_gmt":"2026-05-11T20:12:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/227627\/"},"modified":"2026-05-11T20:12:10","modified_gmt":"2026-05-11T20:12:10","slug":"bankrupt-chinese-billionaire-finally-finds-buyer-for-12-million-home","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/227627\/","title":{"rendered":"Bankrupt Chinese Billionaire Finally Finds Buyer for $12 Million Home"},"content":{"rendered":"

Jailed billionaire Miles Guo<\/a> has appears to have secured a buyer for his palatial New York City<\/a> apartment\u2014just one month before he is due to be sentenced for his role in a $1.3 billion racketeering and securities scam.<\/p>\n

Guo, an exiled Chinese businessman<\/a> who also goes by the names Ho Wan Kwok\u00a0and\u00a0Guo Wengui, was convicted of a series of crimes, in a New York<\/a> court in July 2023. The ruling came a year after he was arrested at his longtime Manhattan home, which is located in a “legendary” building overlooking Central Park.<\/p>\n

The disgraced financier had purchased the enormous abode\u2014which spans the entirety of the building’s 18th floor and also comes complete with additional residences on the 7th and 22nd stories\u2014for $67.5 million in 2015. <\/p>\n

However, by 2022, the property had become wrapped up in Guo’s prolific conspiracy schemes, when he filed for Chapter 11 bankruptcy<\/a>, alleging to a court that he had just $3,850 in his possession, despite the fact that he had an incredible array of luxury assets to his name\u2014including the Manhattan apartment, a Gilded Age mansion in New Jersey<\/a>, and multiple private jets. <\/p>\n

According to\u00a0the unsealed indictment<\/a> from the March 2023 arrest, is accused by of convincing thousands of online victims to invest in “several interrelated fraud schemes,” then using the money to fund his own excessive lifestyle.<\/p>\n

Prosecutors allege that Guo would regularly post videos on his social media accounts touting his latest investment opportunity, urging his many followers to invest their “hard earned money” into the opportunities with the promises of hefty and swift returns.<\/p>\n

Thousands of people readily handed over cash to Guo, who then used the money to fund his excesses.<\/p>\n

Jailed billionaire Miles Guo has appears to have secured a buyer for his palatial New York City apartment\u2014just one month before he is due to be sentenced for his role in a $1.3 billion racketeering and securities scam. Realtor.comGuo, an exiled Chinese businessman<\/a>, was convicted of a series of crimes, in a New York court in July 2023. The ruling came a year after he was arrested at his longtime Manhattan home, which is located in a “legendary” building overlooking Central Park.Realtor.comThe disgraced financier had purchased the enormous abode\u2014which spans the entirety of the building’s 18th floor and also comes complete with additional residences on the 7th and 22nd stories\u2014for $67.5 million in 2015. Realtor.com<\/p>\n

In addition to his enormous New York City home, Guo reportedly built up a collection of priceless possessions using the money, including a 21-bedroom mansion in New Jersey\u2014which is also currently on the market\u2014a $7.3 million\u00a0Connecticut<\/a>\u00a0mansion, two private jets worth upward of $15 million, a $37 million superyacht, and a $3.5 million Ferrari.<\/p>\n

All of these assets were seized as part of the ongoing federal bankruptcy case, which\u00a0Business Insider<\/a>\u00a0reports has taken years to close because of the complexity of Guo’s many holdings.<\/p>\n

Both jets have since been sold back to aircraft manufacturer Cirrus, for $3.5 million and $12 million, respectively, while Guo’s enormous Greenwich, CT, mansion was offloaded for $7.25 million in October 2024.<\/p>\n

However, records show that both the New York unit and the New Jersey manse are still registered to the LLCs that Guo used to buy them. <\/p>\n

One year after his Chapter 11 filing, Guo was taken into custody at his Manhattan dwelling, only for a mysterious fire to break out in the dwelling hours later, while the FBI was still searching the premises.<\/p>\n

At the time, sources within the federal agency suggested that the blaze may have been started intentionally, with one insider telling the New York Post<\/a> that the apartment had been “wired” to record “everything that happened in there.” <\/p>\n

“The fire was probably not started by a person in the space. It was started somehow remotely, and the whole apartment was wired,” the source alleged. <\/p>\n

While the property was damaged by the blaze, it is understood to have since been renovated, with the listing making no mention of any lasting issues as a result of the fire\u2014although it does note that the unit has been updated in order to change some of the previous living spaces. <\/p>\n

“The previous layout showcased 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,” it states. <\/p>\n

After purchasing the dwelling in 2015, Guo had initially tried a quick flip of the property, relisting it in 2016 for the sky-high price of $86 million.Realtor.comHowever he struggled to find a buyer willing to pay that exorbitant sum, and the six-bedroom apartment would spend the next few years bouncing on and off the market, each time for a significantly reduced price. Realtor.comThe unit comes complete with two additional apartments, on the 7th and 22nd floors. Realtor.comIt also features an enormous private terrace that overlooks the city and Central Park. Realtor.com<\/p>\n

After purchasing the dwelling in 2015, Guo had initially tried a quick flip of the property, relisting it in 2016 for the sky-high price of $86 million, however he struggled to find a buyer willing to pay that exorbitant sum, and the six-bedroom apartment would spend the next few years bouncing on and off the market, each time for a significantly reduced price. <\/p>\n

On Feb. 15, 2022, the same day that he filed for Chapter 11 bankruptcy, the 7,000-square-foot property reappeared on the market, this time for the much lower price of $45 million, although that price was very quickly dropped to $38.5 million in August of that same year, before being delisted altogether. <\/p>\n

It remained off the market for more than two years, until September 2024, when it was relisted for $24 million\u2014more than a year after Guo was taken into custody. That price was slashed by 50% in April 2025, when it dropped to just $12 million. <\/p>\n

Now, more than one year after that latest price cut, the unit\u2014which is listed with Sabrina Saltiel of Douglas Elliman\u2014the property listing has been updated to reflect that it is “pending” sale, indicating that an offer has been accepted, although it is currently unclear what price has been agreed upon. <\/p>\n

Should the sale close, Guo\u2014who is currently in custody in a Brooklyn jail, where he is awaiting sentencing\u2014will have only one property left in his portfolio: an extraordinary New Jersey estate that offers more than 50,000 square feet of living space, including multiple reception rooms, a soaring great hall, a library, and 19 full bathrooms.<\/p>\n

That property, which the businessman purchased for $26 million at the end of 2021, months before filing for bankruptcy, has been on the market since January 2025, when it was initially listed for $33 million. <\/p>\n

However, the dwelling’s ask has since been slashed to $19 million. <\/p>\n

It is a significant decrease from the price Guo paid for the property\u2014and an even bigger blow when you take into account the $18 million that prosecutors say he had paid to overhaul the dwelling after purchasing it.<\/p>\n

Among the more extravagant updates Guo had planned were the furnishing and decoration of an entirely separate wing for his wife, as well as the purchase of luxury decor items, including a $62,000 TV, a $53,000 “fireplace log cradle holder,” and Chinese and Persian rugs worth an estimated $978,000.<\/p>\n

According to the indictment, he also spent around $4.4 million on a custom-built Bugatti sports car that was stored in the property’s eight-car garage.<\/p>\n

Guo also still owns an extraordinary New Jersey estate that offers more than 50,000 square feet of living space, including multiple reception rooms, a soaring great hall, a library, and 19 full bathrooms.Realtor.comThat property, which the businessman purchased for $26 million at the end of 2021, months before filing for bankruptcy, has been on the market since January 2025, when it was initially listed for $33 million. Realtor.comProsecutors allege that Guo was planning to spend $18 million on overhauling the mansion. Realtor.comAmong the more extravagant updates Guo had planned were the furnishing and decoration of an entirely separate wing for his wife, as well as the purchase of luxury decor items.Realtor.com<\/p>\n

While the listing, which is held by by\u00a0Diane Cookson\u00a0of Compass New Jersey, makes no mention of the home’s notorious former owner and occupant, it\u00a0does\u00a0give a great deal of insight into the level of luxury that Guo surrounded himself with before his arrest, calling attention to the many fine examples of craftsmanship found on display inside the historic abode.<\/p>\n

Located in Mahwah, NJ, the property was built in 1907 for wealthy widower and railroad fortune heir\u00a0George Crocker, who commissioned the extraordinary dwelling in 1902, one year after purchasing a significant parcel on which his new home would sit from the\u00a0Darling\u00a0family.<\/p>\n

At the time, the property, which was then known as Darlington, sat at the heart of a sprawling 1,100-acre estate\u2014although that has since been reduced to just 12 acres.<\/p>\n

Described in its listing as a “rare masterpiece” that is located 25 miles from New York City, the property is hailed as having been “meticulously restored” over the years.<\/p>\n

“This exceptional property boasts rare woodwork, exquisite stonework, and unparalleled craftsmanship,” it notes, while also highlighting the “views of the picturesque Ramapo Mountains.”<\/p>\n

Other impressive amenities found inside the ornate dwelling include a game room, wine room, movie theater, billiard room, indoor pool, spa, salon, and gym, as well as a “restaurant-style kitchen” that is described as being “perfect for entertaining.”<\/p>\n

An extraordinary antique carved wooden organ is seen at the end of the great room, spanning the entire height of the two-story room, while several of the other living areas boast enormous stone fireplaces.<\/p>\n

Outside, residents and guests are spoiled for choice in terms of activities, with a\u00a0second\u00a0pool found on the grounds of the dwelling, along with a large cabana, tennis court, guesthouse, gatehouse, and the eight-care garage ideal for lovers of high-priced vehicles.<\/p>\n

“This one of a kind estate offers a lifestyle of unparalleled grandeur and comfort; come own a piece of history,” the listing concludes.<\/p>\n

Interestingly, the description notes that the photos featured were taken from a\u00a0previous\u00a0listing, revealing little evidence of how far Guo had proceeded with his renovations.<\/p>\n

<\/p>\n

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