Investors who were burned by the technology bubble can take heart, The New York Post reports. Amerindo Investment Advisors President and Metropolitan Opera philanthropist Alberto Vilar, who was once worth $900 million largely due to his technology funds, is having to auction off his duplex at 860 UN Plaza to offset $5 million in debt.
Citibank is handling the auction this coming Wednesday at the State Supreme Court in Manhattan this coming Wednesday. The sale comes on the heels of three foreclosures of properties Vilar owned in Colorado this past March.
It has also been reported that Vilar reneged on donations he had pledged to The Met, and as a result, the opera removed a plaque with his name.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.