Socialite who got $100M in nasty divorce asks $25M for Hamptons mansion after paying nothing on its $3.5M mortgage
For the New York socialite Libbie Mugrabi, a grand $100 million only seems to go so far.Mugrabi, who got that stack in her fractious divorce from the billionaire art collector David Mugrabi, is trying to hold onto her Bridgehampton mansion after not paying anything on its $3.5 million mortgage.Her efforts to get the 7-acre estate back free and clear last week led to the property hitting the market for $25 million in a complex arrangement with her lender that includes contingencies if she declares bankruptcy. While selling a house to get its deed back is unconventional, it’s pretty much how Mugrabi rolls.In New York alone, she has been involved in 15 lawsuits over the last five years, court records show.A shell company affiliated with REO Assets of America of Great Neck, N.Y.
sued Mugrabi over the Bridgehampton property after she didn’t keep up with mortgage payments.The company specializes in liquidating distressed real estate properties, with the REO in its name standing for “real estate owned.”The sale agreement doesn’t give Mugrabi wiggle room.
The estate, at 486 Middle Line Highway, must be sold by Aug.25.
If it does find a buyer, Mugrabi must pay the lender $5.5 million, plus $2,333 per day in interest and any penalties, court documents say.If there is no buyer, Mugrabi can’t fight the property being foreclosed upon and herself being evicted, the accord states.Prospective buyers may watch the Aug.25 deadline closely to see if any desperation kicks in between now and then and the property’s price is cut.
That may be okay, though.The estate is currently priced “at the high end” of its range, Mugrabi told The Post.And anything is better than the $500 her lender paid for her deed in a Zoom auction when Mugrabi fell behind in payments.By selling the Bridgehampton property, Mugrabi is letting go of one of the most expensive assets she got in her divorce five years ago.
The split, called one of the nastiest in New York, featured an array of a...