Bankrupt billionaire’s lavish gilded mansion has seen a $14 million price cut after he was jailed for defrauding investors of $1.3 billion

The lavish Gilded Age mansion of a disgraced billionaire turned convicted fraudster has had a $14 million price cut after he was found guilty of defrauding “his loyal followers” of more than $1 billion to fund his extravagant lifestyle.

Miles Guoan exiled Chinese businessman, also known as Ho Wan Kwok And Guo Wenguiwas convicted of racketeering and various securities fraud, bank fraud and money laundering charges by a New York court in July 2024, less than three years after spending $26 million on his “exceptional” New Jersey estate.

Guo is being held in a Brooklyn jail as he awaits sentencing — while a trove of his most valuable assets are being sold to recoup at least some of the $1.3 billion he “fled” from thousands of victims.

The businessman, who filed for Chapter 11 bankruptcy in 2022, was arrested the following year, with prosecutors accusing him of convincing thousands of online victims to invest in “several interrelated fraud schemes,” then using the money to fund his own lavish lifestyle.

According to the unsealed indictmentGuo regularly posted 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 promise of big and quick returns.

Thousands of people happily handed over cash to Guo, who then used the money to finance his excesses.

In addition to his palatial New Jersey mansion, which boasts 21 bedrooms, Guo has reportedly used the money to build a collection of valuable assets, including a $12 million apartment in Manhattan overlooking Central Park, a $7.3 million mansion in Connecticut, two private jets worth more than $15 million, a $37 million superyacht and a $3.5 million Ferrari.

All of these assets have been seized as part of the ongoing federal bankruptcy case Business insider The reports took years to complete due to the complexity of Guo’s many holdings.

Both planes have since been sold back to aircraft manufacturer Cirrus, for $3.5 million and $12 million respectively, while Guo’s massive mansion in Greenwich, CT, was offloaded in October 2024 for $7.25 million.

His Manhattan apartment, which according to the listing takes up the entire 18th floor of the “legendary Sherry Netherland Hotel,” is still for sale for $12 million, according to records. It was initially offered for double that price in September 2024.

But it’s the businessman’s New Jersey estate that is undeniably the jewel in his tarnished crown, with more than 50,000 square feet of living space, including multiple reception rooms, a soaring great room, a library and 19 full bathrooms.

Brought to you by Diane Cookson by Compass New Jersey, the property known as the Crocker-McMillin mansion was initially put on the market in January 2025 for the lofty price of $33 million, but has since undergone multiple price reductions that eventually brought the price down to $19 million in December of that same year.

It’s a significant drop from the $26 million Guo paid for the property at the end of 2021 — and an even bigger blow when you take into account the $18 million prosecutors say he paid to renovate the home after the purchase.

Among the more extravagant updates Guo planned included the furnishing and decoration of completely separate wings for his wife, as well as the purchase of luxury decor items, including a $62,000 TV, a $53,000 “log fireplace holder” and Chinese and Persian rugs worth an estimated $978,000.

He also spent about $4.4 million on a custom Bugatti sports car that was kept in the property’s eight-car garage, according to the indictment.

The mansion was seized by the government after Guo’s arrest, although ownership records show it is still registered to the same LLC the businessman used to purchase the home in 2021.

While the listing description makes no mention of the home’s infamous former owner and resident, it does do provide great insight into the level of luxury Guo surrounded himself with before his arrest, drawing attention to the many fine examples of craftsmanship on display throughout the historic residence.

Located in Mahwah, NJ, the property was built in 1907 for a wealthy widower and heir to the railroad fortune George Crockerwho commissioned the extraordinary home in 1902, a year after purchasing a substantial plot of land on which his new house would be located. Darling family.

At the time the property, then known as Darlington, was at the heart of a vast 1,100-acre estate, although this has since been reduced to just 12 acres.

The property is described in the listing as a “rare masterpiece” located 25 miles from New York City and is praised as having been “meticulously restored” over the years.

“This exceptional property features rare woodwork, beautiful stonework and unparalleled craftsmanship,” it notes, while also highlighting “the views of the picturesque Ramapo Mountains.”

Other impressive amenities in the ornate home include a games room, wine room, movie theater, billiards room, indoor pool, spa, salon and gym, as well as a “restaurant-style kitchen” described as “perfect for entertaining.”

At the end of the great room is an extraordinary antique carved organ, which spans the entire height of the two-story room, while several other living areas boast enormous stone fireplaces.

Outside, residents and guests are spoiled for choice in terms of activities second swimming pool in the grounds of the house, together with a large cabana, tennis court, guesthouse, gatehouse and the garage with eight parking spaces, ideal for lovers of expensive vehicles.

“This unique estate offers a lifestyle of unparalleled grandeur and comfort; come own a piece of history,” the ad concludes.

Interestingly enough, the description states that the photos shown are from a last mention, which revealed little evidence of how far Guo had progressed with his renovations.

The disgraced businessman’s sentencing was initially scheduled to take place in January 2025, but was postponed several times due to administrative issues. This is now scheduled for April 13.