7 Dwight Lane
Thanks to research by reader Cos Cobber,this IRS auction property story gets more interesting. The full misadventures of a fallen, crooked hedge funder can be found here.The IRS auction page, linked to below and repeated here shows pictures. Judging from the cluttered interior, the resident wasn't all that cooperative with the IRS appraiser, and I suspect exterior maintenance has been neglected too - the SEC froze this guy's assets way back in 2003. If so, it's more likely to be a land sale rather than the five acres and a live in house that I earlier speculated would be a good buy at $2.5 million. Number 10 Dwight, a pure land sale (plus the cost of removing the existing house, like this sale) didn't move in 8 years at $2.9 million, and there's no reason to believe this one is worth $2.5.

The IRS ad states $2.5 million as the minimum price. If no one buys at that price, I assume that the IRS will take title and try to sell it again under its own name. Now that might produce an interesting value.

Update, 8/02/08
Today's Greenwich Time has an article on the sale (beat them to the punch, eh?). It's not available on line but if you check your neighbor's recycling bin ....
One little flaw in the article: it states that the property is worth $4.3 million "according to town tax records", and leaves it at that. If you pay anything like that sum for this property, you deserve to be the next investor in the soon-to-be-former owner's hedge fund.