Kozlowski to sell Colorado home
NEW YORK (Bloomberg) ? L. Dennis Kozlowski, the imprisoned former chief executive officer of Tyco International Ltd., is selling his Colorado mountain mansion for $10 million to raise money for fines and restitution, court documents show.
An unidentified buyer agreed to buy the 8,627-square-foot house near Beaver Creek, Colorado, and pay another $750,000 for the furnishings, in a deal to close November 9, according to the real estate contract filed in court.
The house has three wine cellars, two hot tubs, a heated driveway and a stuffed mountain lion crouching on a 20-foot-high beam just inside the front entrance.
Kozlowski, convicted in 2005 of looting Tyco, is selling assets to pay $167 million in court-ordered restitution and fines. Prosecutors said in August he was $59 million short. After he missed a September deadline for full payment, a judge gave him more time and ordered a progress report next June.
Kozlowski has also found a buyer for another of his boats, a 1999 Hinckley Talaria A44. Purchaser Peter Dooney was to complete the $485,000 sale on October 26 in Stuart, Florida, according to court papers.
In September, Kozlowski found a buyer for the historic America's Cup yacht for $13.1 million, court papers showed. In May, he sold paintings by Monet and Renoir for $7.8 million.
Tyco, nominally based in Bermuda and operating out of West Windsor, New Jersey, is the world's biggest maker of electronic connectors, industrial valves and security systems.