Sunday, May 17, 2009

Sales Suffer in a Wealthy ZIP Code


Despite price cuts and a role in a reality series, Victoria Gotti’s estate has gone into foreclosure.

A SPACIOUS four-bedroom three-and-a-half-bath split ranch with an in-ground gunite pool and a cabana on two and a half acres with backyard to die for: Billee and Irving Spodek’s house went on the market last May for $1.975 million, and they accepted an offer on it within three months. But in October, just days before the closing, the stock market tanked, the bank withdrew its mortgage commitment and the deal fell through.

They quickly relisted the property, but to no avail. “I barely showed the house all winter,” said Ms. Spodek, an agent for Coldwell Banker in East Hills, who had planned to downsize.

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