Bought for a bargain and sold for a bargain: Llenroc has been sold for one-seventh of the mansion’s asking price when initially listed two years ago.
The 61,403-square-foot property was bought for $1,879,500 on Oct. 23 by Power Angels LLC, an entity with an Albany post office box address, according to the Clifton Park Town Assessor’s Office.
The former owner, commodities trader Joseph Costello, bought the mansion for $1.4 million in 2003 but had asked for $12.9 million in 2007 when he put the property on the market.
The luxurious residence that sits on 12.5 acres near the Mohawk River has five bedrooms and 10 bathrooms, 15 fireplaces, 1,200 tons of Ithaca’s Llenroc stone, $3.5 million worth of Scandinavian marble flooring, walnut designed inlaid hardwood floors, four galleries, a five-floor glass elevator and a 15-car heated garage and radiant-ready heated driveway.
Llenroc (Cornell spelled backward) was built in 1990 by the late Albert Lawrence, an insurance mogul who was found guilty in 2000 of 20 counts of white-collar crime surrounding his bankrupt company, the Lawrence Group Inc.
The mansion was named after Cornell University in Ithaca, the alma mater of both Lawrence and his wife, Barbara. The house was modeled after the school’s campus center.
Records show the Lawrences filed for personal bankruptcy in 1997 and did not see any money from the eventual sale of their home, later running a small bed-and-breakfast operation while they were allowed to remain in the mansion.
Albert Lawrence was sentenced to 37 months in prison in March 2001. He reported to prison in September of that year but was released two months later after learning he had terminal cancer. He died in January 2002 at age 73.