Quite a few people would call it just desserts when the guy who made millions of dollars off of litigating the national foreclosure crisis and then later was disbarred for falsifying foreclosure documents at his law firm has to sell his $32-million mansion. His listing agent, however, has contented himself with calling the opportunity to buy David Stern’s mega-mansion in Fort Lauderdale an “endless opportunity.” The 17,000-square-foot house sits on three lots on a private island, has 500 feet of water frontage for your yacht, and boasts six bedrooms and seven bathrooms.
Stern won’t just be giving up yacht parking, however. The property also has a 12-seat home theater, five fireplaces, a gym, an executive office, an outdoor tennis court, an infinity pool, and a six-car garage. Stern built the home in 2007 as his foreclosure-litigation practice took off. At its peak, his law firm brought in more than $260 million a year, which is why Stern eventually was dubbed the “Foreclosure King.” He effectively shut his firm down in 2011 under allegations of notary fraud, robo-signing, and generally shoddy legal work, but refused to accept responsibility in court and, as a result, was disbarred for a lack of remorse.
Prior to the court ruling, Stern sold the non-legal back operations of his enterprise for $58 million. He was required to pay the state of Florida about $50,000 for the cost of its investigation into his practice, and he initially listed the mansion shortly thereafter. However, most in the state agree with one foreclosure attorney who testified against Stern that he “got off light,” and one critic pointed out recently, “Courts across this state are still filled with the garbage [David J. Stern] poured into them.”
by Carole Ellis