Billionaire’s Best Home Drops in Price by $14 Million After Arrested for defrauding Investors of $1.3 Billion.

The mansion of a millionaire who was convicted of fraud again, the luxurious Gilden Age mansion has been reduced in value by $14 million after he was found guilty of defrauding his “loyal followers” of more than $1 billion to fund his lavish lifestyle.

Miles Guoan exiled Chinese businessman, also known as Ho Wan Kwok again Guo Wenguiwas convicted of various fraud and embezzlement, wire fraud, and money laundering charges by a New York court in July 2024, less than three years after withdrawing $26 million from his “special” estate in New Jersey.

Guo is being held in a Brooklyn jail while he awaits sentencing—while his valuables are being sold to recoup at least some of the $1.3 billion he “ran off” from thousands of victims.

The businessman, who filed for Chapter 11 bankruptcy in 2022, was arrested the following year, with prosecutors accusing him of convincing thousands of online victims to invest in “several interconnected fraud schemes,” then using the money to fund his extravagant lifestyle.

According to the unsealed indictment, Guo often posted videos on his social media accounts praising his latest investment opportunity, urging his many followers to invest their “hard-earned money” in the opportunity with promises of high and quick returns.

Thousands of people immediately gave money to Guo, who then used the money to finance his excesses.

In addition to his 21-bedroom New Jersey mansion, Guo reportedly built a collection of expensive properties with the money, including a $12 million Manhattan apartment overlooking Central Park, a $7.3 million Connecticut mansion, two private jets worth more than $15 million, a $37 million superyacht, and a million dollar Ferrari. $3.5 million $3.5 million.

All of these assets were seized as part of the organization’s ongoing bankruptcy case, which Business Insider reports has taken years to wrap up due to the complexity of Guo’s many holdings.

Both jets have been sold back to aircraft manufacturer Cirrus, for $3.5 million and $12 million, respectively, while Guo’s mansion in Greenwich, CT, was sold for $7.25 million in October 2024.

His Manhattan apartment, which occupies the 18th floor of the “Sherry Netherland Hotel,” according to its listing, remains on the market for $12 million, according to records. It was originally listed to double that price in September 2024.

But the New Jersey businessman’s estate is undoubtedly the jewel in his decadent crown, offering more than 50,000 square feet of living space, including multiple reception rooms, a soaring grand hall, a library, and 19 full bathrooms.

Listed by Diane Cookson of Compass New Jersey, the property, known as the Crocker-McMillin mansion, was first put on the market with a price tag of $33 million in January 2025, but has since been subject to several price cuts, bringing the price down to $19 million in December of that year.

That’s a big drop from the $26 million Guo paid for the property at the end of 2021—and an even bigger impact when you consider the $18 million prosecutors say he paid himself to renovate the property after buying it.

Among the lavish renovations Guo planned were the furnishing and decorating of his wife’s separate wings, and the purchase of luxury furnishings, including a $62,000 TV, a $53,000 “log holder,” and Chinese and Persian rugs worth an estimated $978,000.

According to the indictment, he also spent about $4.4 million on a custom-built Bugatti sports car that was kept in an eight-car garage.

The mansion was seized by the government after Guo’s arrest, although property records show it is still registered to the LLC through which the businessman bought the house in 2021.

Although the listing description does not mention the home’s infamous previous owner and occupancy, it does it does provided great insight into the level of luxury Guo surrounded himself with before his arrest, drawing attention to the many fine art examples on display inside the historic residence.

Located in Mahwah, NJ, this property was built in 1907 for a wealthy widow and heir to a railroad fortune. George Crockerwho erected an unusual residence in 1902, a year after purchasing the prime parcel on which his new home would sit. Darling the family.

At the time, the site, then known as Darlington, was an average of 1,100 acres—although it has since been reduced to just 12 acres.

Described in its listing as an “extraordinary work of art” located 25 miles from New York City, the property is praised for having been “carefully restored” over the years.

“This unique property features rare woodwork, beautiful stonework, and unparalleled craftsmanship,” it notes, while highlighting “views of the beautiful Ramapo Mountains.”

Other impressive amenities found within the luxury residence include a game room, wine room, movie theater, billiards room, indoor pool, spa, salon, and gym, as well as a “restaurant-style kitchen” described as “perfect for entertaining.”

A rare antique carved wooden organ can be seen at the end of the great room, which spans the entire length of the two-story room, while many other living areas boast large stone fireplaces.

Outside, residents and visitors are allowed to choose their own activities, with the second time a pool located on the grounds of this house, as well as a large cabana, a tennis court, a guesthouse, a gatehouse, and an eight-car garage perfect for luxury car enthusiasts.

“This gracious property offers spectacular living and unparalleled luxury; come and own a piece of history,” the listing concludes.

Interestingly, the description notes that the featured photos were taken from a past listing, which reveals little evidence that Guo continued to fix his stuff.

The disgraced businessman’s sentencing was originally supposed to take place in January 2025, but has been delayed several times due to administrative problems. It is now scheduled for April 13.