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Here’s the Sagaponack House Owned by the ‘Madoff of Landlords’

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By Stelle Lomont Rouhani Architects

Infamous New York City landlord Steven Croman was busted Monday for mortgage fraud. New York State Attorney General Eric Schneiderman said, "This guy is essentially the Bernie Madoff of landlords. These are the most serious set of criminal charges brought against a bad landlord in anyone’s living memory."

Croman and wife Harriet are notorious in the Hamptons for their lavish parties. In 2013 it was a Studio 54-themed party at their rented place in Bridgehampton (with fake cocaine and a performance by Chic); last year it was a tasteful Playboy themed party at their Water Mill rental, with a re-creation of the Playboy Mansion grotto.

Why all the rentals? Their new oceanfront house at 3 Fairfield Pond Lane, Sagaponack wasn't ready yet. They purchased the property in 2011 for $15.5M, and then applied to tear it down and replace it with a new design by Stelle Lomont Rouhani Architects. Whether it's ready for this summer, and whether the Cromans will be throwing any parties there--maybe everyone could wear orange prison jumpsuits?--we'll see.