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3.4 Acre Waterview Estate
Bankruptcy Auction

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September 20, 2017 at 11:00 am

2017-09-20 11:00AM

Property Location

4 Shepherds Lane
Sands Point, NY 11050

Auction Location

NY LaGuardia Airport Marriott
102-05 Ditmars Boulevard
East Elmhurst, NY 11369

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Bankruptcy Sale: United States Bankruptcy Court Eastern District of New York

In Re: PHILIP GALASSO – Case # 15-74941-LAS

3.4+ Acre Waterview Mansion

10,000+ Sq Ft Newly Renovated Mansion (90% Complete)


  • 4 Shepherds Lane a/k/a 5 Shepherds Lane, Sands Point, NY 11050
  • Extremely Rare Opportunity to Acquire this 3.4+ Acre Estate
  • Within the Incorporated Village of Sands Point
  • 10,400± Sq Ft Above Grade + 3,500 Sq Ft Partially Finished Basement
  • 8 Bedrooms & 9.55 Baths
  • Water Views Throughout Home
  • Spectacular Custom Cabinetry Throughout Home
  • Truly a Must See!!!
  • Main Level:
  • Grand Entrance Foyer with Winter Garden
  • Gourmet Eat-in-Kitchen with Top-of-the-Line Appliances Throughout
  • Master Suite with Extravagant Bathroom & Private Patio
  • Dining Room with Seating for 24
  • Living Room Overlooking Winter Garden
  • Office with Private Balcony
  • Play Room/Office Above Garage and Overlooking Kitchen
  • 2 Half Baths
  • 2-Car Garage
  • Lower Level: (7 Bedrooms & 8 Full Baths):
  • 2 Bedrooms with Water Views, En-Suite Baths, Walk-in Closets & Private Patio Access
  • 2 Additional Bedrooms with En-Suite Baths & Walk-in Closets
  • 1 Additional Bedroom with Shared Common Full Bath
  • Maid/Guest Wing with 2 Bedrooms, 1 Full Bath & Private Exterior Access
  • Pool Cabana: Indoor/Outdoor Kitchens & 2 Full Baths
  • Bar/Billiards Room
  • Living Room
  • Sauna
  • Laundry Room
  • Utility/Storage Room with Access to 6-Car Garage
  • Cedar & Storage Closets
  • Utility Room
  • Basement (3,500 Sq Ft):
  • Unfinished & Under 3,500 Sq Ft Extension
  • Utilities
  • Storage
  • Exterior Access
  • Utilities:
  • Fuel: Gas
  • 36 Zone Heat
  •    20 Zone Radiant
  •    16 Zone Forced Air Cooling and Heat with Hot Water Coils
  • 600 Amp Electrical Service
  • 600 Amp Generator (Whole House)
  • Entire Home Wired for Automation System Control
  • Additional Improvements:
  • Heated Upper Driveway, Decking & Patios
  • In-Ground Heated Pool
  • Har-Tru Tennis Court (Sprinklered)
  • 3,000 Sq Ft Patio
  • Custom Windows and Doors
  • Large Courtyard with Fountain
  • Gardening Shed
  • Additional Information:
  • Section: 4   Block: B   Lot: 325
  • School District: Port Washington # 4
  • Lot Size: 3.477 Acres
  • Fuel: Gas
  • Annual Real Estate Taxes: $130,676.81 + Village of $31,023.68
  • $4,500,000 Opening Bid (Plus Outstanding Real Estate Taxes)

Inspections/Viewings: Mondays, September 11th & 18th from 3:00 pm – 5:00 pm.

Auction Date & Time:  Wednesday, September 20, 2017 at 11:00 am.  Registration begins at 9:30 am.

Auction Location:  NY LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369. Online & absentee bidding available with registration at least 5 business days prior to auction, please call for details.

Terms & Conditions of Sale:  Property will be sold free and clear of all liens, claims & encumbrances, with the exception of outstanding real estate taxes (in the approximate amount not less than $1,085,910.77, plus penalties, as of August 31, 2017), which continue to accrue.  In order to register to bid, all prospective bidders must present a certified check in the amount of $500,000 made payable to “Robert L. Pryor, Esq. Chapter 7 Trustee”.  Please download the complete Terms & Conditions of Sale.

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Pryor & Mandelup, L.L.P., Attorneys for the Chapter 7 Trustee
Robert L. Pryor, Chapter 7 Trustee
Richard B. Maltz, Auctioneer
David A. Constantino, Auctioneer
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022 Fax (516) 349-0105

The Real Property is being sold “AS IS” “WHERE IS”“WITH ALL FAULTS”, without any representations, covenants, guarantees or warranties of any kind or nature, and free and clear of any liens, claims, or encumbrances of whatever kind or nature, with such liens, if any, to attach to the proceeds of sale in such order and priority as they existed immediately prior to the Closing, and the sale of the Real Property is subject to, among other things (a) any state of facts that an accurate survey may show; (b) any covenants, restrictions and easements of record; (c) any state of facts a physical inspection may show; (d) any building or zoning ordinances or other applicable municipal regulations and violations thereof; and (e) environmental conditions. By delivering their respective Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the Real Property, the state of title thereof and laws, rules and regulations applicable thereto, and will rely solely thereon and on their own independent investigations and inspections of the Real Property in making their bids. Neither Maltz, the Seller nor any of their collective representatives makes any representations or warrantees with respect to the permissible uses of the Real Property including, but not limited to, the zoning of the Real Property.  All Bidders acknowledge that they have conducted their own due diligence in connection with the Real Property and are not relying on any information provided by Maltz, the Seller, or their professionals.  The Real Property will be sold subject to any and all violations or conditions requiring corrective action.  The information contained herein was derived from sources deemed reliable, but is not guaranteed.  Most of the information provided has been obtained from third party sources and has not been independently verified.  It is the responsibility of the Buyer to determine the accuracy of all components of the sale and Property.  Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation, environmental and physical condition of the Property.  All prospective bidders are urged to conduct their own due diligence prior to participating in the Public Auction.  Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.