Bankrupt Billionaire’s Lavish Gilded Age Mansion Has Price Cut by $14 Million After He Was Jailed for Scamming Investors Out of $1.3 Billion

A disgraced billionaire-turned-convicted-fraudster's lavish Gilded Age mansion has undergone a $14 million price cut after he was found guilty of scamming "his loyal followers" out of more than $1 billion to fund his extravagant lifestyle.

Miles Guo, an exiled Chinese businessman, who is also known as Ho Wan Kwok and Guo Wengui, was convicted of racketeering conspiracy and various securities fraud, wire fraud, and money laundering charges by a New York court in July 2024, less than three years after he splashed out $26 million on his "exceptional" New Jersey estate.

Guo is being held in a Brooklyn jail while he awaits sentencing—while a trove of his most valuable assets are being sold off to recoup at least some of the $1.3 billion he "fleeced" 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 interrelated fraud schemes," then using the money to fund his own excessive lifestyle.

According to the unsealed indictment, Guo would regularly post videos on his social media accounts touting his latest investment opportunity, urging his many followers to invest their "hard earned money" into the opportunities with the promises of hefty and swift returns.

Thousands of people readily handed over cash to Guo, who then used the money to fund his excesses.

In addition to his palatial New Jersey mansion, which boasts 21 bedrooms, Guo reportedly built up a collection of priceless possessions using the money, including a $12 million Manhattan apartment overlooking Central Park, a $7.3 million Connecticut mansion, two private jets worth upward of $15 million, a $37 million superyacht, and a $3.5 million Ferrari.

All of these assets were seized as part of the ongoing federal bankruptcy case, which Business Insider reports has taken years to close because of the complexity of Guo's many holdings.

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

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

But it is the businessman's New Jersey estate that is undeniably the jewel in his tarnished crown, offering more than 50,000 square feet of living space, including multiple reception rooms, a soaring great hall, a library, and 19 full bathrooms.

Listed by Diane Cookson of Compass New Jersey, the property, which is known as the Crocker-McMillin mansion, was initially put on the market for the sky-high price of $33 million in January 2025, but has since undergone multiple price cuts that finally brought the price down to $19 million in December of that same year.

It is a significant decrease from the $26 million Guo paid for the property at the end of 2021—and an even bigger blow when you take into account the $18 million that prosecutors say he had paid to overhaul the dwelling after purchasing it.

Among the more extravagant updates Guo had planned were the furnishing and decoration of entirely separate wings for his wife, as well as the purchase of luxury decor items, including a $62,000 TV, a $53,000 "fireplace log cradle holder," and Chinese and Persian rugs worth an estimated $978,000.

According to the indictment, he also spent around $4.4 million on a custom-built Bugatti sports car that was stored in the property's eight-car garage.

The mansion was seized by the government after Guo's arrest, although property records show that it is still registered to the same LLC the businessman used to buy the home in 2021.

While the listing description makes no mention of the home's notorious former owner and occupant, it does give a great deal of insight into the level of luxury that Guo surrounded himself with before his arrest, calling attention to the many fine examples of craftsmanship found on display inside the historic abode.

Located in Mahwah, NJ, the property was built in 1907 for wealthy widower and railroad fortune heir George Crocker, who commissioned the extraordinary dwelling in 1902, one year after purchasing a significant parcel on which his new home would sit from the Darling family.

At the time, the property, which was then known as Darlington, sat at the heart of a sprawling 1,100-acre estate—although that has since been reduced to just 12 acres.

Described in its listing as a "rare masterpiece" that is located 25 miles from New York City, the property is hailed as having been "meticulously restored" over the years.

"This exceptional property boasts rare woodwork, exquisite stonework, and unparalleled craftsmanship," it notes, while also highlighting the "views of the picturesque Ramapo Mountains."

Other impressive amenities found inside the ornate dwelling include a game room, wine room, movie theater, billiard room, indoor pool, spa, salon, and gym, as well as a "restaurant-style kitchen" that is described as being "perfect for entertaining."

An extraordinary antique carved wooden organ is seen at the end of the great room, spanning the entire height of the two-story room, while several of the other living areas boast enormous stone fireplaces.

Outside, residents and guests are spoiled for choice in terms of activities, with a second pool found on the grounds of the dwelling, along with a large cabana, tennis court, guesthouse, gatehouse, and the eight-care garage ideal for lovers of high-priced vehicles.

"This one of a kind estate offers a lifestyle of unparalleled grandeur and comfort; come own a piece of history," the listing concludes.

Interestingly, the description notes that the photos featured were taken from a previous listing, revealing little evidence of how far Guo had proceeded with his renovations.

The disgraced businessman's sentencing was initially due to take place in January 2025, but it has been delayed multiple times as a result of administrative issues. It is now scheduled for April 13.