Associated Press - Rare mansion foreclosure auction in wealthy town

Rare mansion foreclosure auction in wealthy town

GREENWICH, Conn. (AP) _ An Arizona man bought a Connecticut mansion Friday during a rare foreclosure auction in the wealthy town of Greenwich.

Mickey Low of Scottsdale purchased the home in the backcountry of Greenwich with a bid of $2.5 million, the same amount set by the Internal Revenue Service as the minimum bid.

The IRS held the auction on the grounds of the 5-acre property that had been owned by Michael Lauer, a hedge fund manager indicted in February on charges of defrauding investors.

The 68-year-old describes himself as a retired private investor originally from Manhattan. He was the only person to enter a bid at the auction, which was attended by more than two dozen people.

He said he and his wife Linda will live in the 7,328-square-foot home.