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July 22, 2003 03:00am
Bob Guccione Gets to Keep His Mansion
Source: Reuters
by: Aleksandrs Rozens

(NEW YORK, NY) -- "Penthouse" magazine's publisher Bob Guccione has staved off a foreclosure sale of his elegant Manhattan digs, which were used as collateral against a $15 million loan, sources said on Tuesday.

Guccione's East 67th Street mansion, which is said to have a swimming pool, was due to go on the block on Tuesday if General Media, the company that publishes Penthouse, did not pay off the loan, according to New Jersey-based specialty lender Kennedy Funding. Kennedy made the loan five years ago.

The sale was postponed after General Media renegotiated its loan with Kennedy late Monday.

"Based on discussions with the borrower, it became apparent to me that the borrower intended to repay the obligation and was willing to enter an agreement that I felt would be satisfactory and ensured I would be repaid in full," Joseph Wolfer, chairman and founder of Kennedy Funding told Reuters.

"I am very optimistic that my loan will be repaid in full within the next ten days or an alternative satisfactory agreement will be negotiated, and I will be paid in full," said Wolfer, whose firm makes loans to borrowers who have used cruise ships, jewelry and exotic cars as collateral.

The next foreclosure sale would be on August 5th if the loan was not paid, Kennedy Funding said.

Guccione, who lives in the mansion -- two townhouses combined -- is said to have bought it in the 1970s.

General Media declined to provide details about its agreement with Kennedy Funding.

"I'm really not willing to spill out our negotiations in the media," said Robert Feinstein, outside general counsel for General Media and managing partner at Pachulski, Stang, Ziehl, Young, Jones & Weintraub P.C.. "The scheduled sale was put off for two weeks to permit us to work things out of court and consensually."

"Scheduled foreclosure dates have come and gone many times," Feinstein said.

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