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“Wolf of Wall Street’s” LI Mansion Up for Sale Again

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The former home of Jordan Belfort is up for sale again, with its asking price further reduced. The 8,706 square foot mansion in Glen Head is now asking $2.89 million, a 15 percent reduction, as reported by The Real Deal. The home boasts five bedrooms, a gym, outdoor pool, gated courtyard and grand entrance, as well as a racquetball court. It also features a two-story foyer and a “ballroom sized” living room ,as per the Post. Built in 1986, the home is nestled on over 2 acres situated near a country club and a pond. The luxurious home at 5 Pin Oak Court was initially listed for $3.4 million last year.

The Long Island home is infamous for actually being in the 2013 Martin Scorsese film, in which Belfort was played by Leonardo DiCaprio. In the movie, the Wolf of Wall Street was shown landing a helicopter atop the home in a haze of alcohol and drugs.

In 1999, Belfort vacated the home and the former stockbroker pleaded guilty to fraud and related crimes in connection with stock-market manipulation and running a boiler room. In 2001, the federal government seized the house and sold it to help pay back the $110 million which he owed to nearly1,500 fraud victims. Belfort is now a motivational speaker, and lives in an oceanfront home in Hermosa Beach, Calif.

Belfort founded Stratton Oakmont as a franchise of Stratton Securities, then later bought out the original founder. Stratton Oakmont functioned as a boiler room that marketed penny stocks and defrauded investors with the “pump and dump” type of stock sales. During his years at Stratton, Belfort developed a lifestyle that consisted of lavish parties and intensive recreational use of drugs, especially methaqualone—sold to him under the brand name “Quaalude”—that resulted in an addiction. Stratton Oakmont at one point employed over 1,000 stock brokers and was involved in stock issues totaling more than $1 billion, including being behind the initial public offering for footwear company Steve Madden Ltd.

The firm was targeted by law enforcement officials throughout nearly its entire history, and its notoriety inspired the film Boiler Room (2000),as well as the 2013 biopic “The Wolf of Wall Street.”

By: David Seligbaum

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