The palatial McLean estate of twice-convicted stock-swindler Cortes Randell went on the market yesterday.
The asking price is $3.5 million.
Even by the standards of moneyed McLean, the house is extravagant -- a slate-roofed tudor-style dwelling, small as castles go, but with a tennis court, a swimming pool, a boat dock along the 500 feet of Potomac river-front and 18 acres of lawn and woods, linked by limestone stairways with balustraded landings.
"Of course there's a market for it, there's nothing else like it anywhere in Washington," said Eleanor Noone, the agent for Long & Foster, the real estate firm listing the house.
She said two independent appraisers evaluated the house and put price tags on it that were even higher than the $3.5 million asking price.
The occupancy date for the house is negotiable Noone said. Randell will be moving to a federal prison unless an appeals court overturns his conviction in January on a multimillion dollar stock scheme.
Randell and John B. Mumford, a high-ranking Labor Department official, were convicted of 17 counts of mail and stock fraud, interstate transportation of stolen funds and submitting false loan applications.
Randell faces a maximum of 105 years in prison and $82,000 in fines if the convictions are upheld.
Whether Randell will get enough cash out of his $3.5 million house to pay the fine is unclear.
The company involved in the scheme, National Commercial Credit Corp., is in bankruptcy, and Randell is threatened by lawsuits from investors and firms who did business with him.
The indictment on which Randell was convicted said 125 investors lost more than $1.5 million in his latest venture.
Randell raised the money to buy and extensively refurbish the McLean house out of his earnings from National Student Marketing, a public company that collapsed five years age, sending Randell to prison for eight months on fraud charges. CAPTION: Picture 1, This is an aerial view of the McLean estate that twice convicted swindler Cortes Randell has put on the market for $3.5 million. By Ken Feil -- The Washington Post; Picture 2, CORTES RANDELL... convicted of stock fraud