Billionaire Gets Jail & Big Mansion Money Losses

Posted: January 28, 2026 | Source: www.realtor.com

An English Gothic Revival mansion that was built in 1907 in New Jersey for railroad heir George Crocker is one of the Gilded Age mansions built for some of the country’s wealthiest industrial, financial, and commercial elite in the late 1800s and early 1900s that hasn’t been demolished or burnt down. In 2021, Chinese businessman Miles Guo bought one of these mansions, the 50,000-square-foot Crocker Mansion in Mahwah, New Jersey. Guo paid $21 million for the mansion and another $18 million on improvements to the home, including a million dollars spent on Persian and Chinese carpets. In 2023, Guo was arrested and later convicted of racketeering, wire fraud, money laundering, and securities fraud. In order to pay back victims of his crimes, Guo’s assets are being sold off, including another mansion he owned in Greenwich, Connecticut, for $7.25 million. His Manhattan apartment in the Sherry Netherland Hotel, which takes up the entire 18th floor of the hotel, is for sale at $12 million. And the Crocker Mansion, which he paid $21 million for, plus $18 million on upgrades, was listed at $33 million but recently reduced to $19 million.

Guo is currently in jail at the Metropolitan Detention Center in Brooklyn, New York.