Jailed billionaire has cut the price of his Gilded Age mansion by $14M — and stands to take a $7M loss

The lavish New Jersey mansion of jailed Chinese exile Miles Guo — one of his many aliases — racked up $14 million in discounts within the past year.

The price of the convicted fraudster’s palace plummeted from $33 million in January 2025 down to $19 million in December, Realtor.com reported.

Guo, also known as Ho Wan Kwok and Guo Wengui, was convicted of fraudulent schemes that duped his loyal online followers into coughing up wads of cash. Investors were promised swift returns, but the bankrupt businessman instead funnelled the funds into his over-the-top lifestyle.

Guo was found guilty by a New York Court in 2024 of defrauding online business investors out of over $1 billion.

Guo’s 21-bedroom New Jersey estate, known as the Crocker-McMillin mansion, was the centerpiece of his extravagant portfolio. Guo’s other holdings included which included a Connecticut mansion and Central Park penthouse.

Guo purchased the historic home in Mahwah, New Jersey for $26 million in 2021. Prosecutors claimed he spent another $18 million on overhauls — that included a million dollars spent on Persian and Chinese carpets alone, Business Insider reported.

The sprawling estate, built in the early 1900s by a railway heir — spans 12 acres of the Ramapo Mountains, dotted with a tennis court, fountains and an eight-car garage.

The brick megamansion boasts Old World craftsmanship and rare woodwork across 58 rooms, including 29 bathrooms, a spa, a billiards hall and a tearoom.

Guo declared Chapter 11 bankruptcy in 2022, and was arrested for his billion-dollar fraud scheme the following year.

A New York court convicted Guo of racketeering conspiracy and various securities fraud, wire fraud and money laundering charges in July 2024.

His 50,000-square-foot mansion was seized along with Guo’s $37 million superyacht, a $3.5 million Ferrari, two private jets, and his luxury real estate holdings as part of the federal bankruptcy case. The sell-offs will go towards recouping at least some of the $1.3 billion used to fund his excessive lifestyle.

Guo is currently residing in a Brooklyn jail until his sentence is handed down.