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If you're looking for a bargain in Greenwich, here's your chance. Next week the IRS will be auctioning off disgraced hedge funder Michael Lauer's mansion at 7 Dwight Lane, with the bidding starting at just $2.5 million. Lauer, who founded Lancer Management, which once had $1 billion in assets, was indicted earlier this year for allegedly bilking investors out of more than $200 million between 1999 and 2003. Now the IRS will hand over the keys to Lauer's former home at a public auction next Friday. But if you're thinking about bidding, you might want to make sure you have a good contractor (or demolition crew) on speed dial. Here's why:

Although the 7,328-square-foot home comes with a gourmet kitchen, wine cellar, heated pool, and tennis court, as you can see from these photos, it's in need of serious repair. No one has lived there for three years; just about everything on the property has turned to rot.

So you may be better off just tearing it down and building anew. Just don't count on a home equity line of credit!

Foreclosure Auction Set On Lauer's Greenwich Mansion [Hartford Courant]
The Finest Foreclosures [WSJ]