So Adam Hochfelder, the real estate whiz who blew through $17 million? His lawyer is arguing that Hochfelder has such a serious drug problem that he's in need of sinus surgery (and thus should be given bail): "He's completely blown out his nose," lawyer Paul Goldberger told a judge in Manhattan Supreme Court. [NYP]

Sometimes there's the chance for a comeback following a spectacular fall from grace. That doesn't look like a likely scenario for Adam Hochfelder. The erstwhile property mogul, who once controlled as much as 8 million square feet of property as part of his company Max Capital, counted billionaires Richard Kalikow and Robert Bass as partners, and was a social fixture around town, was arrested yesterday on charges of grand larceny and forgery. According to the Manhattan DA, the 37-year-old stole more than $17 million from banks and family members, money he used to pay off debts and for personal expenses.