Michael Lauer, the hedge fund manager accused of stealing hundreds of millions of dollars from investors (part of which he spent on a plane and a race car), has been found guilty of fraud. Good news if you're thinking about bidding on his dilapidated estate in Connecticut, which will be auctioned off by the government on Friday: Lauer may spend up to 20 years behind bars, so you won't have to worry about him showing up at the front door looking for a place to crash. [Reuters]

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: