Just in time for the start of the summer, and facing $70 million in fines and another $97 million in court-ordered restitution, convicted former Tyco International Ltd. chief executive L. Dennis Kozlowski has put his estate in Nantucket, Mass., on the market.

The asking price attached to the nearly four-acre oceanfront property, known as Sea Rose Farm and located on the island's eastern Squam area, is $23 million. That would top what is believed to be the real estate record for Nantucket -- the sale of a 65-acre property for $19.5 million in 2000.

Kozlowski bought the three-bedroom, 7,000-square-foot main house and guest cottage for $5 million in 1994. The property was near the top of the asset list Kozlowski provided to the court during his trial on grand larceny, falsifying business records, securities fraud and conspiracy charges for looting Tyco's coffers. The estate was also the site of a $200,000 wedding Kozlowski held for his daughter in 2003, shortly after he left Tyco.

Nantucket's Jordan Real Estate has the listing, which can be viewed at the realtor's Web site, www.jordanre.com/Sales.asp (property no. 1387).

Found guilty in September, Kozlowski is now serving a sentence of up to 25 years. He has already scraped together nearly $106 million through sales of real estate and artwork. In May two of Kozlowski's paintings -- a Monet and a Renoir -- sold for $7.8 million at auction and, more recently, a condo in Beaver Creek, Colo., went to contract for another $1.25 million.

Previously on WebCPA:

Judge Gives Go-Ahead to Suit Against Tyco, PwC (June 19, 2006)

Former Tyco Execs Sentenced Up to 25 Years (Sept. 20, 2005)

WorldCom's Sullivan to Surrender Mansion, 401K (July 28, 2005)

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