Thursday, April 26, 2012
The rich just got a little richer; John Breyo to receive one million dollars from Saratoga taxpayers
John Breyo, CEO/President, and founder of Ayco Co who later sold the company to Goldman Sachs Group won a multi-year lawsuit against the City of Saratoga Springs and their assessment of his home at 51 Winding Brook Drive and the surrounding 29-acre estate. Under the terms of the settlement, details of which were filed in the Supreme Court of Saratoga County on April 17, the home's new assessment will be $8.2 million, down from a $12.46 million assessment given in 2011.The City and the school district will reimburse him in over paid property taxes to the tune of one million dollars.
This officially ends a saga that began in 2007 as the secretive Breyo has fought the cities assessment given by Saratoga Springs Accounts Commissioner John Franck every year since.
Breyo’s house is listed as the eighth largest privately owned home by square footage in the United States. HERE Personally I find it has all the style of a mega drive in Funeral home in Palm Beach Florida. So who is John Breyo you ask?
Beginning with his involvement as vice chairman of the board of directors of the Saratoga Performing Arts Center, Breyo has been involved in some shady dealing. Under John Breyo's leadership SPAC consistently lost money while Breyo continued to increase the compensation of SPAC president Herb Chesbrough.
Chesbrough in turn hired Ayco to advise SPAC on investment policies, and investment vehicles, and in turn Breyo hired Chesbrough as a consultant for Ayco.
All of this started to unravel when SPAC’s endowment continued to lose money and Chesbrough tried to save money by eliminating the New York City Ballet. All hell broke loose as the sleeping public was rudely awakened to the possibility of losing our beloved ballet. New York State ordered an audit and Herb, John and the rest of the Board of SPAC was sent packing, but not without an obscene compensation package for Herb.
To further spit in the eye of the public after the unceremonious sacking of Herb Chesbrough and his own firing under a cloud of nefarious suspicion. Breyo created the Herb Chesbrough Scholarship in the Arts at Siena College,his Alma Mater and funded it with a $500,000 gift to the Loudonville School.
Breyo has also taken an interest in City Politics and fronted his friend and retired Ayco attorney Peter Martin's campaign in the cities Commissioner of Finance race in 2009 where he was narrowly defeated by Commissioner Ivins in his successful reelection bid. Martin was one of the attorneys who successfully negotiated the sale of Ayco Co to The Goldman Sachs Group, thereby making both wealthy men. Martin is said to be interested in running against Johnson in the next Mayoral race and I am sure Breyo will be standing right behind him. This is a man who is loyal to his friends.
Martin is often seen at City Council meeting and lives in his own mansion just off North Broadway.
In in case you think you would have nice neighbors in Breyo’s Beacon Hill subdivision his immediate neighbor is convicted felon David Silipigno.
In June 2009 federal agents armed with sealed search warrants raided the Broadway offices and several storage lockers around Saratoga County used by David B. Silipigno, a convicted felon, his business associates and their various companies.
Silipigno, who was convicted in another mortgage fraud scandal involving a Halfmoon company had avoided a 10-year prison sentence after more-or-less embezzling $5.6 million from his mortgage banking company before it dissolved and left nearly 400 people without work
Search warrant documents indicate the FBI's raids sought "evidence of conspiracy, loan origination fraud and false statements, mail fraud, wire fraud, and bank fraud."
You can read much more on him HERE
No word if he will be seeking public office.