Disbarred Lawyer Outbid Madonna on $35M Home
Last month, Keith G. Rubenstein was disbarred by a Brooklyn, N.Y., appeals court. But the former real estate attorney’s situation could be worse.
“Last year, he outbid Madonna on a $35 million Upper East Side townhouse that he is planning to occupy only after a two-year gut renovation,” reports the New York Law Journal in an article reprinted by New York Lawyer (reg. req.).
The article doesn’t explain exactly how Rubenstein made his fortune. A mere six years ago, the 1990 graduate of Widener University School of Law reportedly was a struggling real estate and personal injury practitioner. He apparently made some money as an employee of a company owned by a wealthy taxicab entrepreneur that filed scores of personal injury lawsuits under his name.
However, Rubenstein did not direct the litigation (he testified that cases were often filed by paralegals without his review, and he may not even have been aware of some that were filed listing him as the attorney of record). Hence, the job got him disbarred over his violation of multiple attorney ethics rules. An earlier opinion (PDF) gives additional details.
He was significantly more successful at his current job as principal of the Somerset Partners real estate investment firm. It reportedly purchased a $509 million office tower on Park Avenue last year, and sold another property, earlier in 2007, for $430 million.
Rubenstein tells the legal publication that “perseverance, dedication and hard work” helped him succeed with his real estate investments, although he still hopes to return to the practice of law, and plans to apply for reinstatement as soon as he is allowed to do so.
“I also am a firm believer in not dwelling on the past or mistakes,” he says. “Mistakes are part of life and I believe when you make a mistake you learn from it, acknowledge it and move on. This is what I have done.”
