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Former Enron CFO to sell palatial dream home

Former Enron Corp chief financial officer Andy Fastow, under investigation for pocketing millions while his company went down the tubes, will not be moving into his palatial dream home after all, a spokesman said on Tuesday.

Fastow has decided to sell the 11,000-square-foot mansion that, for many, became a symbol of greed and misbegotten privilege in the corporate class when word got out last winter he was building it.

Fastow is at the center of a government probe into financial misdeeds that forced energy trader Enron into the second largest US bankruptcy in December.

An Enron internal report accused him of making at least $30 million on outside partnerships he set up for the company to move debt off its balance sheets.

Spokesman Gordon Andrew said Fastow will sell the mansion in River Oaks, Houston's most exclusive neighborhood, when it is completed in September and stay in his current home.

"He feels it would be less disruptive for his family," Andrew told Reuters. "He's just trying to make life as normal as he can for them."

Homes in River Oaks about half the size of the Fastow mansion are valued at more than $2 million, according to the Harris County Appraisal District.

Fastow's current home is not too shabby. It has 4,666 square feet, is located in another upscale Houston neighborhood and is valued by the county at $700,000.

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