A sour ending for this home remodeler

Back in September I wrote about the case of one Paul R. Steed after he’d pled guilty to stealing candy from a baby:

Go big or stay home; or in this case, go big and lose your home

I’ve always wondered at the stupidity of bank robbers, whose average take is, according to the FBI, around $3,500, while the average sentence upon conviction is 7.5 years; for anyone who values his time, and admittedly, many of these de-depositors probably don’t, that’s a terrible risk/reward ratio.

So it was with a certain admiration that I read in Greenwich Free Press about the exploits of a Mr. Paul R. Steed, who took the time and effort to at least make the game worth the candle; or it would have been, had he not been caught. He had a nice run, though, and even managed to purchase a modest home in Greenwich at 40 Howard Road in 2023 for $2.525 million — on an asking price of $2.3. That house will apparently be returning to the market soon; Mr. Steed’s own personal resurfacing may be more protracted.

This week he learned his fate:
Stamford Man who Stole $28M from Mars Candy Sentenced to 5 Years in Prison

Paul R. Steed, 59, of Stamford, was sentenced on Thursday in Bridgeport to 63 months of imprisonment and three years of supervised release for fraud and tax offenses stemming from his theft of more than $28 million from his former employer Mars, Inc.

…. Steed [also, and of course] failed to report and pay taxes on his stolen income on his 2014 through 2023 federal tax returns.

Judge Dooley ordered Steed to pay restitution of $28,410,489 to Mars, Inc., and $10,310,680 in back taxes to the IRS.

The government has seized, and Steed has agreed to forfeit, more than $18 million from bank accounts controlled by Steed, and the government is seeking to forfeit, or alternatively liquidate for restitution, a Greenwich home that Steed purchased with nearly $2.3 million in stolen funds.  Steed also sent approximately $2 million to Argentina, where he is a dual citizen, has family ties, and has a family ranch.

With prison looming, Steed’s house at 40 Howard Road was put up for sale in October at $4.495 million. From its description, he clearly had intended to stick around for a while after his 2023 purchase, and put a whole lot more of Mars’ money into fixing it up to his taste:

Utilizing only the finest materials, this luxurious turnkey home will impress even the most discerning buyer. Completely rebuilt from top to bottom in 2025, it is essentially a brand-new house. Set on a serene 4.4-acre equestrian estate, the property offers exceptional privacy and outdoor enjoyment with a heated inground pool, horse barn with tack room, and expansive paddocks, adjacent to the Greenwich Riding Trails.

Featuring six bedrooms and five full bathrooms, this home offers abundant space for a large household while maintaining privacy for you and your guests. The expansive mudroom provides versatile functionality, generous storage, and access to an inviting three-season screened-in porch, perfect for entertaining and outdoor dining.

Throughout the home, you'll find five wood-burning fireplaces that add warmth and character, including a dramatic two-story brick fireplace that anchors the second-story library and the lower-level billiard hall and game room. Every detail of this home was carefully curated, with the owners hand-selecting each fixture and the luxurious Porcelanosa tiles imported from Italy, Spain, and Portugal. The kitchen countertops, imported from Brazil, feature a beautiful natural pattern with shimmering emerald-green crystals.

Throughout the home, 8-inch white oak flooring combines style with elegance. Quality and efficiency were top of mind, with all-new Marvin windows, a hybrid HVAC system combining electric heat and propane, a 30-year Timberline roof, and superior insulation using spray foam and Rockwool. For added convenience, the dedicated laundry room includes double washers and dryers. There is also a large cedar closet.

Modern technology enhances every aspect of this home, with hidden speakers throughout, a state-of-the-art internet system, and advanced surveillance cameras offering the finest in entertainment and security. The property provides a total of three garage spacestwo attached to the home and one additional bay within the barn. The heated pool features a retractable safety cover and is fully fenced for peace of mind. The home is also generator-ready, ensuring comfort and convenience in any season.

Come tour this stunning, newly rebuilt home and discover all that backcountry Greenwich has to offer in this incredible community. Convenient to both public and private schools, downtown Greenwich, and North Stamford, all of which offer high-end shops and restaurants. This home is not to be missed!

Certainly, the feds didn’t miss it, so you’ll have to negotiate with them if you want to enjoy this blissful piece of paradise.