Real estate fraudsters are a dime a dozen these days, but crossing the $1 billion mark certainly makes a scheme noteworthy. In this story, they doubled that, and an Aspen home is up for seizure by the Federal Government in the case.

An illegal payday loan business is at the center of the fraud case involving the $8 million Aspen home. Race car driver and part-time Aspen resident Scott Tucker was charged with running a $2 billion payday loan scheme, and used proceeds to buy the property on Aspen’s Park Avenue.

New York Southern District Attorney General Preet Bharara brought the four count charge in a 33 page indictment, which shows he bought the home at 269 Park Ave., five Ferraris, four Porsches and a Learjet with proceeds from the scam.

The incredible home is currently listed for rent at $65,000 per month.

Payday loans are questionable in their very nature, but with his company Tucker Payday Loans, he offered loans with 700% interest or more with deceitful contracts and misleading communications.

People sometimes use payday loans as a last resort to avoid eviction and make sure they can put food on the table for their families, and Tucker’s case is an egregious one.

Tucker went as far as creating a business agreement with an Indian Tribe, which would shield him from Federal laws surrounding payday loans, but it looks like the clock is up on this scheme, as Tucker and his attorney were arrested in the case.

For now, this Aspen home is sitting empty, and the 5-bedroom, 6-bath home, and has an elevator, five fireplaces and a guest house. That sounds like a nice place to spend the summer, much better than where Tucker belongs, behind bars.

If you are looking for high end properties like this one in Aspen, be sure to start your search with the trusted, vetted agents of Agent Harvest.

Read the whole story at the Aspen Daily News.