Mr. Kennedy bought it for $700,000 in 1994. The deal earned the 29-year-old mogul millions. It was a very specific grand taste,” she says. Which is rather nice these days, when all those young billionaires have no idea what to do with their money.”“I find him rather beguiling. It was also a bank whose consumer deposits were insured by the federal government and whose financial health, therefore, was essential.

But the main problem was Saul and how he had been making his money. As it is, in February, Robert pledged 4.8 million Reliance shares to M&T Bank for a loan that public filings put at $7 million, an amount Steinberg disputes. Her jewels were worth at least $5 million, she said in a court proceeding in 1984.

The outsize market valuation of these companies gave them the power to take over much larger, more established corporations. The scale of that apartment was enormous.” And it very much reflected how the Steinbergs wanted to be seen. It was not.

The Sokoloffs have moved to a rented apartment on the Upper East Side. Kravis also never really took on the Establishment. Then what is Ed Koch doing living here?Five-and-a-half-story, 6,500-square-foot brownstone.Asking price: $5.7 million. After months of gossip over the $37 million sale of their Park Avenue triplex, the sale of their old-master paintings and prized antiques, and the fact that Saul’s 83-year-old mother is suing him, Suzanna Andrews tackles the billion-dollar questions: Where did the money go?

People say all the extravagance was her idea. of shares in Reliance’s best unit, Reliance Surety. “Norman was an exceedingly sweet person and funny, one of the funniest people, almost irresistible,” he recalls. “She was very nice,” the woman commented afterward, “but she’ll learn in time that she doesn’t have to bring out her artillery in the afternoon.”Unlike New Orleans society, New York’s—which is less rigid and was being infiltrated by many of those who had become rich in the 80s stock-market boom— did not shut Gayfryd out. Although never proved, it was alleged that Steinberg had bribed a New York politician in order to win a lucrative contract to build bus shelters in New York City. It has a 25-foot-high living room with 12-foot windows and was purchased for $1.8 million in 1998 for Saturday Night Live co-producer Marci Klein, whose father, Calvin Klein, writes some of Ms. Turlington’s paychecks. “They’ve been caricatured.”The couple, friends insist, have changed. According to Saul’s supporters, in 1993 he had begun to try to strengthen Reliance. Gayfryd’s 50th-birthday party, last January, friends note, wasn’t even given by the couple but by her friends Louise Grunwald, the wife of But many of the Steinbergs’ friends do not know where all their money went, or, for that matter, where it had come from. Perhaps, but a very real culprit was also his oversize ambition. Gayfryd put her husband on a diet, locked the refrigerator at night, forced him to go to the Canyon Ranch spa regularly for hiking and exercise. “She brought a lot of clear thinking to his life. “Everything she has said so far is a goddamn lie,” Steinberg told This point in Steinberg’s life was perhaps his lowest. That amounted to one-fourth of Reliance’s profits for the first half of 1991, which were wiped out in the third quarter. “I always knew there was an Establishment,” Steinberg said at the time. The suit also alleged that Saul had deliberately delayed taking provisions for losses during that time, thereby inflating profits, until after he sold the stock to the public. In 1982, in addition to his $2.7 million compensation package, Saul took out a personal loan of $36.4 million from Reliance; his brother, Robert, borrowed $7.7 million, and Bruce Sokoloff borrowed $3.2 million. Steinberg, the company also said, would be paid his salary of $2.15 million, but would get no bonus. In 1972 he was sued by the Woodmere Academy, a private school on Long Island, because he would not pay $200,000 he had pledged for a new library. Their breakup, barely two years later, was a tabloid scandal. Stephen McRae and Debby Korb of Sotheby’s International Realty sold the apartment on behalf of Mr. Kennedy’s estate, and Halstead Property Company represented Mr. Burns. By the time the auction was made public in April, it was also known that Saul Steinberg had asked his friend the art dealer Richard Feigen to handle the sale of 56 old-master paintings, valued at $60 million—the bulk of his collection. “The family’s pot of gold is greatly diminished,” said a source familiar with the clan. Mr. Sokoloff, 51, remains the senior vice president of administrative services of Reliance Group, the insurance company founded by Mr. Steinberg. Some say the trouble began in 1982, when Steinberg took Reliance private, buying the shares he didn’t already own—nearly 50 percent of the company—in a leveraged buyout financed by $550 million of junk bonds.The family almost immediately began to feed at the trough.

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