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A mansion located near Georgica Pond in New York is up for sale. Anyone who buys it by shelling out $38 million will have legendary film-maker Steven Speilberg as a neighbour. However, there’s a catch. Despite paying the huge sum, the owner doesn’t get to live in the mansion, at least for now.

Harry Macklowe, 87, an American real estate developer and investor based in New York City, recently listed his Hamptons home for sale at a staggering $38 million, reports the New York Post.

However, the buyer can’t live in it.

Real estate broker Paul Brennan is managing the listing of the property.

The property, located near Georgica Pond, a coastal lagoon on the west border of East Hampton Village in New York, with neighbours like Steven Spielberg, one of the best-known directors of American film, lacks a certificate of occupancy, meaning the new owners won’t be legally allowed to move in, says the New York Post report.

Macklowe is facing legal issues as the mansion was built without proper permits and has accrued fines for over 21 violations related to illegal land clearing and construction additions.

These violations have gone unpaid for five years, according to East Hampton Village officials, according to the report.

This isn’t the first time Macklowe has found himself in hot water over construction-related matters.

MACKLOWE’S PAST LEGAL TROUBLES

In the 1980s, he hired a mob-run company to demolish buildings without permits, endangering lives in the process. Although he paid a hefty fine, criminal charges were not pursued due to a lack of evidence of criminal intent, said the Manhattan District Attorney.

Despite the legal complications and the property’s disrepair, Macklowe is asking a good price.

However, insiders estimate its true value to be significantly lower, around $12 to $15 million.

Additionally, Macklowe is caught up in a lawsuit with the East Hampton Village Zoning Board of Appeals over his illegal construction activities.

The board has refused to retroactively approve Macklowe’s illegal acts, and so Macklowe sued them. The case is ongoing, reported the New York Post.

Although Macklowe can sell the house, no one can legally occupy it due to the absence of a certificate of occupancy.