Bob Guccione loses his New York home

NEW YORK, Feb. 4 (UPI) -- Former Penthouse magazine publisher Bob Guccione has lost his fabled New York mansion for defaulting on a $25 million loan.

Guccione, 75, surrendered his "pleasure palace" to Laurus Funds Tuesday, the New York Post reported Saturday. He is reportedly battling throat cancer and living with relatives in Texas.

Guccione's General Media, which published Penthouse along with a host of porn magazines, declared bankruptcy in 2003.

His two linked New York townhouses with a swimming pool, gold-plated chandeliers and mirrored ceilings could sell for between $25 million to $40 million, the Post said.

"Opening the door of that house is like walking into the late '70s," attorney Paul Schafhauser said. "You can tell at one time it was really lavish, but it needs a lot of work. There are ceiling leaks and paint peeling off the walls and many of the toilets don't flush properly."