He bought the estate in 2001 for $24.45 million, according to the Fairfield Assessor's office.
Individuals who owe more than $50,000 in back taxes, regardless of how long they've been delinquent, will have their property subject to a tax lien sale, Gorzelany said, citing criteria set by the town of Fairfield.
If Jack doesn't pay the back taxes before the auction date, buyers will have the opportunity to acquire his property at a starting bid of $426,240 and unspecified legal fees associated with the sale, Gorzelany said. The starting bid includes quarterly taxes that will be due in April.
After a tax sale, delinquent taxpayers have six months to redeem their property by paying the back taxes to the town and paying the winning bidder up to 9 percent of their final bid, Gorzelany said.
Jack joined New York-based Lehman in 1984 and ran investment banking from 1996 to 2002, when he became co-chief operating officer with Joseph Gregory. In 2004, he was named to the office of the chairman with the responsibility of overseeing all of the firm's investment banking relationships.
He decided to retire from New York-based Lehman to pursue work in the nonprofit sector and spend time with his family, Richard Fuld, Lehman's chief executive officer at the time, said in June 2005. The company went bankrupt in September 2008.