Gotti, 43, plans to place the 1.96-acre property in Oyster Bay Cove - on Long Island about 30 miles east of the city - on the market in two weeks, The New York Post reported in Sunday editions.
"We're finishing fixing it up," Gotti told the newspaper. "I can't afford the upkeep."
Gotti spent more than $1 million defending himself in three federal trials against charges that he ordered the 1992 kidnapping of radio show host and Guardian Angels founder Curtis Sliwa, said his lawyer, Charles Carnesi. The trials ended with deadlocked juries and prosecutors decided not to try again.
Prosecutors said Sliwa, who survived several gunshot wounds, was attacked in retribution for his on-air rants against Gotti's father. Former Gambino family boss John Gotti was sent to prison for life in 1992 after he was convicted of racketeering. He died in prison in 2002.
The family will stay on Long Island long enough so his son can finish his senior year of high school, then move to Florida or South Carolina, Gotti said.
The Oyster Bay Cove property includes a four-bedroom mansion, a guest house, an in-ground pool, a wine cellar and a horse barn.
