A noted Upper East Side real estate developer took out fraudulent loans that allowed her to blow millions on Rolexes, jewelry, gold coins and lavish ski trips — declaring bankruptcy when it all went bust, prosecutors allege.

British born developer Penny Ann Bradley, 54, was arrested Wednesday and accused of fraudulently obtaining more than $12 million worth of loans in 2015 and 2016 against the LLC that owns her lavish $22.5 million condo, allegedly forging signatures to get it done.

Prosecutors allege Bradley used the 7,400 square-foot property at 46E. 82nd St. as her personal piggy bank — taking out mortgages against the condo to live large before going bankrupt without paying it back.

She was charged Wednesday with residential mortgage fraud in the first degree, grand larceny in the second degree, forgery in the second degree and criminal possession of a forged instrument.

Bradley — a former real estate heavy hitter who touted the fact she was one of few women in the developer business — pleaded not guilty in Manhattan criminal court and was being held in lieu of $400,000 bail.

The LLC was created with several members in 2014 for the limited purpose of acquiring, renovating and flipping the townhouse.

As the managing member, Bradley was able to raid the fund — stealing over $500,000 from the 46 East 82nd Street LLC to fund a lavish $35,000 trip to a private island in the Caribbean, a New Year’s ski trip to Montana and the repayments on her Range Rover.

Prosecutors allege Bradley also splashed out on $30,000 worth of Rolexes and purchased $98,000 worth of gold coins which investigators have been unable to recover.

She also used the funds to pay legal fees relating to a restaurant she owned.

In August 2015, Bradley also obtained a $1.95 million loan — using the 82nd Street property as surety — and used it to made deposits on addresses at 50 E. 81st St. and 52 E. 64th St.

When she defaulted on that loan in February 2016, the lender recorded a mortgage against the townhouse.

In an attempt to refinance the mortgage, she attempted to take out a second loan for $11.5 million in September 2016.

When told she needed written consent of the majority of members of the LLC, Bradley allegedly forged at least two members’ signatures. The mortgage was approved two days later.

After defaulting on that loan in December 2017, Atlas, the second lender, foreclosed on the loan and became the managing member of the LLC.

The property was slated for bankruptcy in 2018 but a spokesman for Bradley at the time maintained to The Post that the condo remained for sale under her control.

The 82nd Street property has been on and off the market for three years — originally priced at $22.5 million in 2015 before dropping to $17.25 million in 2018.