David Geffen buys Fifth Avenue Penthouse for a Record $54 Million

Denise Rich, the song writer and socialite had listed her Fifth Avenue penthouse in January for an asking price of $65 million. Even the Prime Minister of Qatar had shown keen interest in the prime real estate but the co-op board had refused him permission because he intended to bring in a lot of people into the building. According to a report carried by New York Post, David Geffen, who has made his fortune in the music industry has finally purchased the penthouse. The transaction finally took place for $54 million according to the report. However, the deal hasn’t been confirmed as yet by any of the parties involved in the deal.

The Most Expensive Co-op Ever Sold in Manhattan

The scaled down price of the penthouse has also made it the most expensive co-op ever sold in Manhattan. The previous record was created in May when Oaktree Capital co-founder Howard Marks purchased a co-op for $52.5 million at 740 Park Avenue. The penthouse sold by Denise Rich has a total area of 12,000 sq ft including a wrap around terrace. The luxurious penthouse features an upper-level grand salon and a professional recording studio. The penthouse is also special because it offers stunning views of the Central Park. The penthouse features seven bedrooms and 11 bathrooms. The apartment boasts of three kitchens and three terraces.

Geffen Owns the Apartment Just Below the Penthouse

Like the Prime Minister of Qatar Geffen did not have to go to the Co-op board for permission as he is already a resident of the building. In fact his apartment is just below the penthouse and once when Denise’s Jacuzzi had over flown it had caused damage to Geffen’s art and clothing in his apartment below. Geffen had even threatened legal action but the matter was settled amicably. There were rumors initially that Geffen would be integrating his apartment with the penthouse but he now plans to sell his current apartment after he shifts into the penthouse after the extensive renovation is completed. In the mean time Denise has renounced her citizenship and is planning to shift to Austria.

Via: gothamist

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