Another piece of luxury real estate has gotten a drastic price reduction. This one belongs to media billionaire Rupert Murdoch, and it's a penthouse in the heart of Manhattan that evidently can't find a buyer. Murdoch has slashed the price some 40%, from $62 million to $38.5 million.
A triplex penthouse at the top of the One Madison building, the pad boasts nearly 7,000 square feet of living space across its three levels. Here's how it's described in some official marketing materials:
"The striking double-height windows offer panoramic 360-degree vistas of the skyline and both the East and Hudson Rivers. Providing an unparalleled viewpoint of Manhattan and its iconic structures. Crafted with meticulous attention to detail, this residential marvel exudes sophistication and timeless elegance."
Despite all that, Murdoch will be taking a substantial loss on the property if it sells at its current price. He purchased it in 2014 for $57.9 million, so it's clear that at $38.5 million, it is priced to sell.
One of the reasons takers aren't lining up to make an offer on the penthouse, other than basic economics, is the somewhat specialized nature of the property. Features like a 586-square-foot terrace, huge 20-foot ceilings, and giant art walls specifically for displaying oversized works of art make this a unique listing even in the Manhattan luxury real estate universe.
Luxury sales chief at Compass, Kyle Blackmon, told Fortune that the property will appeal to a unique buyer who's also interested in a great deal:
"We will sell this residence, and the buyer, who will likely be an art collector, will secure an exceptional value for this important and rare offering…This is the equivalent of a [Jean-Michel] Basquiat oil painting, an asset that can't be replicated in this location. Residences of this size and importance are selling for twice as much in several buildings in the city."
Time will tell whether the recent price drop will be enough to actually sell the top floor One Madison penthouse. And you can check it out for yourself in the video below from the Compass Real Estate YouTube channel:
